Azteca to spend US$35mn to open 18 branches

Mexican retail bank Banco Azteca, a subsidiary of retail group Elektra (NYSE: EKT), plans to spend US$35mn to open 18 branches in Panama this year, the bank said in a statement. Banco Azteca Panamá started operations on March 1 offering personal and consumer loans. Elektra said last October that Banco Azteca is seeking banking licenses in Panama, Honduras, Guatemala and Peru, all countries where it has a retail presence. In Mexico, Banco Azteca operates through 930 branches in Elektra stores, 397 booths in other retailers, and 28 independent branches. In just over two years of operations, Banco Azteca has built up a performing loan book of 11bn pesos (US$994mn) and a deposit base of 17.4bn pesos by catering to the low-income clients of Elektra and other retailers.