On August 19th, 2025, Banco Multiva, S.A., Institución de Banca Múltiple, Grupo Financiero Multiva (“Multiva”) executed a definitive agreement to acquire the entirety of CIBanco, S.A., Institución de Banca Múltiple (“CIBanco”) fiduciary and common representative business.
As a relevant background, and as it was widely reported across the media, it should be noted that on June 25th, 2025, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued orders designating CIBanco as an institution “of primary money laundering concern” in connection with illicit opioid trafficking. These orders prohibited certain fund transmittals to and from the institution, putting its assets and fiduciary operations at serious risk. This situation created an environment of uncertainty that accelerated the pursuit of strategic alternatives.
The transaction was conducted through a competitive process under the supervision of the Institute for the Protection of Bank Savings (IPAB), the Ministry of Finance and Public Credit (SHCP), and the National Banking and Securities Commission (“CNBV”).
Scope of the Acquisition
As a result of this transaction, Multiva will assume the administration of more than 3,500 trusts and mandates comprising assets in the tens of billions of pesos, thereby substantially consolidating its presence in the Mexican fiduciary market.
The institution has indicated that it will continue to operate CIBanco’s existing technological platform and service standards, while simultaneously implementing more robust regulatory and operational control frameworks. These mechanisms (subject to the ongoing supervision of the CNBV) are intended to safeguard the security of the administered assets and to protect the interests of clients and beneficiaries.
The completion of the legal and operational transfer is anticipated in the fourth quarter of 2025, subject to the receipt of the requisite regulatory approvals. During the transition period, Multiva will deploy specialized technical teams, review and strengthen its internal anti–money laundering policies, and align its cybersecurity practices with uniform standards, with the aim of ensuring an orderly and transparent migration without material impact on the ordinary operation of the trusts.
Next Steps for Clients and Beneficiaries
At this stage, CIBanco’s clients and beneficiaries are not required to take any action. In accordance with regulatory timelines and the provisions of each trust agreement, they will receive formal notices regarding the migration process.
Clients are encouraged to remain in regular contact with their account officers in order to receive updated information on the transition process and any additional documentation requirements that may arise. Multiva, in turn, has reaffirmed its commitment to providing timely communication regarding key regulatory and operational developments.
Finally, the sanctions and potential liabilities from U.S. authorities to which, indirectly, the settlors (fideicomitentes) and beneficiaries (fideicomisarios) might have been exposed due to CIBanco’s management; which liabilities could cease once the trustee substitution takes effect. This is because Multiva will assume the role of trustee in the relevant agreements and receive the corresponding assets, without succession or transfer of any liabilities arising from CIBanco’s prior administration.
Notwithstanding, it is recommended to review such waivers and clearances under the specific clauses of the trust agreement, where, ideally, the banking institution shall hold the settlor and the beneficiary free and harmless from any such contingencies.
*This document is for informational purposes only and does not constitute a binding legal opinion.*
