Weekly Global News Wrap: Citi faces $1b Oceanografia lawsuit; Unicaja denies Sabadell merger rumors

And Commerzbank is gearing up to execute its strategy as a standalone bank.

From Reuters:
Citigroup is facing a reinstated lawsuit alleging it was responsible for over $1b in losses by facilitating and concealing a massive fraud at the now-bankrupt Mexican oil and gas services firm Oceanografía, according to a report by Reuters.

Citigroup's Banamex unit had provided cash advances to Oceanografia, which provided drilling services to Mexico's state-owned oil company Petroleos Mexicanos (Pemex).

TThe plaintiffs, including shipping and leasing companies, investment funds and Netherlands-based Rabobank, reportedly claimed that Citigroup advanced $3.3b to Oceanografia between 2008 and 2014 despite knowing the company had too much debt.

From Reuters:
Spain’s Unicaja has denied reports that it held talks about a merger with Banco Sabadell.

The report, originally by Bloomberg, said that Sabadell's executives had sounded out some key shareholders of Unicaja earlier this month about a potential deal as it sought to fend off a hostile takeover by larger rival BBVA SA.

A Unicaja's spokesperson, who denied merger talks between both banks, said it was not aware of any informal talks with the lender's shareholders.

From Reuters:
Commerzbank's priority is the execution of its own strategy and that markets can see what the lender can achieve as a standalone company, according to CEO Bettina Orlopp.

The prepared remarks, published by Commerzbank, come as the German bank fends off a possible takeover by Italy's UniCredit.

"The capital market now knows that we have a convincing plan to create value — and what we can achieve as an independent bank," Orlopp said.