Mexico Buyers Emerge For Parts of Banks Targeted by Trump (1)

Two Mexican banks targeted by the administration of US President Donald Trump for potentially aiding money laundering by drug cartels have sold significant parts of their operations, the government said.

CIBanco SA will transfer its trustee business to Banco Multiva SA while Kapital Bank will acquire a “significant” part of Intercam Grupo Financiero’s operations, the finance ministry said in a statement on Tuesday.

Mexico’s government took over control of the banks shortly after the Treasury Department’s Financial Crimes Enforcement Network issued an unprecedented order in late June that would cut off the banks from the US financial system.

The sale ...