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Mr. Palomares is President and CEO of SMC Resources, a consulting practice that provides advice to senior executives on business and marketing strategy. He is the non-executive chairman of the board of Banesco USA and serves on the board of the Pan American Life Insurance Group, where he is the chairman of the Finance and Investment Committee, and on the board of the Coral Gables Trust Company.
Mr. Palomares has held senior positions in the financial services industry, spanning the U.S. and international markets for more than three decades. Most recently, he was at Capital One Financial, where his responsibilities included managing the U.S. Hispanic credit card line of business, unsecured personal lending and the online deposit unit. He also held the title of Chief Operating Officer of Capital One Savings and Loan. Prior to joining Capital One, Mr. Palomares held senior management positions in the domestic and international divisions of the Consumer Banking Group at Citigroup. His roles included managing consumer banking businesses in Asia and the Middle East, Chairman and CEO of Citibank Italia, President and CEO of Citibank (Florida) and Chief Operating Officer for Citibank Latin America.
In 1992, Mr. Palomares played a leading role in a task force organized by Mr. Gerald Corrigan, then president of the New York Federal Reserve Bank, to advise the Central Bank of the Russian Republic on free market banking practices. This project included the design of a retail banking model, the establishment of an interbank payment system, and the creation of a secondary market for government securities.
Mr. Palomares was born in Cuba and graduated from New York University with a B.S. in quantitative analysis. He lives with his wife, Robin in Miami, Florida, where he has held several civic and business affairs roles. He was Chairman of the Miami Dade County business development council (Beacon Council), appointed by Governor Lawton Chiles to the board of the Florida business development partnership (Enterprise Florida), and served as a member of the Executive Committee of the Greater Miami Chamber of Commerce. Mr. Palomares also served as Chairman of Board of the New World Symphony. Mr. Palomares has four sons and two grandchildren.