Background on the Institutions Involved
Multiva and Kapital, along with brokerage firm Finamex, have recently taken over the businesses of CIBanco, Intercam, and Vector following allegations made by the US Treasury Department against CIBanco, Intercam, and Vector. Multiva also owns Autofin.
The Role of the Mexican Secretariat of Finance
The Mexican Secretariat of Hacienda and Credit Publico (SHCP) announced in mid-August that agreements had been reached for CIBanco and Intercam Banco.
Acquisition Details
CIBanco
According to SHCP, the decision was made to transfer CIBanco’s fiduciary division (one of its main businesses) to Banco Multiva. After Multiva announced the acquisition of CIBanco’s entire fiduciary business, SHCP authorized the operation.
Bancopel also acquired CIBanco’s automotive credit portfolio.
Intercam
Initially, SHCP announced that Kapital Bank would acquire a significant portion of Intercam Grupo Financiero’s operations, which includes bank assets and various entities that make up the group.
Kapital Bank later detailed that the acquisition included Intercam Banco’s assets, liabilities, branches, and trusts. Additionally, Intercam Grupo Financiero would be renamed Kapital Grupo Financiero.
The restructuring of this financial group was recently authorized.
Vector Casa de Bolsa
In early October of the previous year, it was announced that Vector Casa de Bolsa’s assets would be transferred to Finamex Casa de Bolsa.
This was not an acquisition but a transfer of client portfolio and assets to Finamex.
Recently, Vector’s brokerage license was voluntarily revoked.
Impact on Market Participation
As a result of these operations, Multiva increased its market participation in the banking sector from 0.88% in October 2024 to 1.10% in October 2025. Kapital’s participation grew from 0.08% to 0.36% during the same period.
Key Questions and Answers
- Who are the main institutions involved? The key players are Multiva, Kapital (including its subsidiary Autofin), and Finamex.
- What businesses did these institutions acquire? They took over CIBanco, Intercam, and Vector’s operations.
- What triggered these acquisitions? The US Treasury Department made allegations against CIBanco, Intercam, and Vector.
- How did the Mexican Secretariat of Finance play a role? The SHCP facilitated agreements for CIBanco and Intercam Banco.
- What was the impact on market participation? Multiva’s participation grew from 0.88% to 1.10%, and Kapital’s participation increased from 0.08% to 0.36%.
