Mexico’s Banco Azteca Opens First Branch in Lima, Peru on January 14

(LIP-ir) — Approximately five months after being authorized by Peru’s Superintendency of Banks and Insurance (SBS) to establish its bank, Banco Azteca del Peru will inaugurate its first branch in the city of Lima on Monday January 14.

The bank’s first agency, which is to be inside an Elektra store in the district of Rímac, will be inaugurated by Peru’s President Alan Garcia next week. It has not been confirmed whether Ricardo Salinas Pliego, the president of Banco Azteca, will also lead the inauguration.

"During the inauguration ceremony, President Garcia will cut the ribbon and then they will both head to Plaza de Acho, where the Head of State will wish Banco Azteca’s representative good luck," reported an unnamed source for Expreso daily.

After President Garcia’s words, a concert will begin in Plaza de Toros, where groups and singers such as Tania Libertad, Sonia Morales, Grupo Cinco and Caña Brava will perform.

This is not the first time Banco Azteca has attempted to enter the Peruvian banking industry. In 2005, Grupo Elektra’s request was put on hold until Salinas, the main shareholder, solved issues with the US Securities and Exchange Commission.

A second attempt was made in November 2006 and approved in August 2007.

In its business strategies, Banco Azteca targets low-income and very-low-income households.

In Peru, the bank plans to launch "El Guardadito", a savings account that will not have maintenance fees and can be opened with 5 soles. 1-sol withdrawals and deposits will be other features of El Guardadito.

Aside from Mexico, Banco Azteca has banks in Panama, Guatemala, Honduras, El Salvador and Brazil.