May 22, 2007 / 2:27 AM / 12 years ago

Mexico's Coppel opens bank for low income clients

MEXICO CITY, May 21 (Reuters) - Retailer Coppel ALMACO2.MX opened a retail bank on Monday aimed at allowing poorer Mexicans to save, own a credit card and take out loans, becoming the latest store chain to move into banking in Mexico.

Coppel said its bank, Bancoppel, will have seven branches initially and aims “to focus on Mexicans who do not have bank accounts”, the retailer said in a statement.

Mexico’s government is backing banking services for lower income Mexicans to help bring bring down commissions in the industry, much of which is foreign-owned.

Mexico’s leading retailer Wal-Mart de Mexico WALMEXV.MX is due to open its bank Adelante, or Get Ahead, in June.

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