Short term loans that are deducted directly from public employees’ paychecks are an important part of the business of Grupo Consupago.
Members of the Chedraui family through Cubo Capital are in the process of becoming 98.79% owners of Grupo Consupago, up from 49.49% as of November 22, 2019 when the deal was announced by Consubanco, a Grupo Consupago subsidiary. The Chedraui family takeover is subject to approval by the National Banking and Securities Commission, the Bank of Mexico, and antitrust regulators in Mexico. (Read more.)
Consubanco, a subsidiary of Grupo Consupago, offers quick loans with high interest rates and credit cards through a network of locations, among them the Chedraui supermarkets in Mexico, generating $2.354 million pesos in interest payments in 2016 alone.