Mexico Shifts CIBanco, Intercam Trusts to State Banks

Mexico’s Finance and Public Credit Ministry (SHCP) has begun the process of separating the fiduciary business units of CIBanco and Intercam Banco and temporarily transferring them to state-owned development banks, the agency announced Friday evening.

The move comes in response to a decision by the US Department of the Treasury, which designated CIBanco, Intercam Banco, and Vector Casa de Bolsa as “primary money laundering concerns” due to alleged ties to opioid trafficking. Following the announcement, Mexico’s National Banking and Securities Commission (CNBV) placed the three financial institutions under temporary management.

The fiduciary separation is part of the CNBV-led intervention and is designed to ensure the continued operation of existing trusts, according to the SHCP. The transition will be carried out under strict regulatory oversight and aims to safeguard legal certainty and operational continuity for trust beneficiaries and other stakeholders.

The ministry also outlined a parallel plan for the permanent transfer of these fiduciary operations to private financial institutions, under conditions that guarantee compliance, continuity, and legal security.

“The solution involves the temporary transfer of fiduciary operations to Mexican development banks, allowing trust services to continue uninterrupted for settlors, beneficiaries, and related third parties,” the ministry said in a statement.

Throughout the process, regulatory and operational controls will remain in force. The CNBV and other financial authorities will oversee the transition to protect the public interest and ensure the integrity of the fiduciary system.

This restructuring is part of a broader regulatory response to maintain financial system stability and address reputational risks following the US action. Despite the allegations, the Mexican Banking Association (ABM) has clarified that no restrictions currently prevent other local institutions from transacting with CIBanco or Intercam.