This section of Chedrauileaks.com will explore the operations of and people and organizations associated with Consubanco S.A., Institucion de Banca Multiple, which is a commercial bank that specializes in providing short-term consumer loans and credit cards primarily to employees and pensioners of Mexico’s public sector. These loans are repaid through deductions from paychecks or pension payments—a type of credit that’s often called a “Payday Loan”.
Consubanco is owned by Grupo Consupago, S.A. de C.V., which is itself owned 49.80% by Cubo Capital (a Chedraui family investment vehicle), 49.60% by SGREC, LLC (owned by Sherman Financial Group, a U.S. company) and .60% by individuals.
In some of its El Super stores in the United States high-interest loan companies are often located just inside the front door.
What interests us (and hopefully readers) is how very wealthy people in Mexico and the United States own and operate companies that lend money to poor people at high interest rates.