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Citibanamex signs $15M financing agreement with sofipo CAME

Grupo Financiero Citibanamex SA de CV has reached a $15 million, two-year financing agreement with the sofipo, or popular financial society Consejo de Asistencia al Microemprendedor SA de CV SFP, or CAME, El Economista reported.

Citibanamex said the deal would allow the sofipo to widen its microfinance portfolio and expand credit access to small-scale businesses.

CAME is one of the largest sofipo-companies in Mexico, offering credit and saving products to around 386,000 clients and with a loan portfolio worth about 2.3 billion Mexican pesos, according to the publication.

The move comes amid reports of liquidity problems within the popular finance sector in general. Earlier in the month banking regulator CNBV revoked the operating license of Proyecto Coincidir SA de CV SFP and ordered the company's liquidation. The regulator had previously urged the sector to refocus on their original mission of increasing financial inclusion.

As of Dec. 20, US$1 was equivalent to 19.91 Mexican pesos.