Mexican Banco Azteca To Open 85 Branches in Brazil, Argentina, Peru

Mexican bank Banco Azteca plans to open 85 branches in Brazil, Argentina and Peru by the end of 2008, the bank announced on September 27, 2007.

Banco Azteca is a unit of Mexican retail chain Grupo Elektra.

In fact Banco Azteca will start operation in Brazil, Argentina and Peru with the opening of the 85 branches.

Banco Azteca also plans to expand its presence in the markets of Panama, Guatemala and Honduras.

Banco Azteca currently has a network of 1,450 branches in Mexico.

The bank was set up in Mexico at the end of 2002, with the objective to provide consumer credits to low-income Mexicans who shop at Elektra stores and have little access to loans. Banco Azteca opened its first branch outside Mexico in Panama, on March 1, 2005.

Publication: Business Digest
Provider: AII Data Processing Ltd.
Date: September 28, 2007