Banco Azteca
Encyclopedia
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.
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 card
s, 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 payroll
s 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 rate
s laws of the country.
Banco Azteca currently operates from the Tiendas Elektra, Salinas & Rocha and Bodega de Remates owned by Grupo Salinas
.
Description
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
Grupo Elektra
Grupo Elektra is a Mexican financial and retail corporation owned by Grupo Salinas. It is listed on the New York Stock Exchange , the Bolsa Mexicana de Valores and on the Spanish Stock Market Latibex ....
, 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 card
Credit card
A credit card is a small plastic card issued to users as a system of payment. It allows its holder to buy goods and services based on the holder's promise to pay for these goods and services...
s, 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 payroll
Payroll
In a company, payroll is the sum of all financial records of salaries for an employee, wages, bonuses and deductions. In accounting, payroll refers to the amount paid to employees for services they provided during a certain period of time. Payroll plays a major role in a company for several reasons...
s 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
BusinessWeek
Bloomberg Businessweek, commonly and formerly known as BusinessWeek, is a weekly business magazine published by Bloomberg L.P. It is currently headquartered in New York City.- History :...
magazine article for abusing microcredit
Microcredit
Microcredit is the extension of very small loans to those in poverty designed to spur entrepreneurship. These individuals lack collateral, steady employment and a verifiable credit history and therefore cannot meet even the most minimal qualifications to gain access to traditional credit...
practices in Mexico due to lax bankruptcy
Bankruptcy
Bankruptcy is a legal status of an insolvent person or an organisation, that is, one that cannot repay the debts owed to creditors. In most jurisdictions bankruptcy is imposed by a court order, often initiated by the debtor....
, consumer protection
Consumer protection
Consumer protection laws designed to ensure fair trade competition and the free flow of truthful information in the marketplace. The laws are designed to prevent businesses that engage in fraud or specified unfair practices from gaining an advantage over competitors and may provide additional...
and interest rate
Interest rate
An interest rate is the rate at which interest is paid by a borrower for the use of money that they borrow from a lender. For example, a small company borrows capital from a bank to buy new assets for their business, and in return the lender receives interest at a predetermined interest rate for...
s laws of the country.
History
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
Grupo Salinas
Grupo Salinas is a Group formed by several companies focused on many different sectors. Grupo Salinas started as a retail store, but since Ricardo Salinas Pliego, its current President took over the company, Grupo Salinas began to diversify....
.