Multiva Targets MX$250 Billion Energy, Infrastructure Pipeline

Banco Multiva has raised US$300 million in international Additional Tier 1 capital to fund a MXN$250 billion project pipeline concentrated in Mexico's energy and infrastructure sectors. Supported by a clarified energy regulatory framework and federal industrial policies under Plan México, the bank is expanding its underwriting capacity for utility-scale energy projects, airport developments, and fiduciary management following its absorption of CIBanco’s trust portfolio. This capital expansion strengthens domestic commercial lending capacity and institutional liquidity for major energy developers, infrastructure consortia, and public-private partnerships.

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Mexican commercial bank Banco Multiva has identified a project financing pipeline exceeding MX$250 billion (US$14.61 billion) across energy, infrastructure, government, real estate, and agribusiness, CEO Tamara Caballero told Expansión. The pipeline follows a US$300 million Additional Tier 1 (AT1) capital placement, which increased the bank’s regulatory capital and lending capacity for corporate and public sector projects across Mexico through 2027.

"The bank is going to grow significantly, primarily in two sectors: in energy and in infrastructure," Caballero said. She noted that the fresh capital enables Multiva to underwrite complete debt facilities, act as lead structurer, and syndicate senior loan facilities with other financial institutions rather than concentrating risk on a few corporate balance sheets.

Energy and Infrastructure Expansion

The bank's focus on energy follows the publication of Mexico’s updated energy regulatory framework, which established operating rules for private generation, self-consumption, and public-private partnerships. "Now that the regulatory framework around the energy sector is completely clear and published, a major opportunity opens up to grow in this sector," Caballero explained.

Multiva has identified 68 potential financing operations in the energy sector totaling approximately MX$70 billion (US$4.09 billion). These operations include distributed generation, corporate self-consumption projects backed by private off-takers, and utility-scale projects structured with state electric utility Comisión Federal de Electricidad (CFE).

Prior to this issuance, Multiva served as lead agent bank for a MX$2.13 billion (US$124.47 million) green loan granted to distributed solar developer Energía Real. The transaction forms part of the bank's plan to deploy MX$170 billion (US$9.93 billion) in ESG-aligned projects across energy, mobility, water, and real estate over three years.

Infrastructure represents the bank's second focus area, targeting seaports, airports, highways, passenger and freight rail networks, and municipal water systems aligned with the federal government's Plan México industrial strategy. Per Caballero, Multiva’s existing infrastructure portfolio includes participating debt financing for airport modernization projects in Tepic, Nayarit, and Puerto Escondido, Oaxaca — which represent MX$7.16 billion (US$418.42 million) in total combined public-private investment — as well as MX$3.48 billion (US$203.37 million) committed to highway expansion corridors in Jalisco.

CIBanco Fiduciary Integration

Multiva also increased non-interest revenue following its acquisition and integration of CIBanco's fiduciary business in September 2025. The transaction occurred during a system-wide reallocation of MX$3.2 billion (US$187 billion) in trust portfolios triggered by US Financial Crimes Enforcement Network (FinCEN) sanctions against CIBanco and its subsequent license revocation by the National Banking and Securities Commission (CNBV). Multiva absorbed more than 3,500 trusts, mandates, and common representations that initially represented over MX$3.1 billion (US$181.16 billion) in assets under management.

Following the integration, Multiva closed 2025 with MX$1.6 billion (US$93.5 billion) in trust assets under management, expanding its national fiduciary market share from 0.25% to 15.74% and multiplying its fiduciary asset base 60-fold within 12 months. Caballero estimates that fiduciary management fees will generate between 7.5% and 10% of the bank's total revenue, while trust accounts provide a steady source of deposit funding.

"Fiduciary management is a very important business for us because it generates significant recurring income and without a doubt funds the bank," Caballero stated, adding that fiduciary services now rank as Multiva's third-largest business line after infrastructure and public sector finance.

Multiva closed 2025 with an active loan portfolio of MX$100.44 billion (US$5.87 billion), representing a 39% annual increase. The institution projects loan portfolio growth of approximately 30% in 2026, before stabilizing at annual growth rates between 15% and 20% starting in 2027.