The have alliances with 25 distributors and more than 260 agreements with government offices in the whole country. This has allowed us to reach more than 1.5 million employees in the public sector
Payroll loans represent the largest portion of our loan portfolio, reaching 78.3% at the end of 2013. The payroll loans are granted to union workers employed in public sector, mainly in the health and education fields, as well as state-owned companies. Such loans are granted through distributors, whom we consider our business partners; they are in charge of the operation and promotion within the government entities and are paid through their payroll. Crédito Real is in charge of funding and performing the credit analysis.

The Payroll operations which have began in 2011 have since consolidated through an active participation and excellent performance of associated distributors such as Kondinero, Credifiel and Crédito Maestro, which produced between 80% and 85% of all payroll loans in 2013. As a result, we will continue to create joint strategies in order to guarantee our three great distributors achieve the specific goals, set jointly with Crédito Real, through the promotion of new products and improved customer service, which will also translate to better operating efficiencies. We have alliances with 25 distributors and more than 260 agreements with government offices in the whole country. This has allowed us to reach more than 1.5 million employees in the public sector.