Merger of Multiva Financial Group and CIBanco
The resolution published in the Official Gazette of the Federation (DOF) on December 5, 2025, paved the way for the merger of Multiva Financial Group and the trust division of CIBanco, a financial entity that ceased operations on October 10. This authorization was formally granted by the Ministry of Finance and Public Credit (SHCP), indicating no legal obstacles to proceed.
Formation of a New Financial Entity
The approval from SHCP will result in the establishment of a new financial entity named “CIBanco SA, Multiple Banking Institution,” which will be integrated into Multiva as part of the merger process. As stated in the resolution, Banco Multiva will remain as the merging company, while the trust division of CIBanco will effectively be extinguished post-merger.
Regulatory Consultations and Approvals
Prior to granting approval, the SHCP consulted with the Bank of Mexico and the National Banking and Securities Commission (CNBV). Both institutions provided favorable assessments during the consultations, which were documented in official letters issued in mid-August 2025. The resolution confirmed that Multiva met all legal, financial, and operational requirements requested by the authorities.
Conditions for Authorization
To finalize the merger, the authorities have conditioned the authorization on the submission of specific documents within ten business days. These documents include:
- Certified copy of resolutions adopted by the Unanimity of Shareholders representing all shares.
- Certified copy of the public deed recording resolutions adopted outside the assembly.
- Simple copy of the proof of entry to the Public Registry of Commerce.
Impact of Allegations Against CIBanco
Previously, CIBanco, along with Intercam and Vector Securities, faced allegations of money laundering from the United States Department of the Treasury. Following these accusations, operations were suspended in October 2025. Jorge Arce, vice president of the Association of Banks of Mexico (ABM), assured that the withdrawal occurred under the supervision of national financial authorities to protect clients and manage asset transfers to other financial institutions.
Looking Forward
The approval of the merger signifies a significant transformation in the Mexican financial landscape. Jorge Arce emphasized the importance of continued collaboration among banks to enhance their operational standards and address ongoing industry concerns. The merger aims not only to streamline operations but also to rejuvenate trust within the financial system in light of recent challenges.
In closing, this merger is anticipated to foster a reinvigorated financial entity in Mexico, offering more robust banking solutions while adhering to enhanced regulatory oversight and customer protection protocols.