Citibank has defended its decision to leave the Argentine custody business, saying it was not taken “lightly” and remembering the bank informed the measure to the CNV financial watchdog on March 17.
“The bank has acted according to current legislation and will continue working with the regulatory authority,” a statement released by Citibank reads.
Earlier today, Economy Minister Axel Kicillof held a press conference to announce the government started judicial actions to have the “pact” signed between the Citigroup and “vulture funds” back in March declared void.
The statement released by Citibank questions the government’s comments saying the financial entity took the decision of leaving the Argentine custody business before the order made by the New York district court on March 20.
“Our decision was publicly announced and dispatched to the CNV, as well as to the District Court, on March 17,” the statement says, and adds: “The decision was not taken lightly and was adopted only after the Court dismissed Citibank’s arguments.”
The bank added the measure was taken “voluntarily” as consequence of the legal and jurisdictional conflicts of “unsustainable character” and the bank’s desire to “fulfill all norms.”
Source: Buenos Aires Herald