Mexico City, Mexico — Two of Mexico’s three financial institutions accused of money laundering by the U.S. Treasury have reached agreements. Both CIBanco and Grupo Financiero Intercam are in the process of being absorbed by other Mexican banks.
The Ministry of Finance and Public Credit said thanks to the coordinated efforts of Mexican financial authorities with members of the national banking sector, agreements have been reached for CIBanco, SA, Institución de Banca Múltiple (CIBanco) and Intercam Banco, SA, Institución de Banca Múltiple, Intercam Grupo Financiero SA de CV (Intercam Banco).
Agreements were reached within the context of the temporary interventions initiated on June 26 by the National Banking and Securities Commission.
The Ministray says in the case of CIBanco, after evaluating various alternatives, it was decided to transfer its trust division to Banco Multiva SA, a Full-Service Banking Institution, Grupo Financiero Multiva. This transaction ensures the continuity of existing contracts and full protection for the trusts and their beneficiaries.
A significant portion of Intercam will be acquired by Kapital Bank. According to a Hacienda Mexico statement, Kapital will acquire a significant portion of Intercam Grupo Financiero’s operations, which includes assets from Intercam Banco and various entities within it. This process will allow for continued service to its customers and savers.
In this context, both transactions ensure the continuity of financial services and the protection of savers’ rights, in strict compliance with the Credit Institutions Law and its applicable provisions.
The Ministry said that various institutions within the financial system expressed interest in participating in the process under schemes aimed at maximizing the value of operations and safeguarding the stability and continuity of the Mexican financial system as a whole, reflecting the strength of the national banking system.
“Financial authorities will continue to monitor the process to ensure an orderly and transparent transition, and appreciate the trust shown by savers and the general public. Operations are subject to authorization by the authorities, so progress will continue to be reported,” the Ministry said.
In June, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) implemented orders prohibiting certain transmittal of funds involving CIBanco S.A., Institution de Banca Multiple (CIBanco), Intercam Banco S.A., Institución de Banca Multiple (Intercam) and Vector Casa de Bolsa, S.A. de C.V. (Vector), each of which FinCEN found to be of primary money laundering concern in connection with illicit opioid trafficking pursuant to the Fentanyl Sanctions Act and the FEND Off Fentanyl Act.
