Mexican Shadow Banks’ Collapse Wipes Out Bondholders Abroad
- Unifin said it will stop paying creditors, wants restructuring
- Shock follows meltdown of sectoral peers Credito Real, Alpha
Sergio Camacho, chief financial officer of Unifin Financiera SAB, center, speaks during the 13th Annual Mexican Financial Summit in Mexico City, Mexico, on Wednesday, Feb. 21, 2018.
Photographer: Alejandro Cegarra/BloombergThis article is for subscribers only.
Sergio Camacho, the chief executive of Unifin Financiera SAB de CV, was sick of the questions about the financial health of his firm, the largest shadow lender in Mexico, and he was out of patience.
Unifin was doing well, he blurted out, and would grow its business and thrive. “The market has been irrational,” Camacho barked at one investor after cutting him off during the firm’s earnings call last month. “No matter what I do, they are not reacting to the fundamentals of the company.”