Accendo Bank unfortunately lost its license due to “bad practices” that affected its capitalization index (lack of regulatory compliance). This was a decision made by the Mexican financial authorities.
“Acting in an expeditious, timely, and legally compliant manner, the Governing Board of cnbvmx has decided to revoke the authorization granted to Accendo Bank to organize and operate as a multiple banking institution in Mexico.”
With the objective of protecting and safeguarding the interests of savers, as well as ensuring the stability of the financial system, IPAB will act as the liquidator of Accendo and will automatically and free of charge provide deposit insurance.
On the other hand, the liquidation of Accendo Bank will not negatively affect Mexico's economic recovery, nor does it imply a financial bailout of a private institution or its shareholders. This financial problem has no involvement with other banks of high or low standing — that is, it will not directly or indirectly affect other banks across all areas. However, it serves as a lesson for many users and banks: creating bad financial practices and placing a personal agenda above the law can cause serious legal problems due to a major violation before the tax authority (SAT).