Mexico's Comision Nacional Bancaria y de Valores (CNBV) has stepped in to administrate Banca Quadrum, one of the 'new' banks to appear in Mexico after privatisation of the sector. The related factoring entity, Factor Quadrum, and financial leasing group, Arrendadora Financiera Quadrum, are also now under administration. Their financial situation has deteriorated whilst certain accounting anomalies have been detected. Provisions against bad loans are insufficient at 11.6% overall. Quadrum's owners have 60 days to come up with fresh capital (not as huge sum it is said). The group employs 200 workers and has 3 branches. Its foreign exchange operation Arbitraje went into administration in April and is now being dissolved.
South American Business Information
