Banco Azteca Begins Operations in El Salvador

The Mexican bank was authorized by the superintendence of the financial system, after fulfilling all the requirements.

Thursday, July 30, 2009

According to documents forwarded to the superintendence, the banking entity plans to open 23 branches in El Salvador.

An article in La Prensa Gráfica reported that the bank "...is part of Grupo Salinas, one of the largest conglomerates in Mexico... its website states that since its foundation it has targeted low income clients, which make up 70% of Mexico's population".

More on this topic

Azteca Bank Begins Operations in El Salvador

June 2009

After two years of proceedings before financial authorities, the bank will start operations next July.

The president of the Salvadoran Banking Association (ABANSE), Armando Arias, pointed out the benefits to the consumer with new financial institution entering the market.

Azteca Bank Next to Start Operations in El Salvador

May 2009

The process is in the final stage. Once the required technical aspects have been approved, the permits to operate would be granted.

Luis Armando Montenegro, Superintendent of the Financial System (SSF), reported that the Board of Directors of the Superintendent will receive the case no later than June 10 for its approval.

Azteca Bank begins operations in El Salvador

November 2008

The vice president of the Administrative Council, Luis Niño, said that they hope to have government approval by the end of the year to operate with a banking license in El Salvador.

The financial institution, a subsidiary of the Mexicano Group, will continue with its expansion strategy in region after opening several branches in Peru and Brazil this year.

New bank to begin operations in El Salvador

September 2008

The Industrial Bank of El Salvador is completing the procedures at the Financial System Superintendence to formally become a bank.

According to the Superintendence, shareholders will hold 1% or more of the social capital of said company which is being created and includes: Banco Industrial S.A. (from Guatemala), Construagro S.A. (from El Salvador), y José Luis Zablah Touché (from El Salvador).

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