On November 3, 1999, Mexico’s Bank Deposit Insurance Agency (IPAB) assumed control of BanCrecer SA after shareholders agreed to cede control of the ailing institution. With total assets of $11.2 billion as of June 30, 1997, BanCrecer has been plagued by poor asset quality, which has further deteriorated in recent years. Last year, the bank failed to complete a $500 million capitalisation plan, and current estimated losses stand at around $900 million. The costs for the cleanup and eventual sale of the institution are expected to reach nearly $10 billion, and all current shareholders will lose 100% of their equity–valued at around $900 million. The IPAB stated that it hopes to complete the salvage process and initiate the sale of BanCrecer in December 2000. So far, Mexico’s Grupo Financiero Banorte SA and Grupo Financiero BBV-Probursa SA– the Mexican subsidiary of Spain’s Banco Bilbao Vizcaya SA– have expressed interest in purchasing the assets of the failed institution.
The annual BNP Paribas Cash Management University kicked off on Thursday morning with treasury professionals congregating in Paris from across Europe.
APIs may be a solution to MT940 challenges, says Karen Fagan, treasury operation manager, for British television company, ITV.
Kicking off the first day of the Singapore Fintech Festival, issues with cryptocurrencies were addressed by MIT media labs director, Joi Ito, and panels of technology leaders discussed how they’re using data analytics.
Sibos 2017 day two highlights: Brexit and banking, and why ‘data is the new oil’ in financial services
How nation first politics can impact global financial organisations It’s clear that data and regulation are the two key topics that are ... read more