Banco Azteca

Banco Azteca a Grupo Salinas company. Banco Azteca has more than 1,500 branches throughout Mexico, Peru and other countries in Latin America and is already among the two largest banks in Mexico in terms of coverage.

With more than 5.2 million savings accounts, Banco Azteca continues showing dynamic growth in every banking variable of significance. In addition to consumer credit for goods (Credimax) Banco Azteca offers credit cards, personal loans, as well as car loans and mortages, among other types of credit. Additionally, Banco Azteca offers payrolls systems, and as an agent for Procampo, a government agricultural financing program, the bank has reinforced its presence in rural areas.

The bank was criticized in a 2007 BusinessWeek magazine article for abusing microcredit practices in Mexico due to lax bankruptcy, consumer protection and interest rates laws of the country. [ [http://www.businessweek.com/magazine/content/07_52/b4064038915009.htm?chan=rss_topStories_ssi_5 The Ugly Side of Microlending] , "BusinessWeek magazine" , December 13, 2007]

History

In 2001, Grupo Elektra, a retail group with years of experience providing in-store credit, saw the need for a financial services unit. In August of that year it applied with the Secretaría de Hacienda y Crédito Público for a license to open Banco Azteca. The application was approved in March 2002 and Banco Azteca initiated operations on October 30 of the same year under the leadership of Carlos Septién Michel as CEO.

Banco Azteca currently operates from the Tiendas Elektra, Salinas & Rocha and Bodega de Remates owned by Grupo Salinas.

References

ee also

*List of banks

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