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Ethel Mora, appointed as new CEO of Swell

GUADALAJARA, Mexico, Aug. 24, 2023 (GLOBE NEWSWIRE) -- Ethel Mora has been named the new Chief Executive Officer of Swell, a leading financial services provider in Mexico, following a dismissal of the former CEO.

Mora has over 20 years of experience in the financial sector across Mexico and Latin America, having served in senior management and executive positions at major banks and financial institutions.

Most recently, Mora was Chief Financial Officer and Investor Relations Manager at Globcash. Previously, she held leadership positions as Regional Credit Director at Engen Capital and Portfolio Management, Credit Risk and Underwriting Director for Mexico at Element Fleet Management.

Mora holds a degree in Financial Management from the Instituto Tecnológico y de Estudios Superiores de Monterrey, an MBA from IPADE Business School, and completed the Blockchain Technologies program at MIT Sloan School of Management.

Founded in 2010, Swell specializes in lending to small and medium enterprises (SMEs). While most of its loans are for auto leasing of cars, commercial vehicles and machinery, Swell also provides loans for working capital, unexpected expenses, asset purchases and investment projects.

With 32 team members and about 200 clients, the company has a total portfolio of 239.54 million Mexican pesos.

Its revenue in 2022 was P80190 million, and its current rating, according to HR Ratings, is BBB - Positive Outlook. The company has an overdue portfolio of 3.99%.

Swell is supervised by Mexico's National Banking and Securities Commission and National Commission for the Protection of Users of Financial Services.

The company's Board of Directors stated they conducted a thorough review of the company's leadership needs. They decided fresh perspectives were required to uphold Swell's commitments to ethical business practices, responsible growth and positive workplace culture. The Board is confident Mora has the experience and vision to lead Swell forward.

Swell's Board of Directors stated they are confident Mora has the experience and vision to effectively lead the company forward after strongly deciding on a leadership change.

Pedrosa IR

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