The Black Rock Investment Fund reviews the consequences of the US prohibition of doing financial operations with Cibanco, which is stock certificates trustee that quote on the Mexican Stock Exchange.
“The administrator is carrying out a review of the possible consequences that the orders (imposed by the US Financial Crime Control Network against Cibanco) can have on the Trust (CIB/3341) and is evaluating their options to deal with any risk for its investors,” said the world’s largest investment fund, owned by Laurence D. Fink.
Lee: Customer resources in Cibanco, Intercam and Vector are safe and there are no danger: AMIB
The American firm explained that although these orders do not expressly refer to Mexican trusts, its scope can also be applied to Mexican trusts in which Cibanco acts as a trustee, including the Cib/3341 trust, created in December 2019 between Cibanco and Black Rock, and which operates fiduciary stock certificates of investment projects under the capital mechanism.
The Treasury Department designated Cibanco as a subject of main concern in money laundering in relation to illicit opioid traffic, so it prohibited financial institutions in the United States from carrying out any transmission of AO funds from Cibanco.
The measure will enter into force 21 days after publication in the Federal Registry and have no established expiration date.
The first to disconnect and take distance from Cibanco were Inn and Terrafina fiber.
Lee: Inn and Terrafina fiber are unmarked from cibanco after eu accusation
Cibanco, which began operations in this area in November 2009, is the fiduciary of 353 stock certificates, which operate in the Mexican Stock Exchange and other stock markets.
In 2014, the banking institution made the acquisition of the fiduciary area of the New York Mellon Mexico Bank, in order to strengthen the trust and common representation business.
At the end of 2018, Cibanco signed the acquisition contract of the fiduciary business and common representative from Evercore Fiduciary and the second semester of 2020 ended the process of splitting and fusion.
Lee: Bank has controls to avoid money laundering: Mexico Banks Association
In 2019 he held an agreement with Deutsche Bank to acquire his fiduciary division,
authorizing at the end of 2020 the management of split and fusion.
