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Selling Financial Services in Mexico
Mexico Business - In recent years, Mexican retailers have moved into retail banking to sell financial products to their mainly low-income clients. Mexico's large retail banks have typically shunned this market, in favor of lending to middle and upper income individuals and corporations.
Mexican retailer Grupo Famsa plans to open Banco Ahorro Famsa, while retailer Controladora Comercial Mexicana SA said it will partner with a unit of French banking group BNP Paribas SA to offer consumer and credit card loans in Mexico.
Grupo Elektra was the first Mexican retailer to enter banking when it opened its Banco Azteca unit in 2002, which had 17.32 billion pesos (US$1.58 billion; euro1.2 billion) in loans at the end of June. Elektra also operates insurance and pension-fund companies.
Now WalMex, Last week the Finance Secretary approved five new banks, including one by Wal-Mart de Mexico, or Walmex, bringing to 13 the number of new banking licenses granted this year by financial authorities.
Ahorre November 29, 2006 09:32 AM | Law | Mortgages | Shop