Banco Lemon focus consumer lending

Banco Lemon, controlled by Argentinean and Venezuelan investors, headquartered at Swiss and formerly known as Lemon Bank, is negotiating partnerships with retailers targeting credit to low income customers.

Operations began on June and as of July the portfolio reached R$1.5mil and most likely should top the initial goal of R$5mil by end 2008. General manager Gilberto Salomo, former executive with Fininvest, says the first deal was entered with the furniture and appliances retailer Hermol, with 40 stores, and also with the chains Panagon, Jumbo Moveis and others. Currently it offers financial services in 110 stores.

Publication: SABI - Business News
Provider: South American Business Information
Date: August 11, 2008