Mexican Grupo Salinas Eyes Up Argentina

Mexico’s Grupo Salinas, which owns Banco Azteca and electrodomestic retailer Elektra, has said it is looking at opening branches of both businesses in Argentina. In July the company announced it would be opening 20 Banco Azteca branches and 16 Elektra stores in Uruguay before the end of this year. It has also expressed an interest in Brazil. Elektra currently has a network of over 1,000 stores in Mexico, Guatemala, Honduras, Peru and Panama. Banco Azteca operates in Mexico and Panama. Its application for a banking license in Honduras was turned down.