Why cibanco Is Trending Today?

CIBanco, a Mexican bank, has been ordered to cease operations and begin liquidation proceedings. The decision was made following pressure from the United States over alleged money laundering activities. Customers are advised to retrieve their funds immediately, with deposits up to a certain limit protected by the IPAB.

The Institute for the Protection of Bank Savings (IPAB) has revoked CIBanco's operating license due to alleged money laundering activities, leading to the bank's immediate liquidation. The National Banking and Securities Commission (CNBV) cited a 'surprising' reason for the revocation. CIBanco's clients can expect to receive their money back through the IPAB, with the process starting soon after the license revocation. The liquidation comes just ten days before potential sanctions were set to take effect.

Kapital Bank has agreed to acquire key assets from Grupo Financiero Intercam, including its broker-dealer, asset management, and operational banking units. The acquisition, valued at $100 million, will significantly boost Kapital Bank's capital.