July 1, 2020 / 12:40 AM / a month ago

Mexico revokes license of savings bank arm of Grupo Famsa

MEXICO CITY, June 30 (Reuters) - Mexican financial authorities said on Tuesday they had revoked the license of the savings bank arm of retailer Grupo Famsa, which last week announced it was seeking Chapter 11 bankruptcy protection in the United States.

In a statement, the financial authorities said the license for Banco Ahorro Famsa had been withdrawn due to inappropriate risk management and operations, as well as loans granted to “related parties of the group above regulatory limits.”

The bank had also kept improper records, and repeatedly failed to comply with regulatory provisions, the central bank, the finance ministry and banking regulator said jointly. (Reporting by Stefanie Eschenbacher Writing by Dave Graham Editing by Anthony Esposito)

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