At the time of his death, for which the reasons are unknown, the fortune of Baillères and his family ranked fourth in Mexico with an estate of 9,200 million dollars.
Despite keeping a low profile, Baillères founded Mexico’s second largest mining company leading silver producer, Industrias Peñoles, earning him the nickname “the king of silver” in the Mexican media.
Rancher and fanatic of the wild party, he constituted from insurance companies to retailers, conglomerating almost all of them in his BAL Group. In April he retired and handed over to one of his sons the chairmanship of the board of directors of the group’s five main companies.
“The companies that make up Grupo BAL report with deep sadness the irreparable loss of Don Alberto Baillères (…) who passed away last night, on February 2 in Mexico City,” Grupo BAL said in a statement.
“We thank Don Alberto for his impeccable example and extraordinary legacy (…) We will remember him as a visionary businessman, an exemplary Mexican, a romantic dreamer who triumphed and exceeded his goals and, above all, as the wonderful human being he was,” he added.
His empire included Fresnillo, a London-listed mining company; El Palacio de Hierro, a famous chain of department stores; and Grupo Nacional Provincial, one of the largest insurers in the country.
Grupo BAL created in 2015 a company to venture fully into the exploration and exploitation of hydrocarbons in Mexico, Petrobal, months after a historic opening of the energy sector to private investment in Mexico.
Father of seven children, Baillères was president of the Governing Board of the Autonomous Technological Institute of Mexico (ITAM) for four decades. His father, Raúl, a self-made millionaire, founded that non-profit university in 1946.
Beyond his companies, his influence on the national economy through ITAM was undeniable. University graduates dominated Mexico’s economic policy for decades.
Secretaries of the Treasury, governors of the central bank and even a president of the country are some of the most prominent personalities who passed through the ITAM classrooms.
“The extraordinary life of Mr. Alberto Baillères left a deep mark on the country he loved so much. He transformed each of the sectors and lives he touched. His academic legacy at ITAM is invaluable,” said José Antonio Meade, a graduate of that house of studies. and former secretary in past administrations.
The businessman was also passionate about the arts. He served as president of the Mexican Cultural Association and created the Foundation for Mexican Letters.
Although Baillères never wanted to be the center of attention, he was regularly photographed enjoying high society events and presiding over parties organized in his El Palacio de Hierro stores.
He also owned a massive 300-foot yacht called the Mayan Queen, which sailed to ports as far away from Mexico as Tallinn, Estonia, and Sydney, Australia.
Baillères attended military school in the United States as a teenager, later graduating from ITAM with a bachelor’s degree and a doctorate in economics. He was awarded an honorary doctorate in 1999.
“Today we lost a great friend and teacher. Rest in peace our very dear Alberto Baillères, an example of a businessman committed to his country and his people,” said Antonio del Valle Perochena, president of the Mexican Business Council (CMN), an organization that brings together the main executives of Mexico. (Reporting by Diego Oré and Julia Cobb; Additional reporting by Noé Torres; Editing by Miguel Angel Gutiérrez)
Source: Ambito
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