This warning led to additional scrutiny of these entities and to adjustments within the sector to strengthen regulatory compliance. With this authorization, Multiva will be able to integrate the assets and structures from the spin-off of CIBanco, while the market remains attentive to how the mid-sized banking sector is reorganizing following recent international alerts. The document establishes that Multiva will be the surviving entity, while the newly created entity resulting from the spin-off of CIBanco is considered the merged entity that will be dissolved. The approval was granted in accordance with the unanimous resolutions approved by the shareholders of both parties. On Friday, the Ministry of Finance formalized the merger between Multiva and CIBanco by publishing the corresponding order in the Official Gazette of the Federation. With this, the department gave the green light to a process that had been under review for months and required the approval of the financial system regulators. The authorization was issued through the Banking, Securities, and Savings Unit, after the National Banking and Securities Commission sent the request to finalize the operation. The Ministry of Finance also set specific conditions that must be met to advance to the next steps in the process. Intercam is no longer under intervention and maintains its license, confirms the ABM. CIBanco was one of the three institutions flagged by the U.S. Department of the Treasury for weak anti-money laundering controls, along with Intercam and Vector.
