CIBanco License Revocation and Liquidation Announcement
Mexico’s Bank Savings Protection Association (IPAB) has revoked the license of CIBanco, moving forward with the liquidation of the troubled financial services provider.
On Friday, IPAB disclosed that it will start distributing insured deposits beginning Monday, October 13. Account holders are advised to check the official website for further details.
For CIBanco customers with loans or credit, it’s possible to register for fund distribution via a government-managed payment portal. The steps to follow are:
- Access the IPAB Payment Portal.
- Complete the required form, ensuring you have your latest CIBanco account statement handy.
- To receive your guaranteed deposit via wire transfer, provide your CLABE account number from a Mexican commercial bank.
- After successfully registering your details, you’ll get a confirmation email on the same day.
Processing times are estimated between 48 and 72 business hours, depending on the bank used for receiving the transfer. If you lack a separate bank account in Mexico, you can either visit a CIBanco branch or submit physical documents to the IPAB office for a payment request. Note that payments to third-party bank accounts aren’t permitted.
The government has also made available a website detailing the legal framework behind these actions, as well as a warning about potential scammers.
CIBanco’s deposits are safeguarded by IPAB up to a limit of 400,000 investment units (UDI), which equated to about P3,424,262.40 as of Friday. However, this coverage applies only to products classified as insured deposits unless they meet exclusion criteria specified in the Bank Savings Protection Act. The liquidation process is expected to conclude within a year, specifically by October 13, 2026.
If you find that you haven’t received your payment or suspect inaccuracies in your refund, you can submit a claim directly to the IPAB office. It’s important to note that borrowers with loans from CIBanco must continue making payments during this liquidation period.
For a list of CIBanco branches that remain operational, you can check the provided link. These branches are available for inquiries and payment requests but won’t handle normal financial transactions.
Additionally, IPAB indicated that deposits belonging to CIBanco shareholders, board members, and individuals with management authority are not covered by insurance, though they can file claims directly.
In June, the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) imposed sanctions on CIBanco and two other financial institutions for allegedly facilitating money laundering for drug cartels.
Following this, the National Banking and Securities Commission (CNBV) intervened temporarily in CIBanco, along with Vector and Intercam, and eventually restricted international money transfers and banking operations, leading to asset sales in August.
