Fitch Backs CIBanco Acquisition by Grupo Financiero Multiva

Fitch Ratings endorsed Grupo Financiero Multiva’s plan to acquire CIBanco’s trust business, stating the transaction is unlikely to significantly pressure Banco Multiva’s capital position in the short term due to its adequate liquidity.

The acquisition follows CIBanco’s decision to divest its trust operations after sanctions from the US Department of the Treasury over alleged involvement in money laundering for organized crime. The deal remains subject to approval from Mexican regulatory authorities.

With this purchase, Banco Multiva would increase its control in the trust market from less than 1% to a leading position in the segment. As of June 2025, the trust business managed by 31 banks in Mexico totaled MX$11.6 trillion, according to the National Banking and Securities Commission (CNBV). CIBanco managed slightly more than a quarter of that total, positioning Multiva as a key competitor in the sector.

Fitch projects that the acquisition will contribute positively to Multiva’s operating income, profitability, and internal capital generation in the medium term. The agency also estimates that capital indicators could remain near the 15% threshold it considers favorable for a potential credit rating upgrade.

Although the trust segment is generally considered low risk for credit and market exposure, Fitch highlighted the presence of operational, reputational, and legal risks. The transfer of CIBanco’s specialized personnel to Multiva is expected to mitigate some of these risks and support smooth integration.

Fitch concluded that the transaction strengthens Multiva’s specialized business model while diversifying revenue sources and enhancing financial stability.