All about High-Profile. Banca y Finanzas:: Finances & Big Blue

All about High-Profile


Fecha Jueves, marzo 14 @ 10:02:10
Tema Banca y Finanzas:: Finances & Big Blue


BBVA, SCH to launch Mobipay service in Mexico...
BBVA and SCH, Spain's largest banks, plan to offer their mobile banking service Mobipay in Mexico, after initial rollout in Chile and Brazil. Financial institutions hold a 60% stake in Mobipay and mobile operators Telefonica Moviles, Vodafone and Amena own the other 40%.
Mobipay Internacional was established with an initial investment of $17.7 million at the end of 2001 to expand the service into Latin America and Europe. However, international expansion of Mobipay will depend on uptake of the service in its home market of Spain. Mobipay is still undergoing testing and should be ready for commercial launch in Spain during 2002.

SCH and BBVA own 54% of Mobipay Internacional and are open to bringing on new shareholders in addition to the mobile operators previously mentioned. Mobipay aims to enter Latin America in markets where Telefonica Moviles already has a presence.



Elektra to apply for banking license...
Elektra attracted favorable mention from Merrill Lynch because of the strong likelihood that the Mexican retailer will win a banking license. Elektra, which has a core business in retailing, also provides money transfer and other financial services, has applied for a banking license.A license would provide significant opportunities for Elektra to expand its low-income personal finance. Elektra's currently operates low-income banking operation in conjunction with GF Santander Serfin .



Bancomer e-banking clients reach 800,000...
Bancomer has some 800,000 of its 10 million clients regularly using e-banking services. It hopes to expand the number of clients using e-banking for simple services; thereby reducing costs of branch network which would continue to provide the more complicated services. In this scenario day-to-day banking operations would be handled online and clients would visit banks only for services requiring direct client attention, such as investments and mortgage loans.

Bancomer registers 6 million transactions monthly, of which 13% are financial-related (account tranfers, interbank transfers, payment services) and 87% are balance inquiries. Internet transactions represent 7% of total transactions.



Mexican pension funds lure overseas interest...
International financial groups are pushing into Mexico's small but growing pension fund management industry. From the USA, both Citigroup and Prudential Financial have taken large stakes in local pension fund managers earlier this year. Several other large international players, including ING of the Netherlands, already have significant stakes. The moves are part of a general increase in inward investment in Mexico, partly prompted by its recent rise to investment-grade status.

The interest in pension managers was created by Mexico's pension reform, instituted in the wake of the country's financial crisis of the mid-1990s. All employees in the country's formal economy must make contributions into pension plans managed by private but licensed money managers. Known as Afores (Administradoras de Fondos pare el Retiro), only 17 providers were licensed when the rules came into effect.

Citigroup bought into the market in January by buying out the Dutch insurer Aegon, the one-time partner in a joint Afore venture with Banamex, the largest Mexican retail bank. Citigroup, which owns Banamex, paid a total of $1.24 billion for a 50% stake in its Afore, and in a life insurance company.

Prudential Financial entered the market in February, paying $128 million to buy a 50% stake in Afore XXI, a company it will jointly control with IMSS, Mexico's social security agency.

ING bought the Afore of Grupo Bital, one of Mexico's largest retail banks, in late 2000, paying $204 million for the 51% it did not already own.

The likely future dominance of Afore in the nation's savings has also increased the price tag for foreign buyers. Within 15 years analysts estimate that at least 45% of the total savings in Mexico will be handled by Afores.


Leasing Group Inc. forms Mexican Subsidiary...
LGI de Mexico, S. de R.L. de C.V., a recently established subsidiary Leasing Group Inc., has been set up to provide financing solutions to equipment vendors doing business in Mexico. In conjunction with the formation of its new subsidiary, LGI has established an office in Mexico City to support local equipment vendors.





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