Mexico’s Banco Azteca Begins Operating in Peru

(LIP-ir) — Peru’s Bank Superintendency (SBS) announced that as of today Mexican bank Banco Azteca was authorized to start operations in Peru.

The bank is to aim its products and services towards Peru’s low-income and very-low-income households. On August 9 2007, Peru’s Bank Superintendency authorized Mexican Grupo Elektra and Elektra del Peru to start a banking institution under the name of Banco Azteca del Peru.

“According to the General Law of the Financial and Insurance System and other laws, SBS has verified that the institution has fulfilled all the requests needed and is technically able to start its operations”, SBS said.

Last year, the vice-chairman of the Management Council of Banco Azteca, Luis Niño de Rivera, said that this new institution would address its banking products and services to the popular sectors.

Banco Azteca was the first bank that served the Mexican massive market, spreading very fast to other countries in Latin America such as Honduras, El Salvador, Guatemala, Panama and, very soon, Brazil.

At the moment, it is the third biggest bank network in Mexico with seven million savings accounts that represent three billion dollars, operating with 1,594 branches in Mexico.

Banco Azteca is supported by Grupo Elektra, a chain of specialized stores and consumer financial services which has over 978 stores in Mexico and other five countries in Latin America.

News source: ANDINA