EconomyBanamex seeks protection to continue its sale despite Oceanography...

Banamex seeks protection to continue its sale despite Oceanography case

Citibanamex will challenge through an amparo the decision of a seventy-first civil judge in CDMX who ordered the bank’s sale process to be suspended until a trial in the Oceanography case is resolved.

“We consider that there are no legal grounds for the precautionary measure, particularly given the unfounded allegations contained in the lawsuit. We have challenged the measure via amparo,” Citibanamex told Expansión .

The Banamex case and Oceanography

The judge determined that Citigroup, in the United States, cannot sell the business unit in Mexico because it did not challenge an Oceanigraphy precautionary measure in a timely manner.

Last January, Oceanography sought to prevent the sale of the bank until it was paid 5.2 billion dollars. In 2014, Citigroup said that Banamex had been defrauded through Oceanography of $500 million. However, the bank has not been able to prove to the authorities that there was fraud against it, so the shipping company is claiming compensation for damages.

The federal government offered in January of this year to “unlock” the sale of the bank due to the shipping company’s case. “We can help with paperwork so that the Banamex operation is carried out, we care, in what we can help so that (the sale) is not delayed,” President Andrés Manuel López assured in a morning conference.

Banamex will seek protection

Citibanamex considers that since there are no legal bases for this measure, they have challenged the claim.

Carlos Slim or Germán Larrea, who will stay with Banamex?

Both businessmen are the favorites to buy Banamex, last week new proposals were presented for the purchase of the business.

Treasury rules out banking concentration in the purchase of Banamex

After Banorte's exit from the bid, the Treasury highlights that there is the possibility of greater competition that benefits bank users.

Inbursa suspends its interest in buying Banamex

Inbursa's investor relations director, Frank Aguado, declined three times to comment on the firm's interest in buying the bank.

Mexico has 21,334 million pesos in abandoned bank accounts

The CNBV reported that Banamex, BBVA and Banorte are the three financial institutions with the highest amount of accounts abandoned by banking users; represents 0.3% of traditional deposits.

Citibanamex launches an online payment solution: Spring by CitiMR

The new tool enables customers to accept payments online in a simple, secure and reliable way.