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5h ago

CIBanco’s License Revoked as Mexico Begins Liquidation, Insured Payouts Start Oct. 13

The step follows a license revocation tied to U.S. scrutiny over alleged fentanyl‑related money laundering.

Una camioneta de traslado de valores de CIBanco en su paso por Paseo de la Reforma. CIBanco es una de las tres instituciones financieras que fueron acusadas por el Departamento del Tesoro de Estados Unidos por presunto lavado de dinero. Foto: Mario Jasso, Cuartoscuro
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Overview

  • Mexico’s banking regulator CNBV revoked CIBanco’s authorization and the deposit insurer IPAB opened formal liquidation on Oct. 10.
  • IPAB will begin paying insured deposits on Oct. 13 with coverage up to 400,000 UDIS per person, roughly 3.42 million pesos, completing payments within 90 days using bank records.
  • CIBanco branches closed Oct. 10, with a limited set reopening from Oct. 13 only for consultations, clarifications, or guaranteed‑obligation claims, not for regular transactions.
  • Customers with CIBanco loans must keep making payments as contracted, since liquidation does not cancel debtor obligations.
  • CIBanco’s shareholders requested voluntary revocation approved by CNBV following U.S. Treasury/FinCEN actions in June, with broader U.S. sanctions reported to take effect Oct. 20.