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Papers: S&Ls negotiate remittance agreement with BofA

Bnamericas Published: Friday, April 15, 2005
Mexican savings and loan institutions (S&Ls) led by federal savings bank Bansefi are negotiating a remittance agreement with Bank of America (NYSE: BAC), local press reported. Bansefi and its associates operate a remittance distribution network called "La Red de la Gente" and have a remittance agreement with US Bank (NYSE: USB). Banking authorities are in the process of applying stricter regulations to S&Ls because of their checkered history of fraud and bankruptcies. Only about 100 of Mexico's 500 S&Ls are expected to receive regulatory approval to continue operating, Bansefi CEO Javier Gavito told local daily El Universal. The government eventually hopes to sell Bansefi, which has over 2 million clients and 568 branches, to a federation of S&Ls. Earlier this month, the banking regulator CNBV approved the country's first S&L federation, called Federación Integradora Nacional de Entidades (Fine). The federation's 10 members have about 600,000 clients and deposits of 5.4bn pesos (US$484mn).

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