The Ministry of Finance ends its relationship with Intercam and CIBanco

In order to ensure the continuity of the trusts affected by the management intervention of Intercam and CIBanco , the Ministry of Finance and Public Credit (SHCP) reported that "the trusts will continue to operate uninterrupted, for the benefit of their settlors, beneficiaries, and third parties involved."

To this end, the bank decided to temporarily transfer these trusts to development banking institutions. Although it did not specify how many or which ones were transferred, it was also not specified whether Nacional Financiera or another entity would be responsible for their administration.

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The Treasury also announced that a mechanism will be implemented to permanently transfer the trust business to private financial institutions "under conditions that ensure continuity, legality, and certainty for all participants in the system."

As part of this process, the SHCP began the spin-off of the trust business of both institutions, with the goal of "guaranteeing the operational continuity of the trusts they currently manage."

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The agency assured that the entire process will be carried out in accordance with current regulations in coordination with supervisory authorities and added that "the corresponding regulatory and operational controls will be maintained" with "the ongoing support of the CNBV and financial authorities to oversee the process and protect the interests of users."

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