Mexican Banco Azteca opens 161,000 accounts

Emerging Markets Economy, Dec 5, 2002

Banco Azteca, the consumer finance arm of Mexican furniture and electronics retailer Grupo Elektra, said it opened 161,000 new accounts during its first month of operation, bringing in close to 148 million pesos (US$14.8 million) in deposits.

According to EFE, Banco Azteca chief Carlos Septien said the bank would leverage Grupo Elektra's infrastructure to "promote products and services, such as personal loans, checking accounts, credit cards, ATM machines, mortgage loans and used-car financing."

Grupo Elektra, one of Latin America's largest retailers, operates more than 900 stores under the Elektra, Salinas y Rocha and Bodega de Remates brands. (Emeconomy.com)