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Mexico's Banorte lent to Oceanografia

Thursday, March 20, 2014

Mexico's third-largest bank Banorte lent around $40 million to the oilfield services company at the center of an alleged fraud which forced Citigroup to cut its 2013 profit.

Banorte is in the process of putting aside a provision for the loan in case of non-payment.

But the outcome of the loan will depend on the results of the investigation into oilfield services firm Oceanografia, a major contractor of Mexico's state-run oil company Pemex.

Source: Reuters