During the first half of the year, financing offered by Limited Purpose Financial Companies (Sofoles), or non-bank banks, increased by 9.1% year-on-year in real terms, while credits supplied by commercial and development banks fell 1.6%.
Since the end of 2000, banks have been displaced as the country's main source of financing by Sofoles, savings and loan institutions, leasing companies and factoring firms.
In addition, debt issues and loans granted by parent companies, such as Elektra, El Palacio de Hierro and Liverpool, are increasing in popularity. In 1994, banks had a 61% market share in the financing business. At present, however, this figure is at just 35%. On the other hand, non-bank banks boosted their participation in the financing market from 39% to 65% in the same period.
