Alberto Baillères, former president of El Palacio de Hierro, has passed away

Mr Alberto Bailleres, former president of El Palacio de Hierro among other companies composing his business conglomerate Grupo Bal (including silver producer Industrias Penoles SAB, miner Fresnillo PLC, insurance company Grupo Nacional Provincial, pension fund manager Profuturo) passed away on 2 February in Mexico City at the age of 90.

He had handed over the presidency to his son Alejandro Baillères in April last year, and had been appointed honorary president of the El Palacio de Hierro board. 

Mr Bailleres was known for avoiding any kind of publicity and also for his true attachment to Mexican rural life. This translated during his exemplary career into visionary goals with the community kept in mind, an approach which allowed him to receive the Belisario Dominguez medal in 2015, the highest honor awarded by the Mexican senate, for his entrepreneurship.