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30-624: Grupo Elektra is a Mexican financial and retail corporation founded in 1950 by Hugo Salinas Price . The company currently operates over seven thousand points of contact across Mexico, United States , and Central America, through two business divisions: commercial and financial. Its parent company, Grupo Salinas, is a corporate group with interests across various economic sectors. Grupo Elektra's commercial division includes Elektra, Italika, and Salinas y Rocha , while its financial division comprises Banco Azteca , Seguros Azteca , Punto Casa de Bolsa, Purpose Financial , and Afore Azteca . Also, Elektra

60-568: A Banco Azteca subsidiary, provides life and risk insurance for the same target audience. Additionally, Afore Azteca offers retirement fund management services, supported by the Group's extensive geographic reach. Banco Azteca operates in Mexico, Guatemala, Honduras, El Salvador, Panama and Peru, and is the largest bank in Mexico in geographical coverage with more than 3,500 points of contact. Banco Azteca Mexico has more than 13 million of deposit accounts and

90-478: A loan or prefer not to risk their assets. Unsecured loans are primarily based on the borrower's creditworthiness, with lenders evaluating credit history, income, and financial stability to determine eligibility. Interest rates for these loans can vary widely depending on the lender and the borrower's credit score. While unsecured loans offer the convenience of borrowing without collateral, they typically come with higher interest rates compared to secured loans, reflecting

120-588: A new maximum loan tenure of 10 years for personal loan (previous maximum loan tenure was 25 years). In Singapore, unsecured credit, including credit card debt and personal loans, can carry high interest rates due to the lack of collateral. To safeguard borrowers from excessive debt accumulation, the Monetary Authority of Singapore (MAS) has implemented measures effective since January 1, 2018. These rules cap additional unsecured credit for borrowers whose outstanding debts exceed six times their monthly income, with

150-495: A nongovernmental unsecured creditor cannot seize any of your assets without a court judgment in the U.S. A creditor must file a complaint in state or federal court before a judgment can be made for or against the borrower. Unsecured loans in the UK are a form of credit that doesn't require collateral, such as property or other assets, to back the loan. This makes them a popular choice for borrowers who may not have assets to secure against

180-650: A positive impact on the development of numerous communities through micro financing . In the Global Financial Development Report of 2014, about Financial Inclusion, the World Bank indicated that after two years from the start of operations of Banco Azteca in 2002, personal income increased 7% in areas where branches were established, and unemployment decreased 1.4%, due to the increased access to credit , with lower interest rates, compared to other local and microfinance loan providers. Punto Casa de Bolsa

210-451: A similar numbers of loan accounts. Banco Azteca offers consumer and personal loans , credit cards , pawn lending , and group and commercial loans . On the deposit side, the bank offers a variety of savings products for its target market , with interest -bearing accounts that can be opened with one peso and do not generate commissions . According to the World Bank , Banco Azteca has

240-646: A strategic alliance with South Korean conglomerate Samsung to launch its mobile app, called Punto Trader . In January 2020, the company received authorization to operate as an investment fund distributor from the CNBV. Founded in 1997 as Advance America , which was a payday loan provider in the United States , was acquired by Grupo Elektra in 2012 to expand its operations in the United States. The company offers credit options to consumers without banking intermediation and

270-470: A total credit limit not exceeding 12 times their monthly income. The borrowing limit, set industry-wide, aims to prevent long-term reliance on unsecured credit and reduce debt accumulation. Banks must conduct credit bureau checks before granting new credit facilities or credit limit increases, ensuring loans align with borrowers' ability to repay. To manage debt effectively, borrowers can explore debt repayment plans and debt consolidation options. Understanding

300-681: Is a founding member of the Community Financial Services Association of America (CFSA). Seguros Azteca offers life and liability microinsurance that can be acquired at affordable prices in Mexico and Latin America. Afore Azteca offers pension fund management with the support of the extensive geographical coverage of Grupo Elektra. As part of Grupo Salinas , Grupo Elektra joined the United Nations Global Compact in 2018, committing to its ten principles in

330-537: Is a retail chain founded in 1906 by Benjamín Salas Westrup and acquired by the Group in 1999 through an auction. Unlike Elektra stores , Salinas y Rocha ’s products target the C+ and C socioeconomic segments. Banco Azteca is a banking institution that began operations in 2002, primarily serving middle and lower-income populations. According to official sources, the bank operated nearly two thousand branches by 2022, located throughout Mexico and Central America. Seguros Azteca ,

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360-485: Is a stock market subsidiary that focuses on serving small and medium-sized enterprises as well as individual investors. After obtaining authorization from the National Banking and Securities Commission of Mexico (CNBV by its Spanish acronym) in 2011, the company began operations in 2012, initially providing institutional promotion services. In 2013, it expanded into investment banking services, and by 2015, it had formed

390-634: Is listed on the Bolsa Mexicana de Valores and on the Spanish Stock Market Latibex (XEKT). The origins of Grupo Elektra date back to 1950, when entrepreneur Hugo Salinas Price launched a small appliance store in Monterrey, Nuevo León. Although the company initially specialized in radio equipment, over time it added other products to its catalog, such as furniture, televisions, and home accessories, enabling it to establish new locations across

420-436: Is required although existing (but not necessarily all) assets have been pledged to secure prior debt. Secured lenders more often than not include language in the loan agreement that prevents debtor from assuming additional secured loans or pledging any assets to a creditor. Failure to make a payment on an unsecured debt may ultimately result in reporting the delinquent debt to a credit reporting agency or legal action. However,

