Argentina revokes charter for Bank of New York Mellon
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Aug. 26, 2014, 11:09 a.m. ET
Argentina’s banking regulator has revoked the charter for Bank of New York Mellon to operate in the country.
The decision, formalized by the Central Bank resolution was signed Monday by its President Juan Carlos Fábrega and Superintendent Cosme Juan Carlos Belmonte.
The Argentine central bank charged based on BoNY’s “non-fulfilment of the contract” as Argentina’s trustee.
Argentina also says that the bank “does not register active operations since December 2012” and that the BoNY “has not financed the country’s residents since January 2013,” according to local reports.
Bank of New York Mellon had no comment on the action.