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For example, Banco de Union, Banca Cremi and Banpais, just to name of few of the smaller banks, have been provided with public funds via the newly created Programa de Capitalizacion Temporal (Procapte), and the Mexican state has actively sought greater foreign participation in the purchase of the banks' equity shares so that they can meet their pressing financial commitments to depositors.(19) That is, we find, once again, the Mexican state "sanitizing" these private enterprises and thus effectively subsidizing the sale of their equity capital to powerful foreign and domestic interests.
Given the crisis, Mexico's deposit insurance institution, the Savings Protection Bank Fund (Fobaproa), has been forced to take over the management of six banks: Cremi, Union, Banpais, Banorie, Interestatal and Obrero.
Mexican precious metals are refined in Penoles' refinery at Torreon, at IMMSA's Monterrey plant, by Real de Monte at Pachuca and by the Banco Cremi in Mexico City.
On the purchase of two small local banks, Banoriente and Banco Cremi...
The 3,200 pages of released records include details of the transactions to rescue the defunct Banca Cremi and Banco Union via the government's savings-protection agency, the Fondo Bancario de Proteccion al Ahorro (FOBAPROA).