Multiva Acquires CIBanco’s Trust Operations

Grupo Financiero Multiva announced on Aug. 19, that it has reached an agreement to acquire all of CIBanco’s trust business assets. The transaction is still pending regulatory approval, but once finalized, it will allow Multiva to strengthen its position in the trust market and drive asset growth as part of its board-approved expansion strategy.

“With this transaction, Banco Multiva, acting as trustee, will ensure the regular operation of trust services within the applicable regulatory framework while safeguarding the rights of participants,” the institution stated in a filing to the Mexican Stock Exchange (BMV).

According to the National Banking and Securities Commission (CNBV), CIBanco’s trust business totaled MX$3.1 trillion as of June, representing 26.7% of the system. In contrast, Multiva’s trust portfolio reached MX$33.7 billion, just 0.29% of the MX$11.5 trillion managed by banks in the first half of 2025.

Allegations Against CIBanco in the United States

On June 25, the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) accused CI Banco, Intercam, and Vector of alleged money laundering and links to organized crime. As a result, the Treasury ordered a freeze on their operations effective no later than July 21. However, a 45-day extension was later granted, pushing the deadline to Sept. 4.

In Mexico, the CNBV placed the institutions under temporary intervention to protect depositors and creditors, while the Ministry of Finance announced the process of spinning off the trust businesses of CIBanco and Intercam. “This measure will be carried out under existing financial regulations and in close coordination with supervisory authorities,” the ministry said.

CIBanco has filed a complaint in the US District Court for the District of Columbia, arguing that the Treasury acted unlawfully in ordering its suspension. The bank claimed the decision was tantamount to a “death sentence,” as it could paralyze its operations.

“Among its catastrophic effects, the order could jeopardize more than US$40 billion in legitimate funds managed by CIBanco on behalf of US companies and citizens. Most of the bank’s business relies on access to US dollar transactions,” the institution argued in its filing.