CIBanco’s Assurance of Continuity
Following the announcement on Tuesday that Multiva acquired CIBanco’s fiduciary business and Kapital Bank purchased Intercam’s assets and other businesses, both institutions have guaranteed the continuity of their operations during the transition process. Moreover, their teams will integrate into the respective acquiring entities.
CIBanco’s Statement
In a communication to its clients, CIBanco explained that the sale of its fiduciary business to Multiva was a decision made in close coordination with financial authorities after thorough technical, operational, and regulatory analysis given the situation it faces.
“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, they highlighted, is that CIBanco’s 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 added.
They further explained, “With this operation, we not only ensure the continuity of fiduciary services but also strengthen our clients’ positions by integrating them into a solid and experienced financial group, fully open to maintaining the same level of service and attention we’ve always offered.”
CIBanco emphasized that their commitment extends beyond this transaction, as they will continue working alongside Multiva to ensure a smooth, secure, and uninterrupted transition process.
Intercam’s Client Support Focus
Meanwhile, Grupo Financiero Intercam communicated to its clients 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.
The goal, they stressed, is to support more than 238,000 Intercam clients, bolster their capabilities, ensure operational continuity, and stay at the forefront of technological advancements.
“Intercam’s products, services, and channels of attention will continue operating normally now under Kapital Bank while maintaining the personalized attention that has characterized Intercam Grupo Financiero for over three decades,” they explained.
Intercam also mentioned that the transfer of trusts will occur in an organized manner under the conditions set by existing contracts.
They added 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, which is acquiring Intercam’s assets, announced that 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 statement, Kapital Bank also guaranteed the continuity of Intercam’s team, recognizing its collaborators as a key asset to 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 driven by technology integration, automation, and operational intelligence,” Kapital Bank specified.
They further stated, “This operation will reinforce Kapital Bank’s presence in Mexico’s financial system and solidify its position as the country’s corporate bank.”
“Acquiring Intercam Banco, Intercam Casa de Bolsa, and Intercam Fondos’ assets will allow us to combine 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 U.S. Treasury Department,” said René Saúl, Intercam’s co-founder and CEO.
