Overview

• CIBanco’s shareholders requested a voluntary revocation that the CNBV approved, citing liquidity loss and operational deterioration following the June FinCEN action.
• IPAB began paying insured deposits on October 13 through an online portal, covering up to 400,000 UDIs per depositor (about 3.42 million pesos) with up to 90 days to complete payments.
• Eligible clients must register online with account details and provide a CLABE for transfers, while insiders such as major executives and directors are excluded from deposit insurance coverage.
• Moody’s says the FPAB has ample resources to cover protected deposits and expects no systemic disruption, noting CIBanco’s modest share of system deposits.
• Condusef estimates slightly more than 30,000 customers qualify for coverage; CIBanco had already sold key units to Multiva, BanCoppel and Bankaool, and the October 20 U.S. cutoff remains a pressure point for other designated firms.