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1h ago

Mexico Revokes CIBanco’s License as IPAB Begins Liquidation

The move follows U.S. money‑laundering allegations that intensified Mexican oversight.

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A pesar del cierre de CIBanco, los deudores no serán liberados de sus obligaciones, indicó el IPAB
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

Overview

  • Mexico’s CNBV revoked CIBanco’s authorization on Oct. 10 and the IPAB opened liquidation, closing branches and reopening limited offices on Oct. 13 for consultations and claims.
  • Guaranteed deposits up to 400,000 UDIS (about 3.42 million pesos) will begin to be paid on Oct. 13, with processing based on bank records and a legal window of up to 90 days.
  • Customers with loans must continue payments under their contracts, while insurance does not cover deposits of shareholders, board members or top‑tier executives.
  • CIBanco’s shareholders sought a voluntary revocation; ahead of liquidation, its fiduciary unit moved to Multiva and its auto‑loan portfolio was sold to BanCoppel.
  • U.S. Treasury restrictions related to the case are slated to take effect on Oct. 20, and the bank has told staff it will begin staggered layoffs with indemnities around that date.