Banamex must correct errors after Oceanografia fraud-CEO

jueves 3 de abril de 2014 11:59 GYT
 

MEXICO CITY, April 3 (Reuters) - Citigroup's Mexican unit Banamex must correct mistakes and take steps to prevent future cases like Oceanografia, CEO Javier Arrigunaga said on Thursday, following a scandal which forced the bank to write down millions of dollars in bad loans.

Citigroup said in February it uncovered $400 million in bogus loans that Banamex made to oil services company Oceanografia, and U.S. and Mexican authorities were investigating.

"When facing an episode like this, it's necessary to correct where there were failures, review additional controls and to take all measures to ensure that these events don't occur again," he told local radio. (Reporting by Veronica Gomez and Alexandra Alper; Editing by Bernadette Baum)