Mexico’s Finance Ministry said it has reached an agreement for Grupo Financiero Multiva to acquire CIBanco’s trust business, a unit that manages about 3.04 trillion pesos (roughly US$161 billion) in fiduciary assets. The authorities said the transfer will preserve existing contracts and protect beneficiaries while the deal awaits regulatory approval. Separately, the ministry announced that start-up lender Kapital Bank will purchase significant assets of Intercam Banco and related entities and invest US$100 million to support their clients. The moves follow a U.S. Treasury Department order, issued through its Financial Crimes Enforcement Network, that accuses CIBanco, Intercam and broker Vector of helping launder drug-trafficking proceeds and bars U.S. financial institutions from dealing with them starting 4 September. Mexican regulators placed the banks under temporary administration in June. CIBanco has responded by filing a 37-page complaint in the U.S. District Court for the District of Columbia against the Treasury and FinCEN. The bank argues the order violates due-process rights, offers no supporting evidence and threatens its survival by cutting access to dollar transactions. It warns that as much as US$40 billion in legitimate funds held on behalf of U.S. pension plans, investment funds and companies could be frozen if the ban proceeds. Mexico’s government said it will keep supervising the transactions to ensure an orderly hand-over and maintain stability in the financial system.