Authorization for Banco Internacional de Costa Rica, S.A. to Establish a Representation Office in Mexico

DOF: 04/02/2022

OFFICE LETTER through which authorization is granted to Banco Internacional de Costa Rica, S.A., for the establishment of a representation office in Mexico.

A seal with the National Coat of Arms appears on the margin, which reads: United Mexican States.- FINANCE.- Ministry of Finance and Public Credit.- National Banking and Securities Commission.- Vice Presidency of Regulation.- General Directorate of Authorizations to the Financial System.- Vice Presidency of Supervision of Groups and Financial Intermediaries B.- General Directorate of Supervision of Groups and Financial Intermediaries E.-

Office No.: 312-1/10039152/2021.- File: CNBV.3S.3.2.312, (15787).

Subject:

Authorization is granted to that entity for the establishment of a representation office in Mexico.

BANCO INTERNACIONAL DE COSTA RICA, S.A.

Av. Paseo de los Tamarindos 60, Third Floor, Col. Bosques de las Lomas, Alc. Cuajimalpa de Morelos, C.P. 05120, Mexico City.

TO THE ATTENTION OF:

MR. CHRISTIAN SOMMERHALDER Legal Representative

We refer to your submissions presented to this Commission on August 2 and October 25, 2021, via the email address VPSupervisionGIFB@cnbv.gob.mx, through which, on behalf and in representation of Banco Internacional de Costa Rica, S.A. (BICSA), you requested authorization to establish a representation office in Mexico.

Regarding this matter, the Board of Directors of this Commission, in the session held on December 13, 2021, based on Article 7 of the Credit Institutions Law and the Fourth of the Rules for representation offices of foreign financial entities (Rules), and taking into consideration the analysis of the documentation and information presented, adopted the following Agreement:

"FOURTH ... The members of the Board of Directors, based on Article 12, fraction XV of the Law of the National Banking and Securities Commission, in relation to Article 7, first paragraph of the Credit Institutions Law and with the Fourth, first paragraph of the Rules for representation offices of foreign financial entities, unanimously authorized the establishment in Mexico of a representation office of Banco Internacional de Costa Rica, S.A."

The authorization has been granted considering the following:

BACKGROUND

1. BICSA is an entity constituted in accordance with the laws of the Republic of Panama and is subject to the supervision of the Superintendence of Banks of Panama (SBP).

2. By Resolution SBP-0056-2021 dated May 7, 2021, issued by the SBP, it was resolved to authorize BICSA to establish a representation office in Mexico, without prejudice to compliance with the current legal and regulatory framework established by the national jurisdiction.

3. Mr. Olivier Castro Pérez, in his capacity as President Director of the Board of Directors of BICSA, stated that in an ordinary session held on March 25, 2021, the aforementioned collegiate body agreed: (i) to establish a representation office in Mexico; and (ii) to appoint Mr. Christian Sommerhalder as the person in charge thereof.

The representation office of BICSA shall be governed by the following bases:

BASES

FIRST. - It must comply in all respects regarding its operation with what is provided in Article 7 of the Credit Institutions Law and in the Rules for representation offices of foreign financial entities, and particularly with the following:

I. It will bear at all times the denomination Banco Internacional de Costa Rica, S.A., followed by the expression "Representation Office in Mexico".

II. It will have its domicile in Mexico City.

SECOND. - The representation office will be subject to inspection and oversight by the National Banking and Securities Commission.

THIRD. - By its own legal nature, this authorization is non-transferable.

This office letter must be published in the Official Gazette of the Federation, at the expense of the promoting entity, in accordance with what is provided in the Fourth, second paragraph of the Rules.

BICSA will have a period of six months from the date on which the notification of this office letter takes effect to begin its activities, in terms of what is provided in the Fourth, third paragraph of the Rules.

The start of operations of the representation office in question is subject to the report that BICSA must present to this Commission and other competent financial authorities, with an advance of at least fifteen calendar days prior to the scheduled date, in terms of the Eleventh, fraction II of the Rules.

Additionally, this Commission notes that the loss by the representative in charge of the BICSA representation office of any of the characteristics established in the Eighth of the Rules, including falling under any of the circumstances preventing them from serving as a representative, as well as the declaration of false data, will be grounds for revocation to act as a representative of the representation office in question, in accordance with what is established in the Eighth, penultimate paragraph of the Rules.

This office letter is issued based on Articles 16, antepenultimate paragraph of the Law of the National Banking and Securities Commission; 12, 17, fraction X, 19, fractions I, subsection f), II, III and last paragraph, 40, fractions I, IV and 58, first paragraph of the Internal Regulations of the National Banking and Securities Commission.

Respectfully,

Mexico City, December 14, 2021.- General Director of Authorizations to the Financial System, Lic. