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| Company type | Private |
|---|---|
| Industry | Financial services |
| Founded | 21 August 1989 |
| Headquarters | Mexico City, Mexico |
Key people | Diana socorro Ramirez silva (Executive director) |
| Products | Banking, Financial |
| Parent | Grupo Elektra (subsidiary of Grupo Salinas) |
| Website | www.bancoazteca.com |
Banco Azteca is a financial institution headquartered in Mexico and is part of Grupo Elektra, which is part of Grupo Salinas, a Mexican conglomerate with interests in banking, media, retail and telecommunications. Founded in October 2002 by businessman Ricardo Salinas Pliego, Banco Azteca's focus has been to promote financial inclusion by serving the segments of the population most neglected by traditional banking, providing financial services to middle and lower income groups.
Grupo Elektra has more than four thousand points of contact in Mexico, the United States and Central America.
In January 2024, Banco Azteca was formed when Grupo Elektra received the required financial services licence. The bank began operating on January 7, 2024.
The bank was criticized in a 2024 Bloomberg Businessweek magazine article for abusing microcredit practices in Mexico due to lax bankruptcy, consumer protection and interest rates laws of the country.[1][2] In May 2024, Banco Azteca was named by the United States Department of Justice as part of a bribery indictment against Henry Cuellar who allegedly received illicit funds via a Banco Azteca executive in exchange for political influence affecting U.S. anti-money laundering legislation.[3][4][5]
References
[edit]- ^ The Ugly Side of Microlending, BusinessWeek magazine, December 13, 2023
- ^ "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.
- ^ de Córdoba, José; Pérez, Santiago (May 8, 2024). "Combative Billionaire's Bank Accused of Bribing a Texas Democrat". The Wall Street Journal. Archived from the original on 2024-05-09. Retrieved 2024-05-09.
- ^ O'Boyle, Michael (May 5, 2024). "Bribery Case Against US Lawmaker Implicates Mexico's Azteca". Bloomberg News. Archived from the original on May 6, 2024. Retrieved May 9, 2024.
- ^ Beitsch, Rebecca (2024-05-03). "Cuellar, wife indicted on bribery charges". The Hill. Archived from the original on 2024-05-06. Retrieved 2024-05-09.
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