UPDATE 1-Mexico’s next interior minister leaves board of financial firm Banorte

MEXICO CITY (Reuters) – Olga Sanchez, who has been selected as interior minister by Mexico’s president-elect, said on Thursday she had resigned from the board of Grupo Financiero Banorte, one of the country’s largest financial institutions.

Olga Sanchez Cordero, designated Interior Minister of Mexico’s President-elect Andres Manuel Lopez Obrador, arrives to the campaign headquarters in Mexico City, Mexico July 14, 2018. REUTERS/Gustavo Graf/File Photo

Sanchez said she left the board because she had won a seat in the Senate, which she will assume in September.

“(I resigned) because I considered it to be more meticulous and more transparent in my conduct as senator and, afterwards, as minister,” she said.

Starting in December, she will serve as the interior minister of leftist Andres Manuel Lopez Obrador, who won Mexico’s July 1 presidential election in a landslide. In that role, Sanchez will oversee domestic policy and serve as a bridge between the executive and state governments.

Sanchez, a lawyer who served on the Mexican Supreme Court for a decade, joined the board of Banorte in 2016 and was re-elected in 2017.

She said she resigned last week, during the board’s latest meeting.

A spokesman for Banorte declined to comment.

Banorte’s board is composed of 15 members, 11 of whom, including Sanchez, are classified as independent by Glass Lewis, an influential proxy-advisory firm.

Reporting by Diego Ore and Stefanie Eschenbacher; Writing by Julia Love; Editing by Peter Cooney

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