Mexico City – Two major Mexican financial institutions, CIBanco and Intercam, are undergoing key transformations aimed at ensuring continued service and customer protection. These changes come as a result of a coordinated effort with Mexican financial authorities, following a temporary intervention by the National Banking and Securities Commission that began on June 26.
According to a statement from Mexico’s Finance Ministry (SHCP) on August 19, CIBanco has successfully sold its fiduciary division to Banco Multiva, a well-regarded Mexican financial institution. The ministry emphasized that this move guarantees the continuity of existing contracts and the full protection of trusts and their beneficiaries.
CIBanco, in a separate statement, noted that the decision was made after a transparent and competitive process, with the objective of safeguarding customer interests. The bank highlighted that its fiduciary team will be joining Multiva, ensuring that clients will continue to be served by the same professionals they know and trust.
Meanwhile, a significant part of Intercam’s operations, including its shares and various entities, will be acquired by Kapital Bank. Incorporated in the United States and headquartered in Mexico City, Kapital Bank has a presence in several Mexican states and an alliance with Scotiabank.
Intercam’s statement confirmed that the agreement includes the acquisition of its brokerage firm, funds, assets, liabilities, and branches. The bank assured its more than 238,000 clients that all products and services will remain fully available and uninterrupted, now under the new ownership. Kapital Bank announced its intention to invest $100 million in its banking operations to reinforce services and fulfill obligations to clients and investors, leveraging its advanced technology to enhance compliance and efficiency.
The changes for both institutions have also been addressed by U.S. financial authorities. The U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) recently extended the deadline for U.S. financial institutions to implement a prohibition on certain fund transfers involving CIBanco, Intercam, and Vector until October 20, 2025.
This extension, as stated by FinCEN, reflects the ongoing efforts by the Government of Mexico to address regulatory concerns and promote compliance. The collaborative actions by Mexican authorities and the banking sector aim to ensure stability and continued service for customers during this period of transition.
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