31 Oct 2018
A deal between Deutsche Bank and Mexican bank Accendo Banco that had stalled over money laundering allegations will not proceed although the accusations have been dropped.
According to Reuters, Deutsche is planning to scrap an agreement to sell its Mexican assets to Accendo, but has not give an explanation, saying in a statement: “We will continue to keep the best interests of our employees and clients in mind as we consider alternative options.”
The deal was announced in 2016 but stalled after the US accused a shareholder of laundering over $100 million. The shareholder later admitted to wire fraud but the laundering charges were dropped.
Accendo reportedly said in a statement that it did not agree with the plan to suspend the deal and that it was still analysing it.
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