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Fitch: no impact on Banamex ratings from Oceanografia exposure
March 4, 2014 / 7:20 PM / 4 years ago

Fitch: no impact on Banamex ratings from Oceanografia exposure

MEXICO CITY, March 4 (Reuters) - Ratings agency Fitch said on Tuesday that its ratings on Citigroup Inc’s Mexican subsidiary Banamex are not affected by its exposure to oil services company Oceanografia, which is being probed for fraud.

Citigroup said last week that it has discovered at least $400 million in fraudulent loans in its Mexico subsidiary Banamex and said employees may have been in on the crime.

Fitch said that the negative impact of exposure to Oceanografia represented just 2 percent of Banamex’s equity.

Law enforcers from the Mexican Attorney General’s office and from the U.S. Federal Bureau of Investigation and SEC are investigating the transactions, people familiar with the probes have said.

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