Overview

• The CNBV cancelled CIBanco’s authorization and the IPAB placed the bank into liquidation, closing branches on Oct. 10 with limited offices reopening Oct. 13 only for consultations and guaranteed-claim requests during restricted hours.
• Insured deposit payments begin Oct. 13 up to 400,000 UDIs per person (about 3.42 million pesos), processed automatically by the IPAB using bank records with an aim to complete guaranteed payouts within 90 days.
• Coverage applies to traditional deposit products and excludes, among others, deposits of shareholders, board members, top executives, general attorneys-in-fact with administrative powers, and general managers, who retain rights in the liquidation process.
• Clients with outstanding loans must continue making payments under agreed terms; guidance is available via the IPAB portal and contact center, and in-person queries can be made at designated branches once they reopen for consultations.
• CIBanco told staff it will keep paying salaries and will implement a staggered workforce reduction, with severance payments scheduled to begin on Oct. 20.