Mexican lender Banco Azteca, a subsidiary of Grupo Elektra, is set to close its operations in Brazil after being put under liquidation by the country’s central bank for flouting legal and regulatory rules.
Owned by Mexican billionaire Ricardo Salinas Pliego, Banco Azteca do Brasil SA managed negative net assets of BRL11.1m ($2.7m) as of November 2015.
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The bank operates only one branch in Brazil and employs 17 staff.
The Brazilian central bank in a statement said that Banco Azteca do Brasil exposed depositors and creditors to huge risks, and the bank is now "taking the appropriate measures to assess responsibilities."
The central bank of Brazil has already begun the process of extrajudicial liquidation of Banco Azteca’s Brazilian arm in order to finalise the closure.
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