Category Archives: Companies

Citibank to close troublesome Banamex USA

Nasdaq – Citigroup Inc. confirmed that it will close Banamex USA, a small unit doing business across the U.S.-Mexico border, and agreed to pay $140 million to regulators who said the unit hadn’t done enough to protect itself from money launderers. The unit is still being examined by other regulatory agencies, including the Treasury Department’s Financial Crimes Enforcement Network.–update-20150722-00950

Pemex paying $295 million in dispute with Siemens

Reuters – Pemex reached a $295 million settlement with a group including German industrial conglomerate Siemens in a longstanding dispute over a refinery project. The dispute involved Conproca, a Mexican joint venture between Siemens and South Korea’s SK Engineering & Construction, which was created to bid for the reconfiguration of its Cadereyta refinery in the northern state of Nuevo Leon.