In one of the most daring developments in Latin American banking, stores such as Mexico City-listed supermarket chain Soriana are announcing plans to target Mexicans who have traditionally been neglected by mainstream banks. Retailers ranging from electronic stores to wholesalers will open banking services in their shops this year, offering car financing, small loans, insurance and eventually mortgages.
For Wal-Mart, which has named its bank Adelante, “get ahead” in Spanish, banking could add 20% to its annual earnings in Mexico by its fifth year of operation, according to Merrill Lynch.
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