Overview

• Mexico’s deposit insurer opened its portal today to pay insured clients up to 400,000 UDIs—about 3.4 million pesos per person—with payments to be completed within 90 days.
• The CNBV approved the revocation following a shareholder vote that cited a liquidity shortfall and the need to protect customers and other stakeholders.
• FinCEN publicly named CIBanco on June 25 over alleged laundering tied to fentanyl, and a U.S. deadline of October 20 remains in place for institutions to halt dealings with the named intermediaries.
• Tenedora CI says no evidence has been produced 105 days after the FinCEN action and points to independent reviews, even as it acknowledges severe damage to asset values and operations.
• Before liquidation, CIBanco sold key units—its trust business to Multiva, its auto-loan book to BanCoppel, and its FX division to Bankaool—and analysts, including Fitch, see limited contagion risk to the wider system.