Mexico's Banorte lent to Oceanografia

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