Overview
- The authorization was published in the Diario Oficial, naming Banco Multiva as the surviving bank merging with the new entity created from CIBanco’s August spin-off.
- Multiva must deliver notarial testimonies of unanimous shareholder approvals and file with the Public Registry of Commerce within 10 business days, with the merger effective upon registration.
- Banxico, the CNBV and the Finance Ministry’s financial analysis unit issued favorable technical opinions, and authorities found no legal or operational impediments.
- The resolution contemplates a new company, CIBanco, S.A., Institución de Banca Múltiple, to begin operations holding assets of the defunct bank, with operational details pending a Multiva statement.
- CIBanco suspended operations in October after IPAB initiated liquidation following U.S. Treasury money-laundering allegations, and Multiva had already assumed fiduciary mandates and secured approval to add 50 million pesos in capital.