The Mexican financial group BBVA Bancomer said Monday that its customers can now make payments and deposits at select Oxxo convenience stores, Farmacias Benavides pharmacies nationwide and Pitico grocery stores in Oaxaca state as it expands its retail coverage under Mexico's new correspondent banking system.
The bank, which is controlled by Spain's Banco Bilbao Vizcaya Argentaria SA, or BBVA, and is Mexico's largest financial institution by assets and deposits, said the agreements add 942 points of sale to its 3,073-strong correspondent network.
Mexico's banking and securities regulator, the CNBV, authorized BBVA Bancomer's latest correspondent agreements as part of the government's efforts to expand banking services to the entire population, even those who live in isolated rural areas.
By July 2011, BBVA Bancomer plans to have more than 12,000 retail sites where its customers can conduct transactions such as making payments on their BBVA Bancomer credit card balances or depositing cash into their bank accounts.
