CHAIRMAN: DR. KHALID BIN THANI AL THANI
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Business

Fraud at Citi’s Mexican unit

Published: 02 Mar 2014 - 02:06 am | Last Updated: 26 Jan 2022 - 09:28 pm

A man walks in front of a Banamex advertisement in Mexico City yesterday. Citigroup Inc said it discovered fraudulent loans in its Mexico subsidiary. Writing down the loans will reduce the bank’s 2013 net income by $235m. The bad loans were made to Oceanografia SA de CV from Citigroup’s Mexican unit, Banco Nacional de Mexico or Banamex.