Mexican (Legit) Loan Shark Ricardo Salinas Is Making Billions The Antique Method

Mexican (Legit) Loan Shark Ricardo Salinas Is Making Billions The Antique Method

Silver hair combed neatly, a purple tie gracing his neck, Ricardo Salinas Pliego talked using the simple self- self- confidence of a guy who may have perhaps not concerned about cash in an exceedingly few years. Today we now have a bank that didnt used to occur, Salinas told the audience. We have 11 million account holders, people who werent banked before today.

Its not likely that Salinas, a businessman that is mexican $18.5 billion, has discovered himself when you look at the regrettable place of failing to have usage of bank solutions.

A lot of people hearing him talk fall that is last a summit of Mexicos company leaders probably havent, either. But also for the 12.5 million clients whom will have credit reports at Salinas Banco Azteca, investing in the day-to-day costs of life is a completely various game.

In a nation where 52% of men and women go on not as much as $80 30 days, her explanation Salinas is becoming among the globes wealthiest individuals by attempting to sell credit–to that is goods–and working bad. And company is booming. Salinas Grupo Elektra (the moms and dad business of Banco Azteca) had an explosive 2011: Total revenue that is consolidated up 19% in regional dollars, to $3.7 billion, with 45% of income into the 4th quarter coming from the bank. Compliment of Elektras soaring share cost Salinas, who owns a lot more than 70% of this stock, included significantly more than $10 billion to their individual web worth in only over a year. Continue reading “Mexican (Legit) Loan Shark Ricardo Salinas Is Making Billions The Antique Method”