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FINANCIAL SERVICES ADVISOR a PUBLICATION of the DIALOGUE July 16-29, 2015

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FINANCIAL SERVICES ADVISOR a PUBLICATION of the DIALOGUE July 16-29, 2015 LATIN AMERICA ADVISOR FINANCIAL SERVICES ADVISOR A PUBLICATION OF THE DIALOGUE www.thedialogue.org July 16-29, 2015 BOARD OF ADVISORS FEATURED Q&A TOP NEWS Ernesto Armenteros Vice Chairman of the Board, BANKING Banco de Ahorro y Crédito Unión Is the Money- Pablo Barahona Citi Shuttering COO for Latin America and Iberia, Banamex USA, Liberty International Transfer Industry Paying Regulators Richard Child CEO, $140 Mn in Fines Mattrix Group Facing a Shake-up? Citigroup said it will shut down Jeanne Del Casino its Banamex USA unit and pay Vice President & Group Credit Offi cer, Latin America, U.S. federal and California state Moody’s Investors Service regulators a total of $140 million Michael Diaz Jr. to settle allegations about lax Partner, anti-money laundering controls. Diaz, Reus & Targ, LLP Page 2 Brian Doran Regional Executive & INSURANCE Director of Gov’t Affairs, Popular Inc. Gallagher Ernesto Fernández Holmann Chairman of the Board, Acquires 65% Ayucus Stake in Bogotá- Rich Fogarty Based Firm Managing Director, PayPal, whose corporate headquarters are in San Jose, Calif., was founded in 1998 and is now Berkeley Research Group a wholly owned subsidiary of eBay. // File Photo: Sagar Savla. The international arm of Arthur J. Desiree Green Gallagher said it will acquire the Vice President, PayPal this month announced that it is acquiring online stake in ARM Re Ltda. Corredores International Government Affairs, money-transfer fi rm Xoom in an all-cash deal. Will PayPal de Reaseguros. Prudential Financial become a major player in the remittances sector? How big Page 4 Earl Jarrett Q General Manager, a threat is the company to more traditional money-transfer Jamaica National Building Society service providers such as Western Union and MoneyGram? To what ex- BANKING Thomas J. Mackell, Jr. tent will PayPal disrupt established business models in the remittances Scotiabank Former Chairman of the Board, Federal Reserve Bank of Richmond industry? Buying Citi Units Thomas Morante in Panama, Partner, Holland & Knight Manuel Orozco, member of the Financial Services Advi- Costa Rica Manuel Orozco sor board and director of the Migration, Remittances and Scotiabank, led by CEO Brian Senior Fellow, Porter, said it is buying the units Remittances and Development, Development Program at the Inter-American Dialogue: “The for an undisclosed sum. Inter-American Dialogue acquisition of Xoom sends three main messages. First, it A Page 3 Adalberto Palma-Gomez recognizes that the cross-border payment industry is a valuable market to Senior Partner, Proxy, Gobernanza Corporativa investors. Second, investing in Xoom Corp. allows PayPal to establish a Rodolfo Pittaluga footprint in a space in which it has struggled for a decade to have a pres- Principal, ence without generating a plan or solution from within. Third, it shows Deloitte Financial Advisory Services, LLC that Internet-based digital payments are central to current market growth. Jan Smith In that sense, there is more symbolism in the acquisition, however, it Partner, KoreFusion sends a strong message to existing competitors that access to capital Roberto Teixeira da Costa will come from investors interested in these types of companies. The past Board Member, three years have seen investments in businesses offering Internet-based SulAmérica digital cross-border transfers. The acquisition poses a challenge but not Mario Trujillo CEO, a threat to competitors in the cash-to-cash business: to speed their devel- DolEx Dollar Express opments into Internet-based transfers quicker than planned. Most major companies already have an operational remittance sender Internet-based platform or are in the process of rolling one out. Those who do not have Porter // File Photo: Scotiabank. Continued on page 3 COPYRIGHT © 2015, INTER-AMERICAN DIALOGUE PAGE 1 FINANCIAL SERVICES ADVISOR July 16-29, 2015 BANKING NEWS It has failed to do so,” Department of Business NEWS BRIEFS Oversight Commissioner Jan Lynn Owen said in Citi Closing Banamex a statement. The $140 million penalty that Citi Bank Lending to Small- has agreed to pay includes a $100 million fi ne and Mid-Sized Brazilian USA, Paying $140 Mn to the FDIC and a $40 million fi ne to the Depart- ment of Business Oversight. Banamex USA has Firms Evaporating in Penalties three branches—in Los Angeles, Houston and Bank lending to small- and medium-sized fi rms San Antonio—in addition to about 300 full-time in Brazil is drying up amid concerns about what Citigroup announced July 22 that it is shutting employees, assets of more than $500 million could be Brazil’s worst recession in 25 years, down its Banamex USA unit and will pay U.S. and a deposit base of approximately $460 Reuters reported July 24. Large- and medi- federal and California state regulators a total of million, said Citi. The