Consumer confidence declines
Go deeper with GlobalData
An economic report by Banamex says that Mexico’s consumer
confidence index fell by 6.6 percent to 101.4 points in October
2007 from 108.6 in October 2006. The index stood at 105.3 in
September 2007. “The fall in October 2007 represents the biggest
monthly decline since December 2003,” the bank says.
Financial services
Banamex launches SME services
Banamex has launched Paquete PyMES, a set of banking services
targeted at small- and medium-sized businesses in Mexico. The
package, which costs a flat fee of MXN390 ($36) plus tax a month,
includes unlimited access to internet banking, a line of credit and
a business debit card.
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By GlobalDataFinancial services
Banco Wal-Mart opens
Wal-Mart de Mexico has opened its first four Banco Wal-Mart
in-store branches. The retailer says it plans to open a further 14
bank branches this year. Banco Wal-Mart currently offers a savings
account with a debit card, as well as consumer credit for in-store
purchases. According to newswire reports, the bank plans to open up
to 80 additional in-store branches in 2008, and to launch a credit
card.
Remittances
Citi announces free wire transfers
Citibank has announced that it is waiving transfer fees on its
remittance service to Mexico. Clients can visit any Citibank
financial centre and Citibank ATM in the US and send money to
family and friends living in Mexico using Citibank global
transfers. The service allows Citibank customers in the US to send
up to $3,000 per business day, and funds are available immediately
either in a Banamex account or to be picked up in cash at any
Banamex branch.
Bank launch
Car maker to launch bank in Mexico
German car manufacturer Volkswagen plans to launch its own bank in
Mexico in the next few months to increase financing for car sales
and recover market share. Volkswagen Bank Mexico is still awaiting
final approval from Mexico’s banking commission. This would be the
company’s 28th bank operation worldwide. Volkswagen says it expects
to have 40,000 to 45,000 clients in the first year of operation,
and plans to invest around $70 million to launch the Mexican bank,
which would work out of Volkswagen dealerships.
