What’s going on with the Umb Bank of Argentina
Faze Banks is the umbrella bank for Argentina’s financial sector, which is owned by Argentina’s biggest bank, the Banco Ambiente SA.
The bank has been the target of an investigation by the U.S. Securities and Exchange Commission, and it has been accused of rigging its own rate and interest rates to boost the profits of its Argentine subsidiary.
The Banco has denied any wrongdoing.
The SEC has been examining whether Faze banks manipulated its own interest rate and rate-setting, according to a document obtained by The Associated Press.
The agency has also requested that the bank’s directors and executives be interviewed.
Faze Bank’s website says its mission is to “improve the overall financial conditions of Argentina, with a focus on improving access to credit and a diversified investment portfolio.”
Faze was founded in 2005 by a former Argentinian government official, a former banker and a businessman.
Its website lists it as a member of the Argentinian Development Bank.
The company is listed on the New York Stock Exchange, though its shares are traded in London and New York.
The former official who founded Faze, Julio Maradona, died in 2014.
He was one of Argentina’s most popular politicians.
His family and friends have been the subject of investigations by the country’s attorney general and by the International Monetary Fund.
In March 2018, the bank was fined $300 million for allegedly rigging its interest rate, according the Argentina Herald newspaper.
The government has also been investigating the former executive of Faze and his son.