Wednesday, October 15, 2014


Citigroup detected a new fraud in Grupo Banamex

Another fraud formwork Grupo Banamex-

Embezzlement of 15 million dollars in a bank owned by the Mexican company dedicated to providing security services found

The American bank Citigroup detected a new fraud in Mexico for about 15 million dollars in a security company owned by his anti-kidnapping unit Banamex.

After completion of an independent investigation that began in July, Citigroup found another series of unlawful conduct.

"The investigation discovered a series of illegal conduct, including fraud of about $ 15 million, unauthorized provision of security services to third parties and use of intercepted material from telecommunications," said the institution.

Through a statement, said that the company is being liquidated and its services will be provided by the global security unit of Citi.

"We have also notified of these events and we are cooperating with authorities and financial administration of justice in Mexico and the United States," he said.

According to information from agencies, the security company was formed in 1994 to protect members of the Board of Directors of Banamex and their families.

Michael Corbat, CEO of Citi, said that while the amount of fraud is not significant, the behavior of the people involved is deplorable.

"Now that it has completed the investigation, our goal is to bring the people involved in these activities to respond to the authorities," he stressed.

He added that because of the reviews that have been performed on the Banamex to strengthen its controls, have made significant progress, so that the American bank will continue to take whatever steps are necessary to ensure that each of the areas will match.


This information is disclosed a few days before Javier Arrigunaga resign his position as CEO of Grupo Financiero Banamex, after the fraud committed by Oceanography and was released by Citi in February for $ 400 million.

"In light of the difficulties that our institution has faced over the last year, Javier Arrigunaga came to the determination that a new leadership was necessary for the group," he said at the time, Manuel Medina Mora, president of the Council of Directors of Banamex.

As reported by Citi at the time the fraud committed by Oceanography against Banamex, had cost the group $ 235 million, so that the American bank was forced to adjust its financial results for 2013 downwards.

In fact, the financial institution Banamex from investigating the discovery of two cases of fraud within the subsidiary, which have earned it the subject of investigations of American financial markets authority (SEC) and the Department of Justice.

In addition to the fraud committed by Oceanography, in April, the bank said it had discovered a second case of fraud, for $ 30 million, which also involved a Mexican oil services company.

With the start of the research, Michael Corbat warned that those responsible for perpetrating these crimes would pay for it, "the same as any bank employee that participated directly or indirectly; it has allowed supervised laxity or lack of control shown in open violation of our Code of Conduct. All are equally responsible for their actions and make sure that the punishment serves as a clear example for the consequences thereof. "

In May, the bank laid off 11 employees, including four senior executives, after an internal investigation that revealed lax monitoring and fraudulent claims in the Mexican franchise.

He withdraws from 11 markets

In light of the fraud which has realized Citigroup business unit in Mexico, Banamex Financial Group reported a revenue growth of 13 percent in the third quarter and announced it will consumer markets in 11 countries that have not found it profitable to continue.

In its quarterly report, Citi said it will sell its businesses in Costa Rica, El Salvador, Guatemala, Nicaragua, Peru and Panama, as well as Japan, Egypt, Czech Republic, Hungary and Guam, that were not profitable markets for the group. However, he said he would continue serving institutional clients in those markets.

By reducing its retail banking, Citigroup is turning to the previous structure of the company focused on an extensive global banking for corporate clients.

Citi operates in around 100 countries and specializes in international management and cash payments for corporate and institutional clients.

The output is given as part of a strategy "to accelerate the transformation of the Global Consumer Banking, to focus on those markets where it has the largest scale and growth potential," said the statement.

"This decision is consistent with Citi's global strategy for allocating resources to higher return opportunities," the group said.


To forget

The fraud and corruption scandals reported by Citi range from earlier this year.

February 27


Citigroup reported the fraud of Oceanography by $ 400 million at a cost to the group of 235 million.

April 13

Another Banamex

Citigroup detected a new Banamex fraud totaling close to $ 30 million by another provider company Pemex.

May 14


The bank fired 11 employees, four senior executives, following an investigation that revealed lax monitoring and fraudulent claims in Banamex.

July 6

More investigations

Citigroup hire a firm to conduct an independent research company that provides services Banamex security.

October 3

Disclaimer director.

Arguing that Grupo Financiero Banamex needed "new leadership", Javier Arrigunaga resigned to the general direction.

October 14

New fraud

Citigroup unveils a new fraud Banamex for 15 million dollars in a security company owned by Banamex antikidnappings.

At Citigroup, the parent of Grupo Financiero Banamex, keep more research in its Mexican unit, to see if there are new cases of fraud and corruption.
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