US EditionMexico Temporarily Hands CIBanco, Intercam Trust Businesses to Development Banks
32 Articles
32 Articles
Mexico temporarily hands CIBanco, Intercam trust businesses to development banks
MEXICO CITY (Reuters) -Mexico will temporarily transfer the trust-handling businesses of two financial institutions sanctioned by the U.S. for alleged involvement in money laundering, the finance ministry said on Friday. Mexican development banks will temporarily take over the trust units of CIBanco and Intercam Banco, while the ministry looks for a permanent solution to transfer them over to private institutions, it said in a statement. The tra…
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.
Reforma
Hacienda informs that the fiduciary business of CIBanco and Intercam Banco be split up and temporarily managed by development banking.
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…
FibraShop (FSHOP), an infrastructure and real estate trust formed mainly to acquire, own, manage and develop real estate in the life centers (commercial properties) sector in Mexico, informed the investor public that it decided to designate Banco Actinver as the new trustee of the F/00854 trust.
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…
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