Grupo Elektra Starts Banking Operations in Peru

Grupo Elektra, S.A. de C.V. (BMV: ELEKTRA*; Latibex: XEKT), Latin America's leading specialty retailer, consumer finance and banking services company, announced the start of banking operations in Peru, with the simultaneous opening of 120 branches in 33 cities.

In a meeting attended by the President of Peru, Alan Garcia, and the Chairman of the Board of Grupo Salinas, Ricardo B. Salinas, it was announced that Grupo Elektra will complement its successful operations with those of Banco Azteca del Peru, expanding its commercial offer with financial products and services that will benefit the mass market through credit, savings and transfers.

"The operations announced today enhance savings within the mass market and complement the offer of financial services -- as insurance products, transfers and payments -- to people who need it, improving the living standards of hundreds of thousands of families in Peru," said Mr. Salinas. "Simultaneously, we take an important step to further expand our proven business strategy and strengthen the dynamic growth perspectives in Latin America."

Grupo Elektra has a path of successful operations and solid growth in Peru since 1998. Banco Azteca del Peru is a wholly owned subsidiary of Grupo Elektra and will additionally strengthen its robust growth strategy, as has been the case with the commercial operations of the company, together with its banking operations, in Mexico, Panama, Guatemala and Honduras, in which the company has more than 1,600 points of sale.

Banco Azteca del Peru starts its banking operations with 12-hour service, seven days a week, and will offer its renowned savings products "Guardadito" and "Inversion Azteca," as well as its successful consumer and personal loans.

Company Profile:

Grupo Elektra (http://www.grupoelektra.com.mx/) is Latin America's leading specialty retailer, consumer finance and banking services company. The Group operates more than 1,700 points of sale in Mexico, Guatemala, Honduras, Peru, Panama, El Salvador and Argentina. Grupo Elektra also sells and markets its consumer finance, banking and financial products and services through Banco Azteca branches located in Mexico, Panama, Guatemala, Honduras and Peru. Grupo Elektra is a member company of Grupo Salinas (http://www.gruposalinas.com/), a group of dynamic, fast-growing and technologically advanced companies focused on creating shareholder value, contributing to build the middle class of the countries where it operates, and improving society through excellence.

Publication: PR Newswire
Provider: PR Newswire
Date: January 29, 2008