Background on Intercam and its Recent Developments
Intercam Grupo Financiero, a prominent financial group in Mexico, has undergone significant changes following allegations of money laundering. The group includes Intercam Banco, CIBanco, and Vector Casa de Bolsa. In June 2021, the U.S. Department of Treasury accused Intercam Banco of enabling money laundering operations.
Intercam’s Troubles and Kapital Bank Acquisition
In August 2021, Kapital Bank (formerly Autofin) acquired a substantial portion of Intercam’s operations. This move came after the U.S. Treasury Department’s accusations against Intercam Banco.
Restructuring and New Identity
The Mexican Secretariat of Finance and Public Credit (SHCP) authorized the restructuring of Intercam Grupo Financiero through its Banca Valores y Ahorro (UBVA) unit. This restructuring aims to establish a new society, Kapital Grupo Financiero, as the majority shareholder and controller of Intercam Banco.
Details of the Restructuring
- Intercam Grupo Financiero will be partially split without being dissolved, creating a new society.
- The new society will be the majority shareholder and controller of Intercam Banco.
- Intercam Banco will be separated from Intercam Grupo Financiero due to the split.
- Banco Autofin (owned by Kapital) will be incorporated into the group.
Statutory Changes and Approvals
The SHCP’s directive outlines modifications to Intercam Grupo Financiero’s statutes, reflecting reduced capital and eliminating references to Intercam Banco. It also incorporates references to Banco Autofin and establishes the new name, Kapital Grupo Financiero.
Both the Bank of Mexico (Banxico) and the National Banking and Securities Commission (CNBV) expressed favorable opinions on this operation.
Impact and Future Outlook
Following the U.S. Treasury Department’s accusations, Intercam sold a significant portion of its business to Kapital Bank. This restructuring signifies Intercam’s attempt to distance itself from the controversy and establish a new identity under Kapital Grupo Financiero.
Key Questions and Answers
- What was the issue with Intercam Grupo Financiero? The U.S. Department of Treasury accused Intercam Banco, part of the group, of enabling money laundering operations.
- Who acquired Intercam’s operations? Kapital Bank, previously known as Autofin, purchased a substantial portion of Intercam’s business.
- What is the new name and structure of Intercam Grupo Financiero? The restructured group will be known as Kapital Grupo Financiero, with Banco Autofin (owned by Kapital) as a key component.
- What regulatory bodies approved the restructuring? Both the Bank of Mexico (Banxico) and the National Banking and Securities Commission (CNBV) expressed favorable opinions on this operation.
