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Fitch affirms CIBanco's national ratings

Fitch Ratings on Oct. 11 affirmed CIBanco SA Institución de Banca Múltiple's A-(mex) long- and F2(mex) short-term national ratings.

The outlook is stable.

The ratings reflects CIbanco's well-positioned franchise in the currency brokerage segments and its business profile which, although is relatively riskier, shows greater diversification than its closest peers, Fitch said. They also consider the bank's adequate profitability, improved asset quality and a reasonably stable and diversified liquidity position consistent with the business model.

However, the ratings also show the bank's weak capital position, pressured by the increase in intangible assets and the gradual rise in capital requirements for operating risk set by the regulator.

In addition, Fitch maintained the same ratings on CIBanco's related brokerage firm, CICasa de Bolsa SA.