Azteca exports winning formula

摘要

Microfinance is a powerful tool to lift deprived populations out of poverty. Mexico's Banco Azteca has shown that it can also boost a bank's results. The micro-finance specialist trebled its profits in 2007 - an impressive result, although not out of line in the context of its short but eventful life. In a little more than five years of existence, Azteca's rates of growth have been stellar and the bank has amassed 1500 branches around the country, becoming Mexico's third largest banking network. Azteca has also made forays into other Latin American markets and now wants to conquer the region's biggest prize, Brazil. Banco Azteca was created in October 2002 by Grupo Salinas, one of the largest Mexican business groups. Since the beginning, it has targeted potential clients whose earnings start at $200 a month and do not go much further than that. The group estimates that this segment of clients represents 70% of the more than 100 million-strong Mexican population and most of them were not seen by traditional banks as worth the effort. Not surprisingly, Banco Azteca says that almost half of its clients are unable to present proof of income.