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Accendo Banco to complete Deutsche Bank México purchase in June, CEO says

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Accendo Banco to complete Deutsche Bank México purchase in June, CEO says

Gustavo Vergara, the CEO of Accendo Banco SA Institución de Banca Múltiple, said the company expects to complete the acquisition of Deutsche Bank México SA Institución de Banca Múltiple in June, Reuters reported.

The deal had been put on hold following an investigation linking Carlos Djemal, one of Accendo Banco's main shareholders, with money laundering. The company, formerly known as InvestaBank, has been cleared of any wrongdoing.

"We hope that it will be at the latest during the month of June that the process of acquiring Deutsche Bank concludes," Vergara said.

Accendo Banco adopted a new name in mid-May and integrated the operations of Investabank and Sofom Credipresto in the process, Expansión reported. The company also took in a new set of shareholders, with a group led by investor Moisés Cosío, owner of Sofom Credipresto.

Vergara previously said that the bank could undergo a rebranding and a name change once its merger with Deutsche Bank México is completed.

The bank plans to raise its capitalization to 2.50 billion Mexican pesos once it finalizes its merger with Deutsche Bank México.

Accendo Banco concentrates on lending to small and medium-sized enterprises and carries out its operations through digital banking.

As of May 22, US$1 was equivalent to 19.74 Mexican pesos.