Jesus Alejandro Garcia Alvarez <\/p>\n
A brash self-styled Mexican entrepreneur's bid to crack into Swiss banking is at an end. His second attempt to buy a financial firm has failed in a hugely awkward way. <\/p>\n
Aborted, Banque Cramer & Cie headlined in an unusually unvarnished statement released overnight. The Swiss bank said it won't be selling a Bahamas subsidiary to IXE Capital, as planned, after all. <\/p>\n
IXE is controlled by Jesus Alejandro Garcia Alvarez, who claims to be a businessman and wealthy landowner from Mexico. Recently, questions over Garcia Alvarez's wealth, his dealings, and his business plans have been raised by several media outlets. <\/p>\n
Flash Crash Millions <\/p>\n
For example, Garcia Alvarez was close to buying Ticino-based Bank Arner, but the deal fell apart last year, reportedly because he was unable tocapitalize the bank. <\/p>\n
He also plays a prominent role in the disappearance of millions from the $50 million fortune of the so-called Flash Crash trader. <\/p>\n
Now, Garcia Alvarez and IXE have run aground with their latest venture as well: buying the Bahamas subsidiary of Swiss private bank Cramer. <\/p>\n
Lost Credibility <\/p>\n
The Geneva-based firm said the deal fell apart because IXE didn't pay up. <\/p>\n
While Banque Cramer & Cie fulfilled all of its contractual obligations, IXE Capital Bahamas failed to pay the agreed consideration on theclosing date. Cramer's parent firm said in a statement. <\/p>\n
IXE Capital Bahamas is therefore in breach of agreement. <\/p>\n
The subsidiary will remain as an independently-managed part of Cramer, the bank said. <\/p>\n
Embarrassing Echoes <\/p>\n
In the fallout of the failed Cramer deal, Garcia Alvarez will have spent any shred of credibility he still had in Swiss banking after the Arner episode, where he left potential partners like renownedSwiss banker Michael Baer in the lurch. <\/p>\n
The collapse of the Cramer deal suggests that Garcia Alvarez is no longer as solvent as he once claimed to be. The failure of the deal, entirely preventable, has embarrassing echoes of Arner. <\/p>\n
There, Garcia Alvarez reportedly tried to pass off unstamped gold to Switzerland's regulator as bank capitalization which Finma didn't accept. <\/p>\n
<\/p>\n
Read more: <\/p>\n
IXE Bahamas Bank Bid Crashes - finews.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Jesus Alejandro Garcia Alvarez A brash self-styled Mexican entrepreneur's bid to crack into Swiss banking is at an end. His second attempt to buy a financial firm has failed in a hugely awkward way Continue reading