Mexican financial authorities have revoked the banking license of CIBanco, initiating a formal liquidation process. The Institute for the Protection of Bank Savings (IPAB) is now managing the closure and has outlined a procedure for account holders to retrieve their insured deposits. The process for depositors to claim their funds began on October 13, 2025.
Key Takeaways
- Mexican regulators have revoked CIBanco's license, and the bank is being liquidated.
- Depositors are insured by IPAB for up to 400,000 UDIs, approximately $3.4 million pesos.
- The official process to claim funds started on October 13, 2025, and customers have until October 13, 2026, to complete their claims.
- Loan holders must continue to make their regular payments to CIBanco despite the liquidation.
Regulators Initiate CIBanco Liquidation
Mexico's Institute for the Protection of Bank Savings (IPAB) officially announced it has taken control of CIBanco after the financial institution's license was revoked. This action marks the beginning of a formal liquidation, where the bank's operations will be wound down and its assets managed to pay back depositors and creditors.
IPAB has assured the public that a structured process is in place to protect account holders. The primary mechanism for this protection is the government's deposit insurance fund, which covers customer deposits up to a specific legal limit.
Background on Regulatory Action
The closure follows significant regulatory scrutiny. In June, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) sanctioned CIBanco, along with Vector and Intercam, over accusations of laundering money for drug cartels. Following this, Mexico's National Banking and Securities Commission (CNBV) intervened, initially imposing temporary management before escalating restrictions on the bank's operations, including international transfers and depositor withdrawals.
How Depositors Can Claim Their Money
IPAB has established a clear, step-by-step process for CIBanco customers to access their insured funds. Account holders are encouraged to act promptly, though they have a one-year window to complete the procedure, ending on October 13, 2026.
Online Claim Process
For most customers, the process can be completed online through the official government portal. This method is designed for individuals who have an account at another commercial bank in Mexico.
- Visit the official IPAB payment portal at www.gob.mx/ipab.
- Complete the required online form. You will need information found on your most recent CIBanco account statement.
- Provide the CLABE number of a personal account at another Mexican bank where the funds will be transferred.
- After successful registration, you will receive a confirmation email on the same day.
According to IPAB, the transfer of funds is expected to take between 48 and 72 business hours, depending on the receiving bank's processing times.
In-Person Claim Process
Individuals who do not have another bank account in Mexico must file a claim in person. This can be done by visiting a designated CIBanco branch or an IPAB office to submit a physical Payment Request form.
It is important to note that funds cannot be transferred to an account belonging to a third party; the receiving account must be in the name of the CIBanco account holder.
Understanding Deposit Insurance Coverage
The protection offered by IPAB is a cornerstone of Mexico's banking system, designed to maintain public confidence during a bank failure. However, there are specific limits and exclusions that customers should understand.
Insurance Limit Details
Deposits at CIBanco are insured for up to 400,000 Investment Units (UDIs) per person. As of October 10, 2025, this amount was equivalent to $3,424,262.40 Mexican pesos. This coverage applies to the total amount of insured products held by an individual at the bank.
What Is Not Covered
The Bank Savings Protection Act (LPAB) specifies certain exclusions from insurance coverage. IPAB announced that deposits belonging to the following groups are not eligible for this protection:
- CIBanco Shareholders
- Members of the board of directors
- High-level managers and representatives with administrative powers
These individuals retain the right to file claims directly through the liquidation process but are not covered by the standard deposit insurance.
Obligations for CIBanco Loan Holders
A critical point for many CIBanco clients is that financial obligations to the bank remain in effect. IPAB has explicitly stated that anyone holding a loan, credit card, or mortgage with CIBanco must continue to make their scheduled payments as usual.
"People holding loans with CIBanco must continue making payments, even though the bank is in liquidation," an official statement clarified.
Failure to maintain payments on loans could result in default, negatively affecting the borrower's credit history and potentially leading to legal action, just as it would with any active bank.
Additional Information and Fraud Prevention
To assist customers during this transition, a limited number of CIBanco branches will remain open. These locations will not conduct financial transactions but will serve as information centers for inquiries, clarifications, and payment requests.
Authorities have also issued a public alert, warning customers to be vigilant against fraud. Scammers may try to take advantage of the situation by creating fake websites or contacting customers to request personal information. Depositors should only use the official government website (www.gob.mx/ipab) and be wary of unsolicited communications.
If a depositor believes the amount they received is incorrect or has not received their payment within the expected timeframe, they can submit a formal claim directly to IPAB's offices for review.
