CIBanco Disputes US Allegations of Money Laundering

This week in finance, CIBanco challenges the US Treasury after losing access to the American financial system, while Mexican Afores posted MX$74.3 billion in July gains, down from June. Sheinbaum seeks to fill a key finance post, Nu Holdings hits 122.7 million customers, and GBM urges innovation to address Mexico’s advisor shortage.

More news below:

CIBanco Sues US Treasury After US Financial System Cutoff

CIBanco has filed a civil lawsuit in a US federal court against the Department of the Treasury, challenging a decision that cut off its access to the US financial system over alleged money-laundering activities linked to drug trafficking.

Mexican Afores Gain MX$74.3 Billion in July, Down 10% from June

Mexican pension fund managers (Afores) posted gains of MX$74.3 billion in July, down 10% from June, according to the National Commission of the Retirement Savings System (CONSAR). Despite the decline, this marked the third consecutive month of positive returns, with Afores recording gains in six of the first seven months of 2025, totaling MX$608.5 billion.

Sheinbaum Proposes María del Carmen Bonilla for SHCP

President Claudia Sheinbaum has nominated María del Carmen Bonilla as the next Deputy Minister of Finance and Public Credit (SHCP). If confirmed by Congress, she will be the second woman in history to hold the position. The appointment fills a five-month vacancy in the Deputy Ministry of Finance, which was left open after the departure of Edgar Amador. Recently, she was in charge of issuing PEMEX’s Pre-Capitalized Structured Notes, a US$12 billion issuance aimed at supporting the state oil company.

Nu Holdings Hits 122.7 Million Customers, Up 17% YoY

Nu Holdings posted strong second-quarter results with solid customer growth, higher revenues, and improved profitability, according to its financial report released Wednesday. The digital financial services platform added 4.1 million customers in the quarter, a 17% year-over-year increase, bringing its global total to 122.7 million. In Brazil, Nu is now the third-largest financial institution by customer base, according to the Brazilian Central Bank.

Mexico Lacks Investment Advisors; GBM Pushes Open Models

Mexico’s financial advisory industry only has 10,000 certified advisors for 77 million adults included in the financial system, according to Confusef. GBM aims to address the country’s shortage of certified investment advisors and promote open-architecture, client-first practices. Speaking at the lead-up to Pioneros 2025, GBM executives highlighted the gap between Mexico’s 10,000 certified advisors and the more than 70,000 in Brazil or 350,000 in the United States.