The damage is done, and the crisis unleashed by U.S. sanctions on three Mexican financial institutions is now set to be resolved through several avenues: political, judicial, and, in the case of Intercam, through a sale.
The U.S. Department of the Treasury has granted a new extension to CI Banco and Intercam, as well as to the Mexican brokerage firm Vector, which now have until October 20, 2025, to reach agreements and address the findings—or be disconnected from the U.S. financial system. The previous deadline had been set for September 4.
This marks the second time the Financial Crimes Enforcement Network (FinCEN) has extended the deadline.
“This extension reflects the continued measures undertaken by the Government of Mexico to effectively address the concerns raised in FinCEN’s orders, including maintaining temporary administration of the affected institutions to promote regulatory compliance and prevent illicit financing,” the Treasury Department stated in an informational note released Tuesday evening when announcing the extension for the Mexican financial institutions.
“Death Sentence”: CI Banco
The extension was granted despite reports earlier this week that CI Banco filed a lawsuit against the U.S. Department of the Treasury and FinCEN over the money laundering accusations made against it. CI Banco argued that the institution had been given a “death sentence” by being effectively blocked from the U.S. financial system.
The bank accused the Treasury and FinCEN of damaging its reputation and credibility without presenting solid evidence, which immediately triggered a managerial intervention by Mexican authorities in the institution, as well as in the other two implicated entities.
CI Banco has been seriously affected by the accusation. On Tuesday, it was also reported that Grupo Financiero Multiva signed an agreement to acquire all of CI Banco’s trust business assets, although the financial terms of the deal were not disclosed.
However, data from the National Banking and Securities Commission (CNBV) show that, as of the end of June this year, CI Banco’s trust business amounted to 3.102 trillion pesos (around USD 163.266 billion), representing 26.7% of the entire system.
In contrast, Multiva’s trust business stood at 33.733 billion pesos (USD 1.775 billion), just 0.29% of the more than 11.5 trillion pesos (USD 605.264 billion) handled by the banking sector’s fiduciary operations.
“With this transaction, Banco Multiva, in its capacity as trustee, will ensure the continued normal operation within the applicable regulatory compliance framework, guaranteeing the protection of the rights of the parties involved in the trust businesses,” Multiva stated in a message sent to the Mexican Stock Exchange.
Intercam Fails to Withstand Pressure, Sells to Kapital Bank
Intercam could not withstand the pressure triggered by accusations of alleged money laundering operations by the U.S. Department of the Treasury. The institution—which next year would have marked 26 years in operation as a financial group—announced its sale to Kapital Bank.
Kapital Bank, a Mexican financial institution, will acquire the assets, liabilities, branches, and trusts of Intercam Banco, Intercam Casa de Bolsa, and Intercam Fondos. The total value of the transaction was not disclosed.
The acquisition, subject to approval from the CNBV and other regulatory authorities, represents a strategic move for Kapital Bank and an opportunity to strengthen its operational capacity and value proposition for corporate clients.
Kapital Bank announced it will inject USD 100 million to reinforce Intercam’s operations, provide greater financial stability, and ensure the fulfillment of obligations to clients and investors.
Second Extension
The initial deadline to disconnect the accused Mexican institutions from the U.S. financial system had been set for July 21. However, just days before that date, the first extension was granted through September 4.
Now, a second extension has been issued to allow the institutions involved to comply with the orders issued by the Treasury Department. However, while that process unfolds, the damage continues. On Tuesday night, in addition to news of the sale of CI Banco’s trust business, the potential end of Intercam was revealed, as it sells its assets to a smaller bank.
