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Banco Azteca S.A. Insitución de Banca Multiple
Company type
Private
Industry
Financial services
Founded
21 August 1989; 34 years ago (1989-08-21)
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 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 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]
^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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