A month after Adolfo Lagos Espinosa was brought in as the new chief executive of Grupo Financiero Serfin, Mexico’s third-largest and most troubled financial institution, he had a surprise call from the bank’s chairman, Adrian Sada Gonzalez. Recalls Lagos: “He said somebody from HSBC had come to visit him and would I talk to them about a possible investment.”
The highly regarded Mexican banker wasn’t keen. Though only in his job for a few weeks, he had already put together the makings of an ambitious recapitalization by drawing on his associations with finance minister Guillermo Ortiz, a former college classmate, and JP Morgan’s M&A chief, Roberto Mendoza.
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