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Citigroup lowers 4Q, 2013 results on Mexican fraud

Citigroup lowers 4Q, 2013 financial results due to fraud at Mexican subsidiary

Associated Press

NEW YORK (AP) -- Citigroup is lowering its fourth-quarter and full-year financial results after discovering fraud at a Mexican subsidiary.

The bank said Friday that it had extended credit to Mexican oil services company Oceanografia SA de CV through its Banco Nacional de Mexico unit, also known as Banamex. Oceanografia has been a key supplier to Mexican state-owned oil company Petróleos Mexicanos.

Citigroup Inc. said it found out earlier this month that Oceanografia had been suspended from receiving new Mexican government contracts. Citi and Petróleos Mexicanos then reviewed their exposure to Oceanografia.

Petróleos said that it found fraud in the accounts receivables recorded by Banamex.

Citigroup says its 2013 net income will be reduced to $13.7 billion from $13.9 billion. It believes the fraud is an isolated incident.

Citigroup's stock fell slightly in premarket trading.