Multiva Will Buy Fiduciary Business From Cibanco, an Institution Accused of Money Laundering by the Us

El Financiero

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CIBanco’s fiduciary business has a new owner: This is Multiva Financial Group, which signed an agreement to acquire all the assets, informed investors on Tuesday, August 19. “With this operation, Banco Multiva in its fiduciary capacity, will continue the normal operation within the framework of applicable regulatory compliance, guaranteeing the protection of the rights of the participants in the fiduciary business,” he explained in a message sen…

Reforma

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Grupo Financiero Multiva reached an agreement to buy the entire CIBanco trust business, indicated by the US of washing.

El CEO

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After the impact generated by FinCEN and the intervention of the Mexican authorities, Multiva and Kapital Bank will acquire part of the businesses of CIBanco and Intercam, with the aim of ensuring the continuity of financial services and the protection of the rights of savers. The Ministry of Finance and Public Credit (SHCP) reported that several institutions of the banking system expressed interest in participating in the process, aimed at maxi…

Código Magenta

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Banco Multiva (Multiva Finance Group) agreed to purchase the entire CIBanco fiduciary business. The amount was not disclosed and the operation is subject to authorizations from the relevant authorities.

Revista Merca2.0

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The Mexican bank CIBanco filed a civil suit before a federal court in the District of Columbia, in Washington, against the U.S. Treasury Department and its financial intelligence unit, FinCEN, after having been sanctioned and pointed out for allegedly facilitating money laundering operations linked to opioid trafficking. While Multiva announced the purchase of CIBanco’s trust business. READ ALSO.

Bloomberg Linea

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Banco Multiva reached an agreement to acquire the entire fiduciary business of CIBanco, one of the financial institutions identified by the U.S. Treasury Department as a concern for money laundering.The financial institution did not mention the amount of the transaction.“With this operation, Banco Multiva, as a fiduciary, will continue the normal operation within the applicable regulatory compliance framework, guaranteeing the protection of the …