Lucy Conger writes about Elektra, a downscale household goods retailer in Mexico that is opening Banco Azteca, the first bank to aim at Mexico’s middle and working classes.
Starting next year, Banco Azteca plans to introduce a range of products, including used-car and personal loans, debit cards, checking accounts and mortgages. Elektra’s database of the credit payment histories of four million current and former customers will help the bank make credit decisions and cross-sell its products, analysts say.