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Banco Famsa to more than double credit portfolio through SME, fintech lending

Banco Ahorro Famsa SA Institución de Banca Múltiple in 2018 aims to increase its credit portfolio among small and medium-sized companies and fintech solutions to 3.50 billion Mexican pesos from 1.50 billion pesos presently, the lender's chairman told El Economista.

José Luis Ochoa Bautista said the bank would reach the goal by offering different products including treasury management, boosting microlending operations through online platforms, and by opening up a new SME segment.

In February, the bank acquired the passive operations portfolio of Bankaool SA Institución de Banca Múltiple after the latter closed its operations. The deal increased Banco Famsa's levels of demand deposits and time deposits by about 183.4 million Mexican pesos while growing its customer network by 31,458 active accounts.

Banco Famsa, owned by retailer Grupo Famsa SAB de CV, has 20 branches.

As of March 19, US$1 was equivalent to 18.74 Mexican pesos.