Mexico’s CNBV Revokes Vector Licenses Following US Probe

The National Banking and Securities Commission (CNBV) has revoked the authorization for Vector Casa de Bolsa to organize and operate as a brokerage firm. The regulator also withdrew the license of Vector Fondos, the group’s investment fund operator, following a voluntary request submitted by the institution on Dec. 1, 2025.

The decision comes roughly six months after Vector, along with CIBanco and Intercam, was publicly flagged by the US Treasury Department in June for allegedly facilitating money-laundering activities. In its resolution, the CNBV stated that the revocation request was properly submitted and complied with all legal and documentary requirements under Article 154 of the Securities Market Law (LMV).

The CNBV’s Governing Board unanimously approved the request, noting that it was voluntary and authorized by the firm’s Extraordinary General Shareholders’ Assembly. Vector, originally founded as Sociedad Bursátil Mexicana, had operated as a brokerage firm since 1976, giving it a history of more than five decades in Mexico’s capital markets.

Industry Fallout and Asset Transfers

The allegations by US authorities triggered significant reputational damage and financial strain for the institutions involved, despite early statements from the administration of President Claudia Sheinbaum characterizing the matter as largely administrative.

In response, Vector, owned by businessman Alfonso Romo, a former Chief of Staff to the Presidency, began dismantling its operations through a series of asset transfers:

• Oct. 1, 2025: Vector agreed to transfer its brokerage accounts and assets to Casa de Bolsa Finamex, citing the need to ensure continuity, stability and client security.

• Oct. 20, 2025: Client accounts and balances became fully available through Finamex.

• Oct. 20, 2025: Insigneo Financial Group acquired the client accounts of Vector Global, the firm’s international wealth management and investment advisory unit, a transaction reportedly valued at US$4 billion.

Market Contraction

The revocation of Vector's license marks the final dissolution of one of the three institutions identified by the US Treasury within a six-month period.

• CIBanco sold its fiduciary business to Multiva, transferred its automotive credit portfolio to Bancoppel, and formally requested the revocation of its banking license on Oct. 10, entering liquidation.

• Intercam sold the majority of its operations to Kapital Bank.

The CNBV appointed Gerardo Maldonado García as liquidator for Vector. In parallel, Vector Fondos also lost its authorization in order to convert into a variable-capital public limited company, a move likewise requested voluntarily by the entity.