In August 2006, Banco Ahorro Famsa received authorization from the Secretaría de Hacienda y Crédito Público of Mexico (SHCP) to conduct banking operations with the general public. The bank successfully completed the final certification process conducted by the supervisory government agency Comisión Nacional Bancaria y de Valores (CNBV) in early January 2007 and was authorized to initiate operations.
The bank's processes and procedures, as well as all Fiserv solutions, were certified as regulatory compliant, including core banking, treasury, anti-money laundering and risk management. Also certified were all the points of integration with the Mexican regulatory agencies, local ATM/POS switches, credit and debit card operations and the document clearing center.
Banco Ahorro Famsa initiated its operations offering a variety of savings, investment and loan products. The bank plans to be open seven days a week, 365 days a year from 9:00 AM until 9:00 PM.
Banco Ahorro Famsa's chief executive officer Francisco Patiño said, "An aggressive plan is in place to complete the roll-out of bank branches in more than 300 of Grupo Famsa S.A. de C.V. stores in Mexico by year end. Our objective is to open each branch offering excellent service and providing a natural integration between our banking and commercial day-to-day operations. Our focus is to provide personal service to each of our clients and make their banking experience the best possible."
Dan Alf, managing director of Latin America, Canada and the Caribbean, for Fiserv CBS Worldwide, said, "We congratulate Banco Ahorro Famsa and the entire team that made this project a success. Fiserv is committed to continuing to support the bank in its expansion plans and in its objectives to provide the best banking service to its clients. Fiserv ICBS, our international comprehensive banking solution, has scalability and functionality that will provide powerful support for Banco Ahorro Famsa throughout their growth. "
About Banco Ahorro Famsa
Banco Ahorro Famsa is the new banking unit of one of Mexico's largest furniture and appliance retailers Grupo Famsa S.A. de C.V. with operations supported through 333 stores located in 20 Mexican states and the U.S.A. Grupo Famsa S.A. de C.V., headquartered in Monterrey, Mexico, has US$1 billion in assets and is a pioneer in the implementation and administration of credit systems, which has increased their customer base and their clients' purchasing power resulting in a profitable loan portfolio. For more information please visit http://www.bancoahorrofamsa.com/
About Fiserv CBS Worldwide
Fiserv CBS Worldwide is a unit of Fiserv Inc. (NASDAQ: FISV), a Fortune 500 company that serves more than 18,000 clients in 66 countries around the world. Fiserv CBS Worldwide delivers end-to-end business and technology solutions for retail financial organizations, consumer finance institutions and credit unions throughout Europe, Asia-Pacific, Latin America, the Caribbean, Canada and the United States. Through its offices in the USA, UK, Poland, Russia, Singapore, Australia, China, Indonesia, Colombia, Costa Rica and Mexico, Fiserv CBS Worldwide enables financial institutions globally to deliver integrated solutions for managing the entire customer relationship from core banking to multi-channel customer contact and business intelligence. Fiserv CBS Worldwide can be found on the Internet at http://www.fiservcbs.com/.
About Fiserv, Inc.
Fiserv, Inc. (NASDAQ: FISV), a Fortune 500 company, provides information management systems and services to the financial and insurance industries. Leading services include transaction processing, outsourcing, business process outsourcing (BPO), software and systems solutions. The company serves more than 18,000 clients worldwide and is the leading provider of core processing solutions for U.S. banks, credit unions and thrifts. Fiserv was ranked the largest provider of information technology services to the financial services industry worldwide in the 2004, 2005 and 2006 FinTech 100 surveys. Headquartered in Brookfield, Wis., Fiserv reported more than $4.5 billion in total revenue for 2006. For more information, please visit www.fiserv.com.