Mexican Bank Must Withdraw Order Barring Deutsche Sale
Law360 (October 18, 2019, 6:55 PM EDT) -- A New York federal court has ordered Mexican bank Accendo to withdraw a court order that barred Deutsche Bank from selling its Mexican business to a third party after Accendo's own agreement with the German banking giant fell through.
According to Deutsche Bank's initial petition, Accendo Banco SA agreed to buy Deutsche Bank's Mexican business for $175 million in 2016, but Deutsche pulled out of the deal amid the fallout from the arrest by U.S. authorities of Accendo's second-largest shareholder on fraud charges. Deutsche Bank withdrew fearing the arrest would compromise the Mexican bank’s ability to complete the agreement, the petition said....
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