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Mexico's Banorte, retailer Comercial Mexicana to offer banking services in supermarkets

Mexico's Banorte, retailer Comercial Mexicana to offer banking services in supermarkets

Mexican banking group Banorte and retailer Comercial Mexicana said Tuesday they had agreed to set up a new company offering banking services in supermarkets and stores.
Comercial Mexicana SAB, which operates 214 supermarkets and 71 restaurants throughout Mexico and owns 50 percent of Costco de Mexico, will control 51 percent of the joint venture and Grupo Financiero Banorte SAB will have 49 percent, company executives said at a news conference.
They said the as-yet unnamed company will have an initial capital of 1.3 billion pesos (US$121 million; euro81.35 million) and will begin operating during the second half of 2008, pending authorization from Mexico's Treasury Department and other authorities.
Cetelem, the consumer lending arm of French bank BNP Paribas, also needs to release Comercial Mexicana from an existing agreement before the new venture can launch.
"Many of Comercial Mexicana's customers have no bank account at all," Banorte CEO Luis Pena said. "One of the most important ways this partnership will benefit consumers is by allowing them to conveniently access credit and savings products in the same store" where they shop.
Seventy percent of Comercial Mexicana's 6 million customers make their purchases in cash, with 16 percent buying goods with credit cards and 9 percent with debit cards, CEO Santiago Garcia said.
The new company _ offering credit cards, loans and savings accounts _ will tap into the retail chain's lower-income customers, most of whom have no credit history or financial services, Pena said. It also will offer same-day approval to clients.
The agreement, signed Monday, comes on the heels of similar announcements last year from retailer Organizacion Soriana SAB, which launched a banking venture with Citigroup unit Banamex, and Wal-Mart de Mexico, which started its own bank.
Banamex has long had branches inside some Gigante supermarkets _ a chain recently purchased by Soriana.
Mexican financial services and retail company Grupo Elektra SA opened its Banco Azteca in October 2002.


Updated : 2021-04-21 18:44 GMT+08:00