Grupo Elektra Starts Banking Operations in Panama - An Important First Step to Replicate Our Successful Business Strategy in Panama and Other Latin American Countries - MEXICO CITY, March 1 /PRNewswire-FirstCall/ -- Grupo Elektra S.A. de C.V. ("The Company"; BMV: ELEKTRA*; NYSE: EKT; Latibex: XEKT), Latin America's leading specialty retailer, consumer finance and banking and financial services company, announced today the start of operations of its first banking subsidiary outside Mexico. Banco Azteca (Panama), S.A. is headquartered in Panama City. "We thank the Panamanian authorities for providing us with a general banking license that will allow us to offer comprehensive financial services in that country," commented Javier Sarro, CEO of Grupo Elektra. "This is the first step for Grupo Elektra to start replicating in other countries our successful business strategy implemented in Mexico, which combines retailing with banking operations." In accordance with Panamanian regulation, Grupo Elektra has fully funded the US$10 million required capitalization. The Company projects a capital outlay in 2005 of about US$2 million to build the planned infrastructure of Banco Azteca (Panama). In addition, Mr. Sarro commented: "We are delighted that the Banco Azteca brand name has expanded into Latin America after more than two years of successful operations in Mexico. We welcome the challenge of bringing quality banking services and products to the Panamanian population and in helping them to improve their quality of life, as we have done with our clients in Mexico." Banco Azteca (Panama) will start banking operations to the general public opening 12 hours, seven days a week, and offering its successful savings products "Guardadito" and "Inversion Azteca," as well as personal loans under the well-known brand-name "Credimax Efectivo". Banco Azteca (Panama) will analyze and pilot-test other potential products and services in the coming months to continue with its efforts to provide more quality products and services to the Panamanian population. The company noted that Banco Azteca (Panama), S.A. is a wholly owned subsidiary of Grupo Elektra. Except for historical information, the matters discussed in this press release are forward-looking statements and are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Risks that may affect Grupo Elektra are identified in its Form 20-F and other filings with the US Securities and Exchange Commission. Grupo Elektra - Tradition with Vision Grupo Elektra is Latin America's leading specialty retailer, consumer finance and banking services company. Grupo Elektra sells retail goods and services through its Elektra, Salinas y Rocha, Bodega de Remates and Elektricity stores and over the Internet. The Group operates more than 1,000 stores in Mexico, Guatemala, Honduras and Peru. Grupo Elektra also sells and markets its consumer finance, banking and financial products and services through its more than 1,350 Banco Azteca branches located within its stores, as a stand-alone, and in other channels in Mexico and Panama. Banking and financial services include consumer credit, personal loans, money transfers, extended warranties, savings accounts, term deposits, pension-fund management and insurance. Investor and Press Inquiries: Rolando Villarreal Head of Investor Relations Grupo Elektra S.A. de C.V. Tel. +52 (55) 1720-7819 Fax. +52 (55) 1720-7822 Samantha Pescador Investor Relations Grupo Elektra S.A. de C.V. Tel. +52 (55) 1720-7819 Fax. +52 (55) 1720-7822 DATASOURCE: Grupo Elektra S.A. de C.V. CONTACT: Rolando Villarreal, Head of Investor Relations, +52-55-1720- 7819, or Fax, +52-55-1720-7822, , Samantha Pescador, Investor Relations, +52-55-1720-7819, or Fax, +52-55-1720-7822, , both of Grupo Elektra S.A. de C.V. Web site: http://www.grupoelektra.com.mx/

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