Banco Azteca

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Banco Azteca
Type Public Mexican Bank
Industry Financial Services
Founded October 30, 2002
Headquarters Mexico City, Mexico
Key people Carlos Septien Michel (Executive director)
Products Banking, Financial
Owners Ricardo Salinas Pliego (Executive president)
Parent Grupo Salinas
Website www.bancoazteca.com

Banco Azteca operates in Mexico, Panama, Guatemala, Honduras, Peru and Brazil and is already among the largest banks in Mexico in terms of coverage. With more than 6.8 million savings accounts—holding $45,441 million pesos in deposits, and 9 million credit accounts—representing a credit portfolio of $25,357 million pesos, Banco Azteca continues showing dynamic growth in every banking variable of significance.

Description[edit]

In addition to consumer credit for goods, Banco Azteca offers personal loans, credit cards, as well as car loans, among other types of credit. Also, Banco Azteca offers payroll systems.

The strength of Banco Azteca is based in almost 60 years of credit experience at Grupo Elektra, an unparalleled debt collection system, and state-of-the-art technology that supports solid management practices.

With more than 5.2 million savings accounts, Banco Azteca continues showing dynamic growth in every banking variable of significance. In addition to consumer credit for goods (Credimax) Banco Azteca offers credit cards, personal loans, as well as car loans and mortgages, among other types of credit. Through Empresario Azteca it offers small business loans. Additionally, Banco Azteca offers payrolls systems, and as an agent for Procampo, a government agricultural financing program, the bank has reinforced its presence in rural areas.

The bank was criticized in a 2007 BusinessWeek magazine article for abusing microcredit practices in Mexico due to lax bankruptcy, consumer protection and interest rates laws of the country.[1]

History[edit]

In 2001, Grupo Elektra, a retail group with years of experience providing in-store credit, saw the need for a financial services unit. In August of that year it applied with the Secretaría de Hacienda y Crédito Público for a license to open Banco Azteca. The application was approved in March 2002 and Banco Azteca initiated operations on October 30 of the same year under the leadership of Carlos Septién Michel as CEO.

Banco Azteca currently operates from the Tiendas Elektra, Salinas & Rocha and Bodega de Remates owned by Grupo Salinas.

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