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Grupo Famsa subscribed a Ps.1,000 million credit facility with Bancomext at an interest rate of TIIE + 300 bps. with a 7-year term, mainly used to refinance liabilities and financing working capital requirements.
Banco Ahorro Famsa acquired Bankaool’s time and demand deposits portfolio.
During 2017 entered into strategic partnerships with BanBajio and Scotiabank to expand the coverage of Banco Ahorro Famsa’s ATM network.
Grupo Famsa subscribed a Ps. 2,634 million credit facility with Bancomext; in the same year, it refinanced a significant portion of its foreign debt.
We carried out the consolidation of Famsa USA's operations with the closing of 4 stores and 2 branches of personal loans.
Grupo Famsa reduced the balance of its dollar-denominated debt by 11%; additionally, the Company carried out the issuance of its long-term local notes (CEBUREs) with ticker symbol “GFAMSA 16” for an amount of Ps. 1,000 million and fully amortized local notes with ticker symbols “GFAMSA 14” and “GFAMSA 00415”.
Grupo Famsa opened seven full-format stores in Mexico and one store in the United States; therefore, the Company operated 431 stores, including 28 personal loan branches in the United States.
The Company opened eight full-format stores during the year, reaching a total of 370 stores in Mexico, while, in the United States, 25 stores remained in operation. Banco Famsa opened 84 banking branches, reaching 401 units at year-end, of which 71 were Montemex conversions.
Banco Famsa formally closed the acquisition of 173 pawnshop branches from Monte de México (Montemex), achieving higher diversification in its portfolio of products and financial services, in addition of supporting the Company’s growth strategy in Mexico.
At year-end 2012, Grupo Famsa operated 355 stores in Mexico and redefined its strategy in the United States in response to the recurrent losses at certain units, closing 24 stores in the western region (Arizona, California and Nevada), and focusing efforts to consolidate its operational performance with 25 branches in Texas and Illinois. Meanwhile, Banco Famsa reached a coverage of 304 branches in 26 states of Mexico.
Grupo Famsa started a deep reconfiguration process along 50 stores that strengthened the furniture core category with over 20,000 m2 of exhibition floor, equivalent to ten Famsa’s full-format stores.
At year-end 2010, the Company operated 359 stores in Mexico, and 51 stores in the United States, reaffirming its focus to strengthen its fundamentals. Banco Famsa reached 284 branches in operation.
Grupo Famsa carried out the selective closure of 13 lean format stores in Mexico, and 2 in the United States, to enhance its commercial leverage. A third store was opened in Chicago.
Banco Famsa became one of the top ten largest banking networks in Mexico, operating 276 branches.
The Company incorporated into its store network eight Edelstein’s Better Furniture business units located in Rio Grande Valley, Austin and Chicago. And thirteen store openings were carried out in the United States, reaching 52 business units in operation. As for Banco Famsa, 101 branches started operations during the year.
Start of operations of Banco Famsa, which is responsible for providing financing and saving services to Grupo Famsa’s retail customers and general public.
In the United States, the store network was expanded through the acquisition of twelve “La Canasta” furniture stores in Los Angeles and Houston.
In May 2006, Grupo Famsa was listed on the Mexican Stock Exchange. The proceeds from the IPO were primarily committed to the Company’s debt restructuring, and funding Banco Famsa’s capital requirements.
Banco Ahorro Famsa, S.A., Institucion de Banca Multiple, was duly established with headquarters in Monterrey, Nuevo Leon, Mexico.
The Company changed its corporate name to “Grupo Famsa, S.A.B. de C.V.”
The Company initiated the opening process of 73 new stores in Mexico, concentrated in the Gulf of Mexico and Central regions, which were completed in 2007.
Grupo Famsa expanded its operations to the United States by opening its first store in California.
Tapazaca, S.L. (subisidary of Soros Fund Management and Fernando Chico Pardo) and Monterrey Venture Holding, L.L.C. (subsidiary of General Electric Pension Trust), acquired 13.78% of Grupo Famsa’s social capital. The proceeds were used to fund the strategic development plan of the Company, reflected in the more than 80% increase in the storage area between 1999 and 2005.
The Company issued its strategic growth plan to tap into the Mexican economic recovery, opening new stores in Nuevo Leon, Puebla and Aguascalientes. At the end of the 90´s, Grupo Famsa operated 185 stores in 49 cities of Mexico.
Grupo Famsa started to offer clothing, footwear, cosmetics and jewelry in its store network.
The Company opened new stores in Jalisco, Sonora and Sinaloa.
Grupo Famsa opened new stores in San Luis Potosi, Queretaro and Guanajuato.
Grupo Famsa underwent a transformation process to operate as a Sociedad Anonima de Capital Variable.
Grupo Famsa began manufacturing its own line of furniture through its subsidiary Expormuebles, S.A. de C.V.
Establishment of Promobien, S.A. de C.V., to diversify and increase revenue by offering consumer credits.
Grupo Famsa started to operate as a wholesale company through the establishment of its subsidiary Mayoramsa, S.A. de C.V.
Grupo Famsa was formally organized under the corporate name Corporacion Famsa, S.A., in Moterrey, Nuevo Leon, Mexico, to commercialize furniture, electronics and appliances. Since its inception and throughout the 1970s, the Company opened several stores in Monterrey and expanded to other cities in Nuevo Leon and Coahuila, establishing a number of subsidiaries for this purpose.