Argentina removes BNYM local license

Argentina removes BNYM local license

Argentina Bonds

The Argentine government has rescinded Bank of New York Mellon’s authorization to operate in the country. Cabinet chief Jorge Capitanich announced the decision on Tuesday saying BNY Mellon had failed to comply with “its fiduciary agent contract”. The Argentine government has repeatedly lashed out at the bank for not paying a $539m payment to restructured bondholders in late June — something it was barred from doing by US courts. Meanwhile, the Argentine congress is due to start a debate today on

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