The controversies in which Citibanamex was involved

The controversies in which Citibanamex was involved

Aeroméxico case

In 2007, when the federal government privatized Aeroméxico, Banamex and a group of businessmen acquired the airline for $ 249.1 million.

With this transaction, 15 businessmen became shareholders of the airline, who had 51% control over it, while the Banamex group would own the remaining 49%.

Although it is not a scandal for a bank to acquire assets from an airline, it did draw attention among experts that “a bank becomes the main partner of an airline, unless it sees it as a long-term business,” said Raúl Félix. , an expert in macroeconomics, at the time.

In February 2013, Banamex sold 20.19% of its share package to the Chairman of the Board of Directors of Grupo Lala, the financial institution continued with an asset divestment plan to overcome the crisis that different financial institutions went through as a result of the crisis from 2009.

With the transaction, the ownership of the airline is divided as follows: 61.96% remains in the hands of a group of businessmen, led by Tricio Haro, 16.11% will be owned by Banamex, the remaining 17.74% remains on the Stock Market and 4.7% is owned by Delta Airlines.

Cofece fine to banks

In January 2021, Cofece announced that Barclays Bank, Deutsche Bank, Santander, Banamex, Bank of America, BBVA Bancomer and JP Morgan will have to pay the fine since it found evidence that 11 traders communicated through electronic messages and agreed to 142 illegal agreements to manipulate the prices of certain bonds.

His conduct, registered between 2010 and 2013, “affected some market operations” and caused an economic damage of 29 million pesos, says the Mexican regulator.

Although Banamex changed its name to Citibanamex in 2016, it was immersed in this irregular conduct that was sanctioned.

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