—Income grew 7% and unemployment decreased 1.4% in areas where branches were established—
—Strengthening employment led to improved results in the distribution of income—
MEXICO CITY, Aug. 13, 2015 (GLOBE NEWSWIRE) -- Grupo Salinas, a group of dynamic, fast-growing and technologically advanced companies, deeply committed to the modernization of the countries in which they operate, founded by Mexican entrepreneur Ricardo B. Salinas, announced today that the Global Financial Development Report 2014: Financial Inclusion published by the World Bank, highlights that the opening of branches of Banco Azteca contributes to positive changes in the development of communities in which it operates.
The report assesses global financial inclusion and its importance for economic growth, and shows poverty reduction mechanisms through credit, including the case of Banco Azteca. The results of the study indicate that in two years after the opening of the bank in 2002, income grew 7% and unemployment fell 1.4% in areas where branches were established, thanks to a greater access to credit, with lower interest rates than other local loan providers.
The increased availability of funds strengthened small businesses and increased the number of establishments, generating more jobs. The sources of employment benefitted low-income residents, the base of the pyramid market segment that the bank targets, contributing to better income distribution.
"Banco Azteca is committed to directly contributing to the welfare of families and the growth of businesses underserved by traditional banks, which in turn promotes economic development," said Alejandro Valenzuela, CEO of Banco Azteca. "The bank's profitable operations and solid asset quality allow long-term sustainability to continue driving growth and living standards into the future."
Grupo Salinas' companies generate wealth with their operations, while positively impacting the progress of the communities in which they operate.
About Grupo Salinas
Grupo Salinas (www.gruposalinas.com) is a group of dynamic, fast growing, and technologically advanced companies focused on creating shareholder value, building the Mexican middle class, and improving society through excellence. Created by Mexican entrepreneur Ricardo B. Salinas (www.ricardosalinas.com), Grupo Salinas operates as a management development and decision forum for the top leaders of member companies. These companies include: Azteca (www.azteca.com; www.irtvazteca.com) Azteca America (us.azteca.com), Grupo Elektra (www.grupoelektra.com.mx), Banco Azteca (www.bancoazteca.com.mx), Advance America (www.advanceamerica.net), Afore Azteca (www.aforeazteca.com.mx), Seguros Azteca (www.segurosazteca.com.mx), Punto Casa de Bolsa (www.puntocasadebolsa.mx), Totalplay (www.totalplay.com.mx) and Enlace TPE (www.enlacetpe.mx). Azteca and Grupo Elektra trade shares on the Mexican Stock Market and are part of its Sustainability Index. Each of the Grupo Salinas companies operates independently, with its own management, board of directors and shareholders. Grupo Salinas has no equity holdings. The group of companies shares a common vision, values and strategies for achieving rapid growth, superior results and world-class performance.