Friday, April 3, 2015

ABA rejects Citibank CEO's removal

The Argentine Central Bank removed the authorization granted to Gabriel Juan Ribisich to work as Citibank Argentina CEO.

The Argentine Banks Association (ABA) has rejected the decision by the Argentine Central Bank to remove the authorization granted to Gabriel Juan Ribisich to work as Citibank Argentina’s CEO.

The CB said Ribisch defied Argentine regulations when he followed the agreement signed between Citibank and holdout investors of Argentine debt amid the ongoing conflict between the South American country and so called “vulture funds”, and gave Citibank 24 hours to present a new candidate for the post.

ABA expressed “worry” about the decision and said in a statement that they “reject the order that unfairly affects” one of their members and associates. The Banks Association questioned the legality of the removal, pointing out that “proper constitutional guarantees to legal defense have not been met.”

“We hope authorities provide the necessary means to redirect the case within a constitutional framework.”

ABA “emphatically” praised Ribisich and said they “completely trust his good name” while stressing his “excellence as a professional.”