Jul 5, 03:08 AM

Mexico’s Finance Ministry to Spin Off CIBanco and Intercam Trusts After U.S. Drug Laundering Accusations

The Mexican Ministry of Finance and Public Credit (SHCP) has initiated a process to separate the trust business operations of CIBanco and Intercam Banco. This move aims to ensure the continuity of the trusts currently managed by these institutions. CIBanco alone administers approximately 26% of the country's total trusts, making this intervention notable for the financial sector. The decision follows accusations from the U.S. Department of the Treasury alleging that these banks laundered proceeds from illicit drug trafficking. In response, the SHCP plans to transfer these trust operations to development banks to protect investors and maintain operational stability. Additionally, financial institutions Invex and Actinver have started taking over some of CIBanco's trust accounts amid these developments.

#SHCP #CIBanco #Intercam Banco #Invex #Actinver

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Mexico’s Finance Ministry to Spin Off CIBanco and Intercam Trusts After U.S. Drug Laundering Accusations

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