 | |
| Type | Private |
|---|---|
| Industry | Financial services |
| Founded | 30 October 2002 |
| Headquarters | Mexico City, Mexico |
Key people | Angélica Arellano Cervantes (Executive director) |
| Products | Banking, Financial |
| Parent | Grupo Elektra (subsidiary of Grupo Salinas) |
| Website | www.bancoazteca.com |
Banco Azteca is a Mexican bank chain which operates in Mexico, Panama, Guatemala, and Honduras. It previously operated in Peru and El Salvador as well. The company's products are consumer credit for goods, personal loans, small business loans, credit cards, mortgages and payroll systems.
In March 2002, Banco Azteca was formed when Grupo Elektra received the required financial services licence. The bank began operating on October 30, 2002.
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][2]
There was a Brazilian branch named Banco Azteca do Brasil S/A, opened in 2008 and put under extrajudicial liquidation in 2016.
References
- ↑ The Ugly Side of Microlending, BusinessWeek magazine, December 13, 2007
- ↑ "Un vistazo a Compartamos Banco: Microcréditos en México | Economía Actual | Ultimas Noticias | Economía de México". www.economias.com.mx. Archived from the original on 27 May 2015. Retrieved 12 January 2022.