Banco Aztea Looking to Expand Car Loan Portfolio

Mexico?s Banco Azteca is looking to expand their auto loan portfolio in a move that will ensure them success. They are planning a major expansion next year into seven different Latin American nations. As part of this expansion, they plan on opening 300 branches by mid year.

The bank has already seen major success over the past year, ending with a portfolio of $270 million secured. They have deposits in several countries including Mexico, Panama, Peru and Guatemala. They know that with this expansion, the bank will be able to grow their assets as well as their auto loan portfolio exponentially.

They are already on track to open new branches in Brazil in February, El Salvador in March and Argentina before June of next year. They are planning on growing off of the strength of Brazil so that they can become even larger than Mexico. Brazil has already given them permission to come into their market, as well as approved their plans for expansion.

They are permitted to open two branches in Recife and Fortaleza, and then 70 more branches across Brazil within the next two years. They are also looking to expand their car loan business by teaming u with FAW to bring in Chinese cars next year.

A new plant will be built in Michoacan, but until then they need the additional imports so that they can finance the auto loans on the cars. The bank will handle all of the auto loans and then spread their car loan industry to other Latin American countries.