LatinNews Daily - 20 August 2025

*Mexico’s finance ministry (SHCP) has announced that it has made progress in the sale of a “significant part of the operations” of CIBanco and Intercam, commercial banks that were sanctioned by the US in June for allegedly laundering money for drug cartels. Mexico’s government, through its finance regulator, Comisión Nacional Bancaria y de Valores (CNBV), took over the administration of the banks as well as a third sanctioned firm, brokerage company Vector Casa de Bolsa, shortly after the sanctions were announced. The SHCP said the trust division of CIBanco would be transferred to Banco Multiva S.A., a Mexican bank that forms part of the Grupo Financiero Multiva financial group. The SHCP said that this transaction “ensures the continuity of existing contracts and the full protection of trusts and their beneficiaries”. Kapital Bank, which is headquartered in Azerbaijan, will acquire a large portion of the operations of Intercam Grupo Financiero, a financial group which includes the assets of Intercam Banco and various entities that comprise it. Again, the SHCP stated that this process “will allow for continuity in serving [Intercam’s] customers and savers”. The SHCP said it would continue to supervise the process “to ensure an orderly and transparent transition”. It stated that the operations are subject to authorisation by the authorities.

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