滙豐銀行

HSBC warned over Mexican arm

By 2007, John Root, HSBC’s head of Latin America compliance, appeared to be fed up.

Britain’s biggest bank was nearly five years into its 2002 purchase of Grupo Financiero Bital, a Mexican lender that HSBC had acknowledged internally was lacking a compliance department at the time of its acquisition.

On July 17 of that year, Mr Root told his counterpart in Mexico that his team “needs some cojones”, and must act.

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