MEXICO CITY.- CFECAPITAL, a subsidiary of CFE, says that it undertakes to select as a replacement to a financial institution with reputation, capacity and solidity.
CFE Capital, subsidiary of CFE, reported that the removal of Cibanco was approved as Fiduciary of CFE Fiber E, the Energy and Infrastructure Investment Trust, constituted by the National Electric.
The new financial institution will be appointed by the administrator among a list, CFE explained in a statement.
“CFECAPITAL has promised to select as a replacement to a financial institution with the reputation, capacities and solidity necessary to meet the current and future needs of the Fiber E, key instrument to finance the development of strategic electrical infrastructure in Mexico,” he said.
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He said that while the designation of the new fiduciary institution is formalized that will replace Cibanco, this group will continue to fulfill its function under the established terms, maintaining the administration of its heritage separately to that of the heritage of the trust, and without the latter being able to be affected by obligations of the institution.
“CFE Capital reaffirms the commitment to protect the interests of the holders of the Fiber E, and continue to manage the trust under the highest standards of solidity and transparency,” he said.
The Fiber CFE is an energy investment and infrastructure trust in the electricity sector in Mexico, and channels private capital resources, both national and international, to be used in strategic projects.
Earlier this month Hacienda announced that he had withdrawn the Fiduciary Business of Cibanco and Intercam Banco to transmit it temporarily to the development bank.
The government’s announcement occurred after the US Treasury indicated to these two banking entities and the Vector House of alleged money laundering linked to drug trafficking.
“The solution consists of the temporary transmission of the trustee business to Mexican development banking entities, allowing trusts to continue operating without interruptions, for the benefit of their trusts, beneficiaries and third parties involved,” said Hacienda in a statement.
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