MEXICO CITY, June 1 (Reuters) – Mexican retailer and lender Coppel stated on Tuesday it has obtained a $2 billion mortgage backed by 4 main banks that it’ll use primarily for refinancing.
The syndicated 40 billion peso mortgage made by banks BBVA, HSBC, Santander and Scotiabank, is the most important personal mortgage ever granted to an organization in Mexico, Coppel stated in an announcement.
Coppel runs some 1,600 low-cost shops all through Mexico with objects spanning home equipment, electronics, furnishings and clothes. It additionally runs a banking arm that helps prospects finance their purchases.
The corporate stated 85% of the mortgage might be used for refinancing. The remaining will go to opening and renovating shops, bettering logistics and customer support, launching a software program programming heart and specializing in e-commerce initiatives.
Coppel stated the funds are linked to five-year objectives to spice up photo voltaic power capability and improve the variety of girls in management roles from 30% to 40%. ($1 = 19.9460 Mexican pesos) (Reporting by Daina Beth Solomon and Abraham Gonzalez; Modifying by Richard Chang)