Mexico’s Institute for the Protection of Bank Savings (IPAB) has revoked CIBanco’s license and has begun to liquidate the embattled financial services provider.
IPAB announced Friday that it will begin paying out insured deposits beginning on Monday, Oct. 13, and advised account holders to visit its official website for information: www.gob.mx/ipab.
CIBanco clients with loans or credits can register to receive their funds at the government-managed payment portal beginning Oct. 13. The instructions are as follows:
- Visit the IPAB payment portal at www.gob.mx/ipab.
- Complete the form with the required information, as shown on your latest CIBanco account statement.
- Provide a CLABE account number from a Mexican commercial bank to receive your guaranteed deposits by transfer.
- You will receive a confirmation email on the same day that the account holder’s details are correctly registered.
The estimated processing time is 48 to 72 business hours, depending on the bank you have registered to receive the transfer. If you do not have another bank account in Mexico, you must go to a CIBanco branch or an IPAB office to file a physical Payment Request; bank accounts corresponding to a third party will not be accepted.
The government has also created a website to explain the legal framework for the actions being taken and issued an alert warning about fraudsters.
Deposits at CIBanco are protected by the IPAB for up to 400,000 Investment Units (UDIs) per person, equivalent to $3,424,262.40 pesos as of Friday.
IPAB cautioned that this coverage only applies to products considered insured deposits, provided they do not fall under the exclusion criteria established in the Bank Savings Protection Act (LPAB). The deadline to complete the liquidation procedure is one year, that is, by Oct. 13, 2026.
Those who do not receive their payment or believe the amount refunded is incorrect may submit a request or claim directly to IPAB offices.
However, people holding loans with CIBanco must continue making payments, even though the bank is in liquidation.
Click here for a list of the CIBanco branches that will remain open for inquiries, clarifications and requests for payment of secured obligations. They will not be providing financial transactions or services.
IPAB also announced that it does not cover deposits belonging to CIBanco Shareholders, members of the board of directors, representatives with administrative powers and general managers, although they still retain their right to file claims directly.
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) sanctioned CIBanco and two other financial institutions in June, accusing them of laundering millions of dollars for drug cartels.
The Governing Board of the National Banking and Securities Commission (CNBV) soon thereafter ordered the temporary management intervention of CIBanco, Vector and Intercam.
After initially staving off sanctions in July, regulators imposed restrictions on the three companies’ international transfers, depositor withdrawals, and banking operations, prompting them to sell off assets in August.
With reports from El Financiero, Animal Político, La Jornada and Infobae
The outcome with intercam being sold to Kapitol was much more favorable and it has been a very smooth transition
But there still is no Swift code to enable transferring funds from Kapital out of Mexico or sending funds in the reverse direction
Kapital is part of Banco AutoFin so you use Banco AutoFin’s SWIFT code. I have an account with Kapital and successfully transfer from my US-based bank to my account with Kapital.
I am sdubcribed
That’s gonna be a shit show, folks. Get your popcorn. My condolences to the deposit holder. Oh boy.
With all the drama going on with Intercam aka Kapital I am now using WISE to transfer dollars to pesos. Rather than dealing with Kapital.
Once I subscribed to Wise the process took about 5 minutes online to transfer dollars from my US bank to pesos at my Mexican bank. Easy, fast, and a reasonable transfer fee. However my Mexican bank required me to authenticate my identity but only for the initial transfer. I find that it’s easier to use my Mexican bank to pay for goods and services online than it was with Intercam.
My mother was an expat. I built a house in San Miguel de Allende as part of that legacy. I have been a Cibanco customer for years. I held numerous term deposits which were well above the insured amount. I failed to diversify across multiple institutions. Now, I have lost years of savings and trust of the Mexican baking system.