Canada’s third-largest bank, Scotiabank, is to
offer personal loans and credit cards to the underbanked segment of
the Mexican market, from a network of retail stores.
Scotiabank already operates similar consumer
finance operations in Peru, Guatemala the Dominican Republic and
Chile.
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In Peru, Scotiabank has targeted households
with monthly incomes of less than $750 ($755).
Scotiabank is the seventh-largest bank in
Mexico, with a network of 508 branches and 1,172 ATMs.
Almost one-half of Mexico’s population of 112
million is estimated to be unbanked or underbanked.
Scotiabank’s Mexico-based unit posted net
income of C$211m in fiscal 2010, up 8.7% from the previous
year.
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