Carlos Slim’s Bank Unit Pledges America Movil Stock for New Loans

April 8, 2015

Control Empresariales de Capitales, a subsidiary of Carlos Slim’s Grupo Financiero Inbursa Bank, has secured $700m worth of fresh collateralized financing. A recent regulatory filing shows CEC entering into two separate creditor agreements with HSBC and Caixabank for $319m and $372m respectively. The deal was secured by the group pledging substantial stakes in Mexican based telecommunication giant, America Movil. As yet, the group are remaining tight lipped as to the potential use of their newly acquired funds. Lucy Nicholson from Reuters explores. Read More.

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