Banco Nacional de Mexico S.A. (Banamex), Mexico's second largest bank, is expected to close a $250 million securitization of future credit card receivables this week. The transaction, which was launched earlier this month, follows two earlier offerings under Banamex's remittance backed program, Credit Card Merchant Voucher Receivables Master Trust. The first deal, totaling $150 million, was launched in 1996, and was followed by a $215 million transaction in 1997.

The underlying assets consist of all future generated U.S. dollar amounts owed by MasterCard International Inc. and Visa International Service Association, including amounts owed in respect of cash advances made through Plus System Inc. or Cirrus System Inc., the cash advance systems operated by Visa and MasterCard respectively.

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