Latest news with #Banamex
Associated Press
30-05-2025
- Business
- Associated Press
Grupo Aeroportuario del Pacifico Announces Drawdown of Ps. 3,375 Million Credit Facility
GUADALAJARA, Mexico, May 30, 2025 (GLOBE NEWSWIRE) -- Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE: PAC; BMV: GAP) ('the Company' or 'GAP') announces that today it drew down a credit facility with Banco Nacional de México, S.A. ('Banamex') for Ps. 3,375 million, with a five-year term. Interest will be payable monthly at a variable rate of TIIE-28 (Funding) plus 54 basis points, without fees and principal payment on May 30, 2030, The proceeds from this credit will be used to repay existing bank loans currently held with Banamex of Ps. 2,500 million and BBVA of Ps. 875 million. Company Description Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) operates 12 airports throughout Mexico's Pacific region, including the major cities of Guadalajara and Tijuana, the four tourist destinations of Puerto Vallarta, Los Cabos, La Paz and Manzanillo, and six other mid-sized cities: Hermosillo, Guanajuato, Morelia, Aguascalientes, Mexicali, and Los Mochis. In February 2006, GAP's shares were listed on the New York Stock Exchange under the ticker symbol 'PAC' and on the Mexican Stock Exchange under the ticker symbol 'GAP'. In April 2015, GAP acquired 100% of Desarrollo de Concessioner Aeroportuarias, S.L., which owns a majority stake in MBJ Airports Limited, a company operating Sangster International Airport in Montego Bay, Jamaica. In October 2018, GAP entered into a concession agreement for the Norman Manley International Airport operation in Kingston, Jamaica, and took control of the operation in October 2019. In accordance with Section 806 of the Sarbanes-Oxley Act of 2002 and Article 42 of the 'Ley del Mercado de Valores', GAP has implemented a 'whistleblower' program, which allows complainants to anonymously and confidentially report suspected activities that involve criminal conduct or violations. The telephone number in Mexico, facilitated by a third party responsible for collecting these complaints, is 800 04 ETICA (38422) or WhatsApp +52 55 6538 5504. The website is or by email at [email protected]. GAP's Audit Committee will be notified of all complaints for immediate investigation.
Yahoo
22-05-2025
- Business
- Yahoo
Weak Mexican growth, rising May inflation sound alarms for economy
By Brendan O'Boyle and Ricardo Figueroa MEXICO CITY (Reuters) -Analysts sounded alarms over Mexico's economy on Thursday after new data showed feeble growth in the first quarter while inflation spiked outside the central bank's target range for the first time this year. Gross domestic product (GDP) in Latin America's second-largest economy grew 0.2% in the first quarter from the previous three-month period, statistics agency INEGI said, in line with market forecasts in a Reuters poll and a preliminary estimate released last month. While agricultural growth offset declines in manufacturing and services, allowing Mexico to avert the technical recession some had feared, the overall economy still indicated weakness. "Underlying momentum remains fragile and forward-looking indicators suggest a deteriorating outlook," said Andres Abadia, chief Latin America economist at Pantheon Macroeconomics. In annual terms, Mexico's GDP grew 0.8% in the first quarter. "The data show that during the period, industrial production continued to decline and services weakened," Mexican bank Banamex said. Economists warn the Mexican economy, strongly intertwined with the United States, remains at risk of contracting in coming quarters due to the uncertainty unleashed by U.S. President Donald Trump's trade policies and tariffs. "The outlook points to activity remaining weak in the coming quarters," Banamex added. Separate data showed that Mexico's headline inflation unexpectedly sped up to 4.22% in early May, above the 4.01% forecast of analysts polled by Reuters and outside the central bank's target range of 2-4%. Consumer prices rose 0.09% in the first 15 days of the month from the previous 15 days, driven in part by a surprise bump in chicken prices, while the less volatile core price index climbed 0.16% in early May, coming it at 3.97% on an annual basis. The Bank of Mexico cited weak economic activity in its decision last week to cut Mexico's benchmark interest rate by 50 basis points, its third straight cut of that magnitude, bringing it to 8.5%, the lowest since August 2022. Despite the jump in inflation, analysts at Actinver, Pantheon and Capital Economics all see Mexico's central bank cutting its rate again at its June monetary policy meeting. "The central bank once again sounded very dovish at its meeting last week and has made very clear that it's increasingly worried about the growth outlook," Capital Economics' Kimberley Sperrfechter said. Although growth is not part of the central bank's mandate, a weaker outlook is seen adding pressure on the governing board to continue reducing borrowing costs. Speaking alongside President Claudia Sheinbaum on Thursday, Finance Minister Edgar Amador said the GDP figures showed "solid performance and a continued expansion of the economy." Amador's ministry has a more upbeat forecast for Mexico's economy than private sector analysts. A draft budget from the finance ministry last month forecast the economy growing between 1.5% and 2.3% this year. A central bank survey of private sector economists published on May 2 had a median growth forecast of just 0.2% this year. "The Mexican economy is going well," Sheinbaum said on Thursday. "It is not necessary to change the model." Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
10-05-2025
- Business
- Yahoo
Citigroup to face lawsuit over alleged involvement in Oceanografia's fraud
Citigroup is set to face a revived lawsuit alleging its role in a fraud at the now-bankrupt Mexican oil and gas services company Oceanografia, which led to more than $1bn (19.51bn pesos) in losses. The 11th US Circuit Court of Appeals in Miami has ruled that the case, previously dismissed, holds merit and Citigroup may have substantially aided the fraudulent activities, according to a report by Reuters. A panel of three judges found that the plaintiffs, including vendors, creditors and bondholders, presented adequate allegations against Citigroup. The financial giant's Banamex unit had been providing cash advances to Oceanografia, which worked closely with Mexico's state-owned oil company Pemex, and collected interest on these advances. Citigroup spokeswoman Danielle Romero-Apsilos declined to comment on the court's decision. However, Juan Morillo, representing the plaintiffs, expressed their gratification regarding the revival of the lawsuit. The plaintiffs, which comprise shipping and leasing companies, investment funds and Rabobank, have accused Citigroup of advancing $3.3bn to Oceanografia between 2008 and 2014, despite clear signs of the company's excessive debt and fraudulent activities. According to the report, Citigroup had discovered nearly $430m in fraudulent cash advances and was subsequently fined $4.75m by the US Securities and Exchange Commission in 2018 for inadequate internal controls at Banamex. Former Citigroup CEO Michael Corbat acknowledged the dismissal of 12 employees due to the scandal, while Mexican regulators found ten bank employees criminally liable. Circuit Judge Britt Grant, in an 82-page decision, pointed out that Citigroup allegedly withheld crucial information from the plaintiffs and was likely aware of Oceanografia's fraudulent conduct, given the financial institution's sophistication. The case has been sent back to US District Judge Darrin Gayles in Miami, who had dismissed it in August 2023. The case is Otto Candies LLC et al v Citigroup Inc, 11th US Circuit Court of Appeals, No. 23-13152. "Citigroup to face lawsuit over alleged involvement in Oceanografia's fraud" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Reuters
08-05-2025
- Business
- Reuters
Citigroup must face $1 billion lawsuit claiming it aided Mexican oil company fraud
May 8 (Reuters) - Citigroup (C.N), opens new tab must face a revived lawsuit claiming it caused more than $1 billion of losses by orchestrating and concealing a vast fraud at the now-bankrupt Mexican oil and gas services company Oceanografia, a U.S. appeals court ruled on Thursday. A three-judge panel of the 11th U.S. Circuit Court of Appeals in Miami said 30 Oceanografia vendors, creditors and bondholders adequately alleged that Citigroup substantially aided the fraud, and a lower court judge erred in dismissing the nine-year-old case. Danielle Romero-Apsilos, a Citigroup spokeswoman, declined to comment. Juan Morillo, one of the plaintiffs' lawyers, said his clients were gratified by the decision. Citigroup's Banamex unit had provided cash advances to Oceanografia, which provided drilling services to Mexico's state-owned oil company Petroleos Mexicanos (Pemex) ( and collected interest payments on the advances. The plaintiffs, including shipping and leasing companies, investment funds and Netherlands-based Rabobank, said Citigroup advanced $3.3 billion to Oceanografia between 2008 and 2014 despite knowing the company had too much debt and had been forging Pemex signatures on authorization forms. Citigroup later found nearly $430 million of fraudulent cash advances, and was fined, opens new tab $4.75 million by the U.S. Securities and Exchange Commission in 2018 over Banamex's internal controls. Former Citigroup Chief Executive Michael Corbat said the bank fired 12 employees, and Mexican regulators said 10 bank employees were criminally liable under Mexican law. In an 82-page decision, Circuit Judge Britt Grant found sufficient allegations that Citigroup withheld key information about Oceanografia from the plaintiffs, with the interest payments providing a financial incentive. "Citigroup is one of the world's most sophisticated financial institutions, and it strains credulity to conclude that, assuming the plaintiffs' allegations are true, Citigroup lacked awareness of (Oceanografia's) activities," she added. The court returned the case to U.S. District Judge Darrin Gayles in Miami, who dismissed it in August 2023. The case is Otto Candies LLC et al v Citigroup Inc, 11th U.S. Circuit Court of Appeals, No. 23-13152.
Bloomberg
08-05-2025
- Business
- Bloomberg
Citi's Banamex Focused on IPO as CEO Rules Out Direct Sale of Bank
Citigroup Inc. 's Mexican retail bank Grupo Financiero Banamex is focused on preparing for an initial public offering as soon as the end of this year, Banamex Chief Executive Officer Manuel Romo said, dashing speculation that Citi could seek to revive plans for a direct sale of the bank. 'We are 100% focused on the IPO,' Romo said late Wednesday during a press conference at Mexico's annual banking convention near Puerto Vallarta when asked if a direct sale of Banamex to a single bidder was still a possibility. 'We are not evaluating anything else because the IPO itself is a process. It is a large amount of work that we have to do to in order to be ready.'
