“We arrive at an agreement with a vector, a specific economic agreement to buy the funds and to transfer the accounts. They are two separate agreements,” Carrillo explained.
The businesses that finmex acquired involve the care of customer assets and the investment of money in stock assets.
If the 30,000 vector customers decide to stay in Finamex and do not change financial institution, Finamex will have 150,000 clients in total and 220,000 million pesos in assets.
In addition to customers and investment funds, Finamex will stay with around 150 and 200 vector employees that will advise customers in this transfer.
One of the problems posed by this agreement is that Vector had around 16 or 17 offices nationwide in places where finmex has no presence, so Carrillo analyzes the process to transfer these people to new offices or relocating them.
The manager expects the transfer of the 30,000 clients closer to 200 vector employees to formalize before October 20, the date on which the United States government gave as a limit for the penalties to enter the sanctions against vector, intercam and CI BANCO.
We are concentrated is to give stability to customers (…) They have been in uncertainty for three months, that they do not know what will happen, the first thing is to transmit to customers tranquility and know that they are in a good place
Eduardo Carrillo, CEO of Finamex Casa de Bolsa.
Finamex, having no experience in trust management, chose not to seek to enter that business while the vector exchange business was considered “risky”, so they also gave up acquiring it.
“It is a business in which we have stayed remote, we have not liked it because we believe that it does have risks and implications with which we did not feel prepared to be able to measure those risks correctly, but it does not mean that we do not do it forward,” he said.
For Carrillo, the learning that left the Treasury Department to the three financial institutions was a “ear pull” for the entire financial sector in Mexico, so that it works in the prevention of money laundering.
“More than winners in this transaction, we have thanks to the Mexican government and with customers; a lot of work will come in the coming weeks,” he said.
Carrillo stressed that the negotiations were made with a vector, the National Banking and Securities Commission (CNBV) and the intervener assigned by the Government.
“The Government remained on the sidelines, they were impartial and focused on seeking that the stability of the financial system would bind,” he said.
The vector exchange business, the trust business, as well as the leave of the Bolsa House and the fund operator license is pending. International vector is expected, the business that operates in the United States, has a buyer in that country.
