Banorte Writes Off MXP 1 Billion Loss on Loans to Comercial Mexicana

Mexico's Banamex,the country's second largest bank, a 100% subsidiary of Citigroup Inc. (NYSE:C), reported that although it is still taking legal action through bankruptcy procedures, it has decided to officially write off losses worth MXP 1 billion (US$77 million) on loans to Contralador Comercial Mexicana S.A. de C.V. (BMV:COMERCIUBC), a troubled Mexican supermarket operator that was wracked by charges worth MXP 6.3 billiion (US$ 500 million) from bad currency bets made in late 2008.