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Mexico to Spin Off Trusts of Intervened Banks CIBanco, Intercam
9 Articles
9 Articles
Mexico to Spin Off Trusts of Intervened Banks CIBanco, Intercam
The Mexican Finance Ministry said it will spin off the trust businesses of two of the banks that it has intervened following US accusations that they are allegedly laundering proceeds from illicit drug trafficking.
The intervention that was made to CI Banco, Intercam and Vector Casa de Bolsa by the National Banking and Securities Commission (CNBV), carried out by Jesús de la Fuente, although it was done in a preventive way, made it clear that it forgot to coordinate adequately, with the now appointed controllers, the steps to follow and above all to inform customers, suppliers and various involved, such as notaries, of what it is that can and cannot be don…
The U.S. Treasury Department’s sanctions for alleged narco-washing continue to pass bills to CIBanco. The bank, like Intercam and the Vector Stock Exchange, are facing a crisis of credibility and unbundling of customers following the U.S. accusation of providing financial services to the main drug cartels in Mexico. CIBanco ranks 17th in Mexico’s banking system by number of assets, a relatively smaller seat than other competitors. However, in re…
The Ministry of Finance and Public Credit (SHCP) has initiated a process to split the trust business of Intercam Banco and CI Banco , with the purpose of ensuring the operational continuity of the trusts they currently administer. “The solution consists in the temporary transmission of the trust business to entities of Mexican development banking, thus allowing the trusts to continue operating without interruption, for the benefit of their trust…
The investment trust announced that the decision was made by its Technical Committee and that Banco Actinver will be responsible for the trust. The investment trust Fibra Shop announced this Thursday that it has decided to remove CIBanco as trustee, after the United States Department of the Treasury designated the financial institution as a "source of concern" for money laundering related to drug trafficking. In a statement, Fibra Shop indicated…
Reading time approx.: 3 minutes, 13 secondsAfter several mergers of the trust areas of foreign banks such as Bank of New York and Deutsche Bank, as well as the acquisition of Evercore Partners' fiduciary division, the fund that he chaired in Mexico, the former Secretary of Finance, Pedro Aspe, CIBanco managed to become the dominant player in the trust services market in Mexico amid the regulations that, since 2009, began to limit exchange transa…
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