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Mexican Billionaire Buys Advance America, Premier Payday Lender In U.S.

Mexican Billionaire Buys Advance America, Premier Payday Lender In U.S.

Mexican billionaire Ricardo Salinas Pliego is opening for company within the U.S. his Grupo Elektra announced Monday morning its effective purchase of Advance America–the biggest lender that is payday the U.S.

Stockholders authorized the $780 million cost Grupo Elektra available in February, a figure which includes all outstanding stocks associated with firm that is american repayment associated with organization’s financial obligation. You will see no instant changes to your US company’s operations, and CEO Patrick O’Shaugnessey has decided to stick to board, states Elektra spokesman Daniel McCosh.

Grupo Elektra ranks 802 on our listing of the entire world’s Biggest Public Companies, as well as its acquisition that is latest appears an all-natural complement Salinas’ profile of lucrative companies. In Mexico, Salinas oversees their family-founded Elektra retail chain, which sells washers and dryers at low weekly prices plus interest, in addition to a respected motorcycle sc ter plant, a television section, a cellular phone business, and their bank. A decade ago, Salinas launched Banco Azteca branches inside their Elektra stores and started offering monetary solutions to Mexico’s p r. Lendees can sign up for credit to purchase a dishwasher, or perhaps a unsecured loan to buy medical expenses–at 50 to 60 per cent rates of interest.

Demonstrably, those high rates that would not travel at banking institutions in the us. However in Mexico, they may be pretty standard, when I had written in my own current magazine tale on Salinas’ and Elektra.