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Mexican billionaire Ricardo Salinas Pliego is opening for company within the U.S.: their Grupo Elektra announced Monday morning its successful purchase of Advance America–the biggest lender that is payday the U.S.
Stockholders authorized the $780 million price Grupo Elektra available in February, a figure which includes all outstanding shares for the American company and payment associated with business’s financial obligation. You will have no instant modifications to your US company’s operations, and CEO Patrick O’Shaugnessey has consented to remain on board, states Elektra spokesman Daniel McCosh.
Grupo Elektra ranks 802 on our listing of the entire world’s Biggest Public Companies, and its own acquisition that is latest seems an all-natural fit for Salinas’ portfolio of profitable companies. In Mexico, Salinas oversees their family-founded Elektra retail string, which offers washers and dryers at low regular rates plus interest, also a prolific motorcycle scooter plant, a tv place, a cellular phone company, and their bank. A decade ago, Salinas started Banco Azteca branches inside their Elektra stores and started providing financial services to Mexico’s poor. Lendees can sign up for credit to purchase a dishwasher, or perhaps a loan that is personal pay money for medical expenses–at 50 to 60 per cent rates of interest. Continue reading