P.M. BRIEFING : Bank May Run Argentine Trains
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BUENOS AIRES — Citibank has proposed taking over the money-losing Argentine state-owned railroad system, the U.S. bank’s president for Argentina said today.
Richard Handley said the bank has a plan to turn the organization into a profit-making entity, then transfer it to employees.
“This is a very preliminary stage,” Handley said in an interview with Radio Continental. “This has to be looked at by the government, and I don’t want to raise expectations, because I don’t know about this from one day to the next.”
Guillermo Stanley, vice president of the Citibank subsidiary in Buenos Aires, said Citibank would invest $1.7 billion in financing the reorganization and modernization of the dilapidated rail system and receive a management fee based on profits once the railroad goes into the black.
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