Banks Thrived Under AMLO Amid Money Laundering Scandals

Mexico City — Despite the economic recession triggered by the Covid-19 pandemic, Vector, Intercam, and CIBanco experienced unprecedented growth during the presidency of Andrés Manuel López Obrador. These three Mexican financial institutions, now under scrutiny by the U.S. Department of the Treasury for alleged money laundering and later intervened by Mexico’s National Banking and Securities Commission (CNBV), collectively reported net profits of 14.4 billion pesos from January 2019 to September 2024.

This figure represents a fivefold increase compared to the 2.8 billion pesos earned during the equivalent period under former President Enrique Peña Nieto, according to their financial reports filed with the CNBV.

Close Ties to AMLO

Vector, the brokerage firm founded by Alfonso Romo—who served as López Obrador’s Chief of Staff—recorded a net profit of one billion pesos during the previous administration, reversing a 100-million-peso loss incurred under Peña Nieto.

CIBanco, chaired by Guanajuato native Jorge Rodrigo Rangel de Alba, posted earnings of three billion pesos during the first phase of López Obrador’s self-styled “Fourth Transformation,” up from 1.9 billion pesos under the prior government.

Intercam, the financial group established by Mexico City businessman Mario Eduardo García Lecuona Mayeur, emerged as the biggest beneficiary, amassing 10.4 billion pesos in net profits—ten times the 1.1 billion pesos it earned during Peña Nieto’s term.

“The financial statements of these three firms could face significant setbacks if they lose clients or if authorities transfer asset custody to other institutions,” warned Humberto Calzada, Chief Economist for Rankia Latin America.

Calzada added that the U.S. government’s allegations could further erode investor confidence.

Expansive Payrolls

By the end of López Obrador’s term, Vector employed 838 workers, making it the largest brokerage firm by workforce among Mexico’s 36 active securities firms. These institutions primarily facilitate transactions between investors and stock markets, including the Mexican Stock Exchange (BMV) and the Institutional Stock Exchange (Biva), offering services such as asset trading, personalized advisory, and portfolio management.

Meanwhile, CIBanco concluded the previous administration with over 3,000 employees, per CNBV records. The regulator has been led by Jesús de la Fuente Rodríguez since November 2021.

Intercam operates as the only full-fledged financial group among the three, engaging in commercial banking, brokerage, and investment funds, with total assets valued at 146 billion pesos. CIBanco, however, surpassed this with 161 billion pesos in assets solely from its commercial banking operations.

Prior Investigations

Transfers totaling $47 million between 2015 and 2016—involving Nunvav Inc., a company linked to Samuel and Alexis Weinberg, alleged frontmen for Genaro García Luna, Mexico’s former Secretary of Public Security under Felipe Calderón—and Vector were already cited in a 2021 civil lawsuit filed by Mexico’s Financial Intelligence Unit (UIF) in a Florida court to recover misappropriated public funds.

In August 2024, the UIF bolstered its legal action by formally requesting additional information from Mexican financial authorities regarding these transactions.