Mexico City, Mexico — President Claudia Sheinbaum says the situation with CIBanco, Intercam and Vector Casa de Bolsa will not affect confidence in the country’s financial system. She says Mexico’s Ministry of Finance and Public Credit (SHCP) has taken the necessary measures and acted very responsibly.
She made the comment during a press conference referring to a report by the rating agency Fitch Ratings who raised concerns about a “contagion” of confidence in the rest of the financial institutions.
“The SHCP has acted very responsibly, very responsibly, what it did in the first days of the intervention to prevent this contagion that Fitch Ratings is talking about,” Sheinbaum said.
The National Banking and Securities Commission initiated a management review of the three institutions which entailed removing their governing and legal advisory bodies. The move came after the U.S. Treasury Department identified CIBanco, Intercam and Vector Casa de Bolsa as “primary sources of concern” for their alleged involvement with money laundering activities linked to drug trafficking.
Sheinbaum reiterated that no concrete evidence of money laundering by the U.S. Treasury has been presented so far and assured that Mexico will insist on them providing evidence.
On July 9, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) extended the effective dates for orders issued on June 25, 2025, prohibiting certain transmittal of funds involving three Mexico-based financial institutions.
