— Enables families to acquire more and better durable consumer goods—
—It also allows households to reduce financial expenses by offering more competitive interest rates compared to informal options—
MEXICO CITY, Jan. 26, 2017 (GLOBE NEWSWIRE) -- Grupo Elektra, S.A.B. de C.V. (BMV:ELEKTRA*) (Latibex:XEKT), Latin America’s leading specialty retailer and financial services company and the largest non-bank provider of cash advance services in the United States, announced today that the working document from the World Bank titled “From Pawn Shops to Banks. The Impact of Formal Credit in Informal Households,” analyzes the effects of credit access through Banco Azteca —a subsidiary of Grupo Elektra— on the wellbeing of households in Mexico.
The study shows that the opening of Banco Azteca ̶ the first bank that serves the families of the informal sector in Mexico, which accounts for more than half of the population ̶ favors stability in household consumption during difficult times, such as unemployment, Illness, death, or the closure of the family business.
The document also indicates that Banco Azteca's operations make it easier for households to purchase more and better durable consumer goods, such as electronics, furniture and other useful household appliances for families.
The study shows that with the presence of Banco Azteca, financial expenses are reduced in households, through lower interest payments compared to other sources of financing that are used when banking services do not exist.
Grupo Elektra and Banco Azteca are committed to promoting the wellbeing and progress of the communities in which they operate, through world-class financial services and merchandise that have a positive impact on the quality of life of thousands of families.
Company Profile:
Grupo Elektra is Latin America’s leading financial services company and specialty retailer and the largest non-bank provider of cash advance services in the United States. The Group operates more than 7,000 points of contact in Mexico, the United States, Guatemala, Honduras, Peru, Panama and El Salvador.
Grupo Elektra is a Grupo Salinas company (www.gruposalinas.com), a group of dynamic, fast-growing, and technologically advanced companies focused on creating shareholder value, contributing to build the middle class of the countries in which they operate and improving society through excellence. Created by Mexican entrepreneur Ricardo B. Salinas (www.ricardosalinas.com), Grupo Salinas operates as a management development and decision forum for the top leaders of member companies. The companies include TV Azteca (www.tvazteca.com; www.irtvazteca.com), Azteca US (us.azteca.com), Grupo Elektra (www.elektra.com.mx: www.grupoelektra.com.mx), Banco Azteca (www.bancoazteca.com.mx), Advance America (www.advanceamerica.net), Afore Azteca (www.aforeazteca.com.mx), Seguros Azteca (www.segurosazteca.com.mx), Totalplay (www.totalplay.com.mx) and Enlace TP (enlacetp.mx). Each of the Grupo Salinas companies operates independently, with its own management, board of directors and shareholders. Grupo Salinas has no equity holdings. However, the member companies share a common vision, values and strategies for achieving rapid growth, superior results and world-class performance.
Except for historical information, the matters discussed in this press release are forward-looking statements and are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Other risks that may affect Grupo Elektra and its subsidiaries are identified in documents sent to securities authorities.