Saturday, October 10, 2009

New Mexican Bank Targets Expats

CI Banco targets foreign nationals

By RICARDO CASTILLO

The News

SAN MIGUEL DE ALLENDE - A year and a half ago, currency exchange house Consultoría International (CI) got the green light from the Finance Secretariat to operate as a banking institution. In this short span of time, CI Banco has rapidly spread throughout the nation and now boasts 47 branches and three corporate centers.

The News caught up with the San Miguel de Allende branch manager Josefa Jonguitud while she made a sales pitch during breakfast on Wednesday to local real estate vendors group SMARE led by John Hendricks.

Ms. Jonguitud said that true to its currency exchange origins, CI Banco has targeted the English-speaking communities as primary customers, offering them the basic financial services expatriates need.

"Our main service is exchanging personal checks from their accounts in the United States, and we give them pesos or dollars, depending on their requirements," Jonguitud explained.

CI Banco is still not a full-service industrial bank as it cannot issue products such as letters of credit, but Jonguitud sees CI Banco moving in that direction.

Article from The News


CI Banco Website

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