Mexican billionaire Ricardo Salinas Pliego is starting for company when you look at the U.S.: their Grupo Elektra announced Monday morning its effective purchase of Advance America–the biggest payday lender in the U.S.
Stockholders authorized the $780 million price Grupo Elektra available in February, a figure which includes all outstanding stocks associated with firm that is american payment regarding the organization’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 range of the planet’s Biggest Public Companies, and its particular latest purchase appears a normal fit for Salinas’ profile of profitable companies. In Mexico, Salinas oversees his family-founded Elektra retail string, which sells washers and dryers at low regular prices plus interest, in addition to a respected motorcycle scooter plant, a television section, a cellular phone business, along with his bank. A decade ago, Salinas launched Banco Azteca branches inside his Elektra stores that are retail started providing monetary solutions to Mexico’s bad. Lendees can sign up for credit to get a dishwasher, or perhaps a personal bank loan to buy medical expenses–at 50 to 60 % rates of interest. Continue reading “Mexican Billionaire Buys Advance America, premier Payday Lender In U.S. clearly, those high prices that would not travel at banking institutions in america.”