Mexican retailer and bank Coppel lands $2 billion loan

  • 6/1/2021
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MEXICO CITY, June 1 (Reuters) - Mexican retailer and lender Coppel said on Tuesday it has obtained a $2 billion loan backed by four major banks that it will use mainly for refinancing. The syndicated 40 billion peso loan made by banks BBVA, HSBC, Santander and Scotiabank, is the largest private loan ever granted to a company in Mexico, Coppel said in a statement. Coppel runs some 1,600 low-cost stores throughout Mexico with items spanning appliances, electronics, furniture and clothing. It also runs a banking arm that helps customers finance their purchases. The company said 85% of the loan will be used for refinancing. The rest will go to opening and renovating stores, improving logistics and customer service, launching a software programming center and focusing on e-commerce initiatives. Coppel said the funds are linked to five-year goals to boost solar energy capacity and increase the number of women in leadership roles from 30% to 40%. ($1 = 19.9460 Mexican pesos) (Reporting by Daina Beth Solomon and Abraham Gonzalez; Editing by Richard Chang) Our Standards: The Thomson Reuters Trust Principles.

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