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Watch Out Mexico, Here It Comes

Consumer debt is expected to robustly rise in Mexico through 2013, according to Citigroup’s Mexican Banamex.

Banamex is Mexico’s second largest banking company and is expecting heavy growth in consumer demand for mortgages, credit cards, and payroll loans.

Banamex, which supplies around 12% of Citigroup’s annual net profit and is Mexico’s second-biggest bank, grew its credit portfolio by 14% on the year in the third quarter, and 7% in the first nine months of the year, to end September with a credit portfolio worth 417 billion pesos ($32 billion). – Source


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