Authority prepares revocation of Caja de la Sierra Gorda

The National Banking and Securities Commission (CNBV) will act in the case of the popular financial company (sofipo) Caja Sierra Gorda and is already preparing the revocation of the entity, which has had defaults with its clients since the beginning of 2022.

Last year, the CNBV closely followed the entity and ordered actions so that its situation could be corrected, especially in the level of capitalization, which since June 2021 presented an index of 50% until reaching -6,160.62% in October 2022. ; what is required for these entities is above 130 percent.

In accordance with various requests for transparency, the entity’s administration, headed by Jorge Cruz Ortega, has sought the injection of fresh capital, as well as the incorporation of new shareholders, without success, for which reason it has not been able to comply with its commitments regarding the payment of interest or return of investments.

“Sofipo has stated that it is implementing financial strategies aimed at injecting fresh capital, thereby seeking the integration of new groups of shareholders, with whom they have had interaction, having more activity in recent months; However, to date the negotiations with potential investors have not been finalized”, can be read in a request for transparency made to the CNBV.

Among the actions that the CNBV has ordered this entity, is the publication of its most recent financial statements, where it is observed that as of September 2022, the sofipo had a current credit portfolio of around 20 million pesos, while the savings of its clients registered a balance of more than 197 million pesos.

The entity reduced administrative expenses, since according to the CNBV, this item affected the profitability indicators.

In its supervision work, the CNBV identified sofipo operations outside the law, which have made it difficult for the authority to monitor and trust its financial, economic, operational and legal information.

The way of insurance

According to information from the National Commission for the Protection and Defense of Users of Financial Services, the entity has nine branches, located in Baja California Sur, Mexico City, Guanajuato, Jalisco, Nuevo León, Puebla and Querétaro, for the attention of 18,344 clients.

In the event that the revocation of the entity is completed, its savers can access deposit insurance, which covers up to 25,000 Udis (just over 180,000 pesos) for each saver.

However, the Sofipos Protection Fund, which manages the deposit insurance account, does not have the resources to comply with this obligation either, since it has not fully paid the insurance to Operadora Reforma savers, which was revoked on November 20, 2020.

fernando.gutierrez@eleconomista.mx