Background on Key Players
Emilio Romano, the president of the Asociación de Bancos de México (ABM), recently addressed concerns regarding the stability of Mexico’s banking system amidst ongoing issues with CIBanco and Intercam.
CIBanco and Intercam faced accusations from the US Department of Treasury two months ago, alleging their involvement in money laundering operations related to fentanyl trafficking. However, Romano assured that the Mexican banking system continues to operate normally.
US Treasury’s Extension and Its Impact
The US Treasury extended the deadline for restricting certain fund transfers by CIBanco, Intercam, Vector Casa de Bolsa, and Kapital Bank until October 20. Despite this, both CIBanco and Intercam have already sold significant portions of their businesses to Multiva and Kapital Bank, respectively.
Romano emphasized that the extended deadline reflects a harmonious approach by both the US and Mexican governments to avoid disrupting the Mexican banking system.
Positive Outlook on CNBV Leadership Change
Romano also expressed optimism about the appointment of Ángel Cabrera as the new president of the Comisión Nacional Bancaria y de Valores (CNBV), replacing Jesús de la Fuente on September 1.
“We view this as a positive step towards renewed leadership,” Romano stated, adding that the ABM and CNBV will work diligently to achieve the goals set by President Claudia Sheinbaum.
ABM’s Commitment to Supporting Banxico and Sheinbaum’s Call
At the Banxico centennial celebration, President Claudia Sheinbaum reiterated the need for increased credit penetration among Mexican families and businesses, as well as the challenges posed by digitalization.
Romano, representing the ABM, affirmed that the banking sector is committed to supporting Banxico and President Sheinbaum’s call for continued success in Mexico’s financial system.
Key Questions and Answers
- Q: How is the Mexican banking system affected by CIBanco and Intercam’s situation?
A: The Mexican banking system continues to operate normally, with no unusual behavior or problems observed. The US Treasury’s extended deadline for restricting fund transfers aims to maintain harmony and avoid disruptions.
- Q: What actions have CIBanco and Intercam taken regarding the accusations?
A: Both CIBanco and Intercam have sold significant portions of their businesses to Multiva and Kapital Bank, respectively.
- Q: How does the ABM view the new CNBV president appointment?
A: The ABM views this as a positive step towards renewed leadership, committed to achieving the goals set by President Claudia Sheinbaum.
- Q: What is the ABM’s stance on supporting Banxico and Sheinbaum’s call?
A: The ABM is committed to supporting Banxico and President Sheinbaum’s call for continued success in Mexico’s financial system.
