Salem Radio Network News Tuesday, September 23, 2025

Business

Mexican real estate trusts drop CIBanco as trustee after US sanctions

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MEXICO CITY (Reuters) -Mexican real estate trusts Terrafina and Fibra Inn on Friday said they would remove lender CIBanco as their trustee, after U.S. sanctions over money laundering accusations caused Mexican authorities to step in to manage the bank earlier this week.

The U.S. Treasury on Wednesday prohibited certain transactions with CIBanco, as well as bank Intercam and brokerage Vector Casa de Bolsa, under new fentanyl-related sanctions. All three firms deny the money laundering allegations.

President Claudia Sheinbaum said on Thursday she had not received any evidence of money laundering from the U.S.

Mexico’s banking regulator will temporarily manage the three financial insitutions.

Terrafina said in a filing that it was taking steps to address any potential risks posed by authorities’ intervention of CIBanco, but that it did not expect to see a hit from the move.

Fibra Inn, a hotel real estate trust, said CIBanco would serve as trustee until a new one was selected and appointed.

(Reporting by Noe Torres and Kylie Madry; Editing by Sarah Morland)

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