US EditionHow to get your money out of CIBanco
34 Articles
34 Articles
The National Banking and Securities Commission (CNBV) revoked CIBanco's authorization to operate as a financial institution, after it was pointed out at the end of June by US authorities to facilitate the laundering of money from drug cartels.
The closure of CIBanco leaves unknown what will happen now with its operations and customers. CIBanco deposits will be protected by the Institute for the Protection of Bank Savings (IPAB). IPAB detailed that they will be protected by up to 400,000 Investment Units (UDIs) per person, equivalent to 3 million 424 thousand 262.40 pesos, as of October 10. The amounts that are greater than 400 thousand UDIs will have to wait for the liquidation and tr…
How to get your money out of CIBanco
Mexico’s Institute for the Protection of Bank Savings (IPAB) has revoked CIBanco’s license and has begun to liquidate the embattled financial services provider. IPAB announced Friday that it will begin paying out insured deposits beginning on Monday, Oct. 13, and advised account holders to visit its official website for information: www.gob.mx/ipab. CIBanco clients with loans or credits can register to receive their funds at the government-mana…
The Institute for the Protection of Bank Savings (IPAB) reported the revocation of the license of CIBanco and approved that payment be made to the bank's savers. "Derived from the revocation of the authorization to organize and operate as an institution of Multiple Banking to CIBanco, S.A., Multiple Banking Institution, by the National Banking and Securities Commission (CNBV), the Governing Board of the Institute for the Protection of Bank Savin…
CiBanco, one of the three financial institutions mentioned by the Treasury Department for alleged narco-laundering, has begun its process of extinction. The Institute for the Protection of Bank Savings (IPAB) revoked the license of CIBanco and thereby gives the flag of exit to its liquidation. The bank was sanctioned by the authorities of the United States, on 25 June, together with Vector and Intercam, for alleged activities in money laundering…
The request for revocation of the license to operate as a bank was a measure that seeks to protect the interests of savers, employees, creditors, suppliers and the Mexican financial system, said this Saturday Tenedora CI, the majority shareholder of CI Banco. On Friday, the Institute of Protection of Bank Savings (IPAB) reported the voluntary revocation of CI Banco to operate as a multiple banking institution. The bank said that it would start r…
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