CIBanco’s Statement on Multiva Acquisition
Following the announcement on Tuesday of Multiva’s acquisition of CIBanco’s fiduciary business and Kapital Bank’s purchase of Intercam’s assets and other businesses, both institutions have ensured the continuity of operations during the transition process. Moreover, their teams will integrate into the respective acquiring entities.
CIBanco’s Commitment to Clients
In a statement addressed to its clients, CIBanco explained that the sale of its fiduciary business to Multiva was a decision made in close coordination with financial authorities, following an exhaustive technical, operational, and regulatory analysis of the situation it faced.
“Our objective has been to safeguard our clients’ interests and ensure that the operation continues under the hands of an institution capable of preserving and enhancing the quality of service they deserve,” CIBanco detailed.
A crucial aspect of the transaction, CIBanco highlighted, is that its fiduciary team and common representation will integrate into Multiva as part of the process. “This guarantees that clients will continue to be attended by the same group of professionals they are familiar with, maintaining our signature closeness and commitment,” CIBanco explained.
CIBanco further emphasized that this operation not only ensures the continuity of fiduciary services but also strengthens its clients’ positions by integrating them into a solid and experienced financial group, maintaining the same level of service and attention.
CIBanco also mentioned that its commitment does not end with this transaction, as it will continue working alongside Multiva during the transition process to ensure a smooth, secure, and uninterrupted operation.
Intercam’s Focus on Client Support
In its own statement to clients, Grupo Financiero Intercam highlighted that the agreement with Kapital Bank includes the acquisition of Intercam Casa de Bolsa, Intercam Fondos, and the assets, liabilities, branches, and trusts of Intercam Banco.
Intercam’s primary goal, it stated, is to support more than 238,000 clients and strengthen their capabilities while ensuring operational continuity and maintaining technological advancement.
“Intercam’s products, services, and channels of attention will continue operating normally, now under Kapital Bank with the same personalized attention that has characterized Intercam Grupo Financiero for over three decades,” Intercam explained.
Intercam also mentioned that the transfer of trusts will occur in an orderly manner under the conditions established in existing contracts. Furthermore, it noted that the integration process, announced by the Secretariat of Finance, will be gradual and transparent.
Both operations are subject to the necessary authorizations.
Kapital Bank’s Investment and Team Continuity Guarantee
Kapital Bank, the entity acquiring Intercam’s assets, announced it will inject $100 million into the business to support clients and provide them with more product and service options, incorporating technological innovation and personalized attention.
In a press release, Kapital Bank also guaranteed the continuity of Intercam’s team, recognizing its collaborators as a key asset that will be integrated into the new phase.
“Kapital Bank will inject $100 million to strengthen Intercam’s operation, provide greater financial solidity, and ensure the fulfillment of its obligations to clients and investors. Intercam’s clients will continue using their products and channels as usual, now with increased efficiency and an optimized experience through technology integration, automation, and operational intelligence,” Kapital Bank specified.
With this operation, Kapital Bank reinforces its presence in the Mexican financial system and consolidates itself as the country’s corporate bank.
“Acquiring Intercam Banco, Intercam Casa de Bolsa, and Intercam Fondos’ assets will allow us to integrate complementary capabilities, accelerate technological innovation, and consolidate a more robust offering for our current and new clients. We are proud to have intervened in acquiring these assets at this critical time and maintain active conversations with the US Treasury Department,” said René Saúl, Intercam’s co-founder and CEO.
Key Questions and Answers
- What was announced regarding CIBanco and Intercam? Multiva acquired CIBanco’s fiduciary business, while Kapital Bank purchased Intercam’s assets and other businesses.
- How will CIBanco’s clients be affected? CIBanco’s fiduciary team will integrate into Multiva, ensuring clients continue to be attended by familiar professionals with the same closeness and commitment.
- What is Intercam’s primary goal? To support its more than 238,000 clients by strengthening their capabilities, ensuring operational continuity, and maintaining technological advancement.
- How will Kapital Bank support the acquired businesses? Kapital Bank will inject $100 million into Intercam’s operations, ensuring greater financial solidity and supporting clients’ obligations. It will also maintain Intercam’s team and provide technological innovation and personalized attention.
- What is the significance of these acquisitions for Kapital Bank? These acquisitions strengthen Kapital Bank’s presence in the Mexican financial system and consolidate its position as the country’s corporate bank.
