Grupo Multiva Approved to Buy CIBanco Trust Unit, Says SHCP

The Ministry of Finance and Public Credit (SHCP) has authorized Grupo Financiero Multiva to acquire CIBanco’s trust business, which was formally spun off from the institution on Aug. 26.

The approval was published Dec. 5 in the Official Gazette (DOF). The document states: “The merger of ‘Banco Multiva, S.A., Institución de Banca Múltiple, Grupo Financiero Multiva,’ as the surviving entity, with the newly created company resulting from the spin-off of ‘CIBanco, S.A., Institución de Banca Múltiple’ is authorized.”

The SHCP said it found no legal impediments to the operation, which also received favorable opinions from the National Banking and Securities Commission (CNBV) and Mexico’s central bank (Banxico). The SHCP’s Coordination of Financial Analysis and International Linkage likewise determined there was no financial risk associated with the authorization.

The acquisition of the trust business—one of CIBanco’s core segments—comes after a turbulent period for the institution. In June, the US Treasury Department named CIBanco, alongside Intercam and Vector Casa de Bolsa, for allegedly facilitating money laundering operations tied to opioid trafficking, as previously reported by MBN. The accusations had significant repercussions for CIBanco and Intercam, prompting both institutions to divest certain business units.

The deal for Multiva—owned by Grupo Vazol and chaired by entrepreneur Olegario Vázquez Aldir—to acquire CIBanco’s entire trust division was announced on Aug. 19, and the transaction was officially concluded on Sept. 5.