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Loan-Less Mexico Losing on Growth as Pena Nieto Prods Banks

Gonzalo Garcia, 45, thought 10 years as a branch manager for Citigroup Inc.’s Banamex unit in Mexico would help qualify him for a loan to start up an herbal medicine business. He was wrong. Banamex, along with two other leading lenders, turned him down.

“I felt utter frustration,” said Garcia, who obtained credit through the government. “From inside we were constantly denying loans. From outside I wasn’t able to get one.”