Sunday
March 29, 2015
March 29, 2015
Sunday, March 29, 2015
'Citibank has left its clients high and dry'
National Values Commission (CNV) president Cristian Girard has launched a stinging attack on banking giant Citi, asserting that the financial entity abandoned its clients by striking an agreement with holdout investors over the processing of Argentine debt services.
"We made the decision to suspend Citibank on a preventative basis until it rectifies this attitude of signing an agreement behind the back of regulators in favour of vulture funds, leaving its clients, for whom it takes care of bonds and has to make sure they are paid, high and dry," Girard affirmed today.
Last Friday the CNV suspended Citibank Argentina from operating in local capital markets, although the measure does not affect personal activities. The decision was made due to a pact between the bank and a group of vulture funds led by Paul Singer, which led New York district judge to allow on a one-time basis payment on bonds held under Argentine law.
"It is inexplicable. It is really a decision from Citibank Argentina to defend its own interests to the detriment of bondholders," Girard fired during an interview with Nacional Rock.
"[The bank] leaves those who purchase public titles in Argentina in a vulnerable situation. As a regulatory organisation we have no choice but to tell Citibank that it is breaking Argentine law," he underlined.
"We cannot allow that to happen, ahead of the deadline for debt services on March 31."
"We made the decision to suspend Citibank on a preventative basis until it rectifies this attitude of signing an agreement behind the back of regulators in favour of vulture funds, leaving its clients, for whom it takes care of bonds and has to make sure they are paid, high and dry," Girard affirmed today.
Last Friday the CNV suspended Citibank Argentina from operating in local capital markets, although the measure does not affect personal activities. The decision was made due to a pact between the bank and a group of vulture funds led by Paul Singer, which led New York district judge to allow on a one-time basis payment on bonds held under Argentine law.
"It is inexplicable. It is really a decision from Citibank Argentina to defend its own interests to the detriment of bondholders," Girard fired during an interview with Nacional Rock.
"[The bank] leaves those who purchase public titles in Argentina in a vulnerable situation. As a regulatory organisation we have no choice but to tell Citibank that it is breaking Argentine law," he underlined.
"We cannot allow that to happen, ahead of the deadline for debt services on March 31."
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Director: Orlando Mario Vignatti - Edition No. 4443 - This publication is a property of NEFIR S.A. -RNPI Nº 5177376 - Issn 1852 - 9224 - Te. 4349-1500 - San Juan 141 , (C1063ACY) CABA 
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