The Mexican home finance company Metrofinanciera SA says it has named a chief executive and plans to raise $121.5 million in fresh capital from its existing shareholders to strengthen its balance sheet.

In a filing Monday evening with the Mexican Stock Exchange, Metrofinanciera said shareholders had ratified mortgage industry veteran Jose Landa as chief executive to succeed Armando Guzman, who is to stay with the company.

Mr. Landa was the senior executive director of Latin American operations at GMAC LLC's GMAC-RFC.

The company also said Luis de la Calle and Javier Perez were named independent board members with a view to strengthening corporate governance.

Metrofinanciera, which operates as a multipurpose finance company, is one of the country's largest nonbank mortgage lenders. It has come under the scrutiny of ratings agencies in recent quarters due to rising delinquencies on its securitized mortgages and concerns about its ability to refinance short-term debt.

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