Grupo Elektra
Encyclopedia
Grupo Elektra is a Mexican financial and retail corporation owned by Grupo Salinas
. It is listed on the New York Stock Exchange
(EKT), the Bolsa Mexicana de Valores
(ELEKTRA*) and on the Spanish Stock Market Latibex
(XEKT).
Grupo Elektra, is Latin America
's leading specialty retailer and financial services company, serving the mass market by providing consumer credit.
Grupo Elektra is divided mainly in two divisions: retail and financial. At the same time, the retail division is divided in two geographical areas: Mexico , which includes four store formats; and Latin America ( Guatemala
, Honduras
and Peru
), where only the Elektra store format operates and credit is still granted through the commercial division.
Grupo Elektra's financial division only operates in Mexico and Panama and includes Banco Azteca
, a bank that offers financial services to Mexico's mass market; Afore Azteca, a retirement fund manager; Seguros Azteca, an insurance company; and Circulo de Crédito, the new credit information bureau for individuals in Mexico.
The Grupo Elektra and Banco Azteca were criticized in a 2007 BusinessWeek
magazine article for abusing microcredit
practices in Mexico due to lax bankruptcy
, consumer protection
and interest rate
s laws of the country.
Grupo Elektra owns more than 1,000 stores in Mexico, Guatemala, Honduras and Peru. The stores owned by this group offer in-store credit to consumers in Mexico and Central America and financial services through Banco Azteca in Mexico, Panama
and Brazil
.
Grupo Salinas
Grupo Salinas is a Group formed by several companies focused on many different sectors. Grupo Salinas started as a retail store, but since Ricardo Salinas Pliego, its current President took over the company, Grupo Salinas began to diversify....
. It is listed on the New York Stock Exchange
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
(EKT), the Bolsa Mexicana de Valores
Bolsa Mexicana de Valores
The Mexican Stock Exchange is Mexico's only stock exchange. It is situated on Paseo de la Reforma, a prestigious avenue in central Mexico City...
(ELEKTRA*) and on the Spanish Stock Market Latibex
Madrid Stock Exchange General Index
The Madrid Stock Exchange General Index is a capitalization-weighted stock market index that measures the performance of a selected number of continuous market stocks. It is the principal index for the Bolsa de Madrid and represents the construction, financial services, communications, consumer,...
(XEKT).
Grupo Elektra, is Latin America
Latin America
Latin America is a region of the Americas where Romance languages – particularly Spanish and Portuguese, and variably French – are primarily spoken. Latin America has an area of approximately 21,069,500 km² , almost 3.9% of the Earth's surface or 14.1% of its land surface area...
's leading specialty retailer and financial services company, serving the mass market by providing consumer credit.
Grupo Elektra is divided mainly in two divisions: retail and financial. At the same time, the retail division is divided in two geographical areas: Mexico , which includes four store formats; and Latin America ( Guatemala
Guatemala
Guatemala is a country in Central America bordered by Mexico to the north and west, the Pacific Ocean to the southwest, Belize to the northeast, the Caribbean to the east, and Honduras and El Salvador to the southeast...
, Honduras
Honduras
Honduras is a republic in Central America. It was previously known as Spanish Honduras to differentiate it from British Honduras, which became the modern-day state of Belize...
and Peru
Peru
Peru , officially the Republic of Peru , is a country in western South America. It is bordered on the north by Ecuador and Colombia, on the east by Brazil, on the southeast by Bolivia, on the south by Chile, and on the west by the Pacific Ocean....
), where only the Elektra store format operates and credit is still granted through the commercial division.
Grupo Elektra's financial division only operates in Mexico and Panama and includes Banco Azteca
Banco Azteca
Banco Azteca operates in Mexico, Panama, Guatemala, Honduras, Peru and Brazil and is already among the largest banks in Mexico in terms of coverage...
, a bank that offers financial services to Mexico's mass market; Afore Azteca, a retirement fund manager; Seguros Azteca, an insurance company; and Circulo de Crédito, the new credit information bureau for individuals in Mexico.
The Grupo Elektra and Banco Azteca were criticized in a 2007 BusinessWeek
BusinessWeek
Bloomberg Businessweek, commonly and formerly known as BusinessWeek, is a weekly business magazine published by Bloomberg L.P. It is currently headquartered in New York City.- History :...
magazine article for abusing microcredit
Microcredit
Microcredit is the extension of very small loans to those in poverty designed to spur entrepreneurship. These individuals lack collateral, steady employment and a verifiable credit history and therefore cannot meet even the most minimal qualifications to gain access to traditional credit...
practices in Mexico due to lax bankruptcy
Bankruptcy
Bankruptcy is a legal status of an insolvent person or an organisation, that is, one that cannot repay the debts owed to creditors. In most jurisdictions bankruptcy is imposed by a court order, often initiated by the debtor....
, consumer protection
Consumer protection
Consumer protection laws designed to ensure fair trade competition and the free flow of truthful information in the marketplace. The laws are designed to prevent businesses that engage in fraud or specified unfair practices from gaining an advantage over competitors and may provide additional...
and interest rate
Interest rate
An interest rate is the rate at which interest is paid by a borrower for the use of money that they borrow from a lender. For example, a small company borrows capital from a bank to buy new assets for their business, and in return the lender receives interest at a predetermined interest rate for...
s laws of the country.
Grupo Elektra owns more than 1,000 stores in Mexico, Guatemala, Honduras and Peru. The stores owned by this group offer in-store credit to consumers in Mexico and Central America and financial services through Banco Azteca in Mexico, Panama
Panama
Panama , officially the Republic of Panama , is the southernmost country of Central America. Situated on the isthmus connecting North and South America, it is bordered by Costa Rica to the northwest, Colombia to the southeast, the Caribbean Sea to the north and the Pacific Ocean to the south. The...
and Brazil
Brazil
Brazil , officially the Federative Republic of Brazil , is the largest country in South America. It is the world's fifth largest country, both by geographical area and by population with over 192 million people...
.