Argentina cenbank strips authority from local Citibank chief

April 2, 2015 2:29 AM

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BUENOS AIRES, April 1 (Reuters) - Argentina's central bank said on Wednesday that it will no longer recognize the head of the local Citigroup affiliate, the latest salvo in a years-old international legal battle over defaulted sovereign debt.

The action was taken five days after the Argentine securities regulator said Citibank Argentina had violated local laws in striking a deal with litigating U.S. hedge funds and suspended the bank from conducting capital market operations.

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