This
is the first step for Grupo Elektra to start replicating in
other countries our successful business strategy implemented
in Mexico, which combines retailing with banking operations
Javier Sarro, CEO of Grupo Elektra
"We thank the Panamanian authorities for providing us with a
general banking license that will allow us to offer
comprehensive financial services in that country", commented
Javier Sarro, CEO of Grupo Elektra. "This is the first step for Grupo
Elektra to start replicating in other countries our successful
business strategy implemented in Mexico, which combines
retailing with banking operations."
In accordance with Panamanian regulation, Grupo Elektra has
fully funded the US$10 million required capitalization. The
Company projects a capital outlay in 2005 of about US$2 million
to build the planned infrastructure of Banco Azteca (Panamá).
In addition, Mr. Sarro commented: "We are delighted that the
Banco Azteca brand name has expanded into Latin America after
more than two years of successful operations in Mexico. We
welcome the challenge of bringing quality banking services and
products to the Panamanian population and in helping them to
improve their quality of life, as we have done with our clients
in México."
Banco Azteca (Panamá ) will start banking operations to the
general public opening 12 hours, seven days a week, and offering
its successful savings products "Guardadito" and "Inversión Azteca," as well as personal loans under the well-known
brand-name "Credimax Efectivo". Banco Azteca (Panamá) will
analyze and pilot-test other potential products and services in
the coming months to continue with its efforts to provide more
quality products and services to the Panamanian population.