450-598: Is the Grupo Azteca’s most significant retail format, with over 1,200 points of contact across Mexico, Honduras, and Guatemala. It offers a range of products, including household appliances, consumer electronics, computer systems, mobile phones and furniture. These products primarily target the C and D+ population segments, representing middle- and lower-income groups. According to company data, Elektra sells, on average, 1 in every 4 televisions, 1 in every 5 refrigerators, and 7 out of every 10 motorcycles in Mexico. Italika ,

480-552: Is the founder of Mexico's Elektra retail chain. He also owns the second largest gold mine and silver mines in the state of Durango . Salinas was born on March 11, 1932 in Bryn Athyn, Pennsylvania , his mother's home town. His uncle Benjamin Salinas Westrup, along with his step-brother Joel Rocha, founded the furniture company Salinas y Rocha, which grew rapidly thanks to the possibility to pay with credit. He graduated from

510-802: The Academy of the New Church Secondary Schools in 1949. He studied at the Wharton School from University of Pennsylvania , at the Instituto Tecnológico y de Estudios Superiores de Monterrey (ITESM) and law from the Universidad Nacional Autónoma de México (UNAM). Elektra began as a factory assembling electronic appliances for the Salinas y Rocha chain, a national retailer of appliances. Hugo Salinas Price became director of

540-537: The Socially Responsible Company (ESR, by its Spanish acronym) distinction, awarded by the Mexican Center for Philanthropy (CEMEFI, by its Spanish acronym). The figures presented in the table below are extracted from one of Grupo Elektra's quarterly reports for 2015. Hugo Salinas Price Hugo Salinas Price (born March 11, 1932) is a Mexican business magnate, investor, and philanthropist. He

570-527: The areas of human rights, labor, environment, and anti-corruption. According to company reported data, Elektra has invested 113 million Mexican pesos in environmental management, with 35% of the energy used in its operations coming from renewable sources. The company also adopted the recommendations of the Task Force on Climate-related Financial Disclosures for analyzing climate change risks and opportunities. In 2022, Banco Azteca , Elektra and Italika received

600-460: The company acquired the state-owned Mexican broadcaster known as Imevisión , which later became TV Azteca . Six years later, the company acquired a 94.3 % share in the Salinas y Rocha store chain, and in 2002, founded Banco Azteca , a financial institution aimed at serving segments of the population underserved by traditional banks. In 2004, the company launched Seguros Azteca and entered

630-458: The company in 1952, and opened its first store Elektra in 1959. Elektra then set up a direct sales operation offering appliances on installments. By 1968, Elektra had opened 12 stores nationwide. Hugo Salinas Price retired from the company in 1987, leaving the 59-store retail network to his son Ricardo Salinas Pliego . This Mexican business biographical article is a stub . You can help Misplaced Pages by expanding it . Personal loans In

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660-490: The context of secured lending, the use of collateral reduces the size of the "bet" taken by the creditor on the debtor's creditworthiness . Without collateral, the creditor stands to lose the entire sum outstanding at the point of default and must boost the interest rate to price in that risk. Hence, although sufficiently high interest rates are considered usurious , unsecured loans would not be made at all without them. Unsecured loans are often sought out if additional capital

690-583: The country. Initially, Elektra served only wholesalers; however, as this model declined, Salinas Price shifted the company's focus to retail and credit sales. In the mid-1980s, he passed the management of the company to his son, Ricardo Salinas Pliego, who assumed the role of president in 1987. After achieving international expansion, the company made its debut on the Mexican Stock Exchange (Bolsa Mexicana de Valores, in Spanish) in 1993. That same year,

720-405: The debts, so actually putting the unsecured creditor with a matured liability to the debtor in a pre-preferential position. Under risk-based pricing , creditors tend to demand extremely high interest rates as a condition of extending unsecured debt. The maximum loss on a properly collateralized loan is the difference between the fair market value of the collateral and the outstanding debt. Thus, in

750-458: The event of the bankruptcy of the borrower, the unsecured creditors have a general claim on the assets of the borrower after the specific pledged assets have been assigned to the secured creditors . The unsecured creditors usually realize a smaller proportion of their claims than the secured creditors. In some legal systems, unsecured creditors who are also indebted to the insolvent debtor are able (and, in some jurisdictions, required) to set off

780-480: The government sector. The personal loan interest rate for the private sector is always higher than the government sector because it is of lower risk for the bank to lend to the government sector. The government will pay the salary of the civil servants through a payroll system known as the Biro Angkasa and the bank will deduct the monthly installment of the loan from the civil servant's salary through this system, before

810-412: The increased risk for the lender. They are commonly used for various purposes, including debt consolidation, home improvements, or covering unexpected expenses. It's important for borrowers to carefully consider their ability to repay an unsecured loan, as failure to do so can significantly impact their credit score and financial health. In Malaysia, there are personal loans for the private sector and for

840-541: The motorcycle brand, launched in November 2004 in partnership with South Korean manufacturer Hyosung . In 2008, Italika opened an assembly plant in Toluca, State of Mexico, and by 2011, had already sold one million units in the country. By 2014, the brand had successfully sold two million motorcycles. According to Forbes magazine, Italika “is marketed in 1,000 Elektra stores and 2,500 third-party points of sale”. Salinas y Rocha

870-455: The motorcycle market with the introduction of the Italika brand. In early 2012, the group announced that it had reached an agreement to acquire the non-bank lender Advance America (now known as Purpose Financial ) to expand its operations in the United States. Also in 2012, Punto Casa de Bolsa , an investment institution focused on small and medium-sized enterprises, began operations. Elektra

900-533: The salary is even released. An example of these loans are cooperative loans . Interest rates for personal loans in Malaysia are influenced by either one of these factors: loan amount, loan tenure and income of the applicant. In some cases, the bank will take 2 or even 3 of these factors to decide on the appropriate interest rate to be applied to the personal loan. In 2013, the Malaysian Central Bank introduces

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