bank said that the two um-sized banks are turning down an increasing $140 million to settle investigations about al- Texas branches will close by October, with the number of loan requests as they fear that leged defi ciencies in its anti-money laundering Los Angeles branch remaining open throughout declines in revenue could mean loan defaults, programs. In its statement, Citi said ensuring the wind-down process. bank executives told the wire service. Loans “strong and sustainable” compliance with the from banks such as Banco Daycoval and Banco Florida Bank do Brasil that typically cater to the segment have virtually stopped. Banamex agreed three Signs First Deal years ago to correct numerous weakness- for Cuba Account Peru Expands Pension es in its anti-money Stonegate Bank on July 21 became the Program by 24 Percent laundering program. fi rst U.S. bank to establish a correspondent It has failed to do so.” Peru’s Pension 65 program, which provides account with Cuba since the historic thaw monthly revenue for people aged 65 and above — Jan Lynn Owen was announced between the United States and who live in underprivileged areas of the coun- Cuba last December, The Wall Street Journal try, has added 89,760 senior citizens to its reg- reported. Stonegate Bank, based in Pompano istry over the past year, a 24 percent expansion, Bank Secrecy Act and preventing money laun- Beach, Fla., and Cuba’s Banco Internacional de state news agency Andina reported July 27. dering “is an ongoing mission.” The New York- Comercio inked the deal in Havana a day after There are nearly 500,000 current benefi ciaries based fi nancial services company added, “Citi the two nations formally restored diplomatic of the program, with the largest increase being is committed to devoting the resources and relations 54 years after diplomatic ties were registered in native Amazonian communities. expertise needed to continuously execute a broken off during the depths of the Cold War. A total of 376,092 benefi ciaries have joined the robust and comprehensive program that helps Stonegate’s president, Dave Seleski, said the banking system to receive their benefi ts, the protect the integrity of the fi nancial system.” new agreement is a positive step for American government said. Banamex USA is an arm of Banamex, Mexico’s business interests in the Caribbean nation. second-largest bank, which Citi owns. Citi es- “For U.S. companies doing business in Cuba, tablished Banamex USA in order to make it eas- we can facilitate transactions much easier ier for individuals and businesses to transfer now,” he said, The Wall Street Journal reported. Brazil’s Sovereign Wealth money across the U.S.-Mexico border, the Los Seleski arrived in Havana after attending the Fund Reducing Stake Angeles Times reported. In August 2012, the July 20 fl ag-raising ceremony at the newly in Banco do Brasil U.S. Federal Deposit Insurance Corporation and converted Cuban Embassy in Washington. The The Brazilian government’s sovereign wealth California’s Department of Business Oversight establishment of a correspondent account will fund sold 5.625 million shares of Banco do ordered Banamex USA to correct alleged viola- allow for fi nancial transactions between the Brasil between late June and early July, earning tions of the Bank Secrecy Act. The federal law United States and Cuba, permitting customers it approximately 134 million reais ($39 million), governs anti-money laundering and compliance to execute payments and other transactions Reuters reported July 24, citing a statement programs and has requirements for banks to that are authorized by the U.S. Treasury’s Offi ce from the fund, known as the Fondo Soberano report any suspicious activities by customers. of Foreign Assets Control. The correspondent do Brasil. The shares were sold at an average However, the bank failed to properly fi x the relationship between the two banks is expected price of 23.84 reais apiece, and the proceeds problems, said regulators. “Banamex agreed to be in place within three to four weeks, the were invested in a portfolio of domestic assets, three years ago to correct numerous weak- newspaper reported. Currently, all commer- which had been a request of the fund’s board. nesses in its anti-money laundering program. cial transactions between the United States COPYRIGHT © 2015, INTER-AMERICAN DIALOGUE PAGE 2 FINANCIAL SERVICES ADVISOR July 16-29, 2015 and Cuba are routed through banks in third quire Merrill Lynch’s international operations in Panama and Costa Rica, The Globe and Mail countries. Seleski said Stonegate Bank wants 2012, has said he is looking for more deals and reported. The bank did not announce the terms to pursue additional opportunities in Cuba, that the Zurich-based bank will be “doing acqui- of the deal, but it said that the agreement including facilitating credit card use. “Down the sitions on different levels in different markets.” would give it a total of 387,000 customers in road, there’s many other opportunities,” he said.
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