The Payroll Loan portfolio ended the year with a total amount of Ps. 10,697.1 million in 2014.

Payroll loans are aimed at union workers employed in the public sector distributed in health, education fields, as well as government entities. Such loans are granted through 18 distributors, whom we consider our business partners and enable us to gain national presence. These distributors are responsible for stablishing agreements with each government entity and for the marketing and promotion of the credit product, whereas Crédito Real is focused on the credit analysis and funding.

The consolidations and synergies conducted with distributors meant an improvement in the loan processes and in strengthening the sales force. Approximately 81.5% of payroll loans originated in 2014, came from associated distributors in which Crédito Real has a stockholding.

The acquisition of the remaining 51% equity of Kondinero represents a strategic step to consolidate our leadership in payroll loans, as well as enabling us to obtain efficiencies in the corporate structure, optimize the use of the sales force and therefore improve distribution costs thereby will generate greater profitability for our stockholders.

In order to obtain a more diversified portfolio and achieve market opportunities, we will continue working with our distributors, which continuously enter new sectors and create commercial campaigns that allow us to achieve a greater share of existing markets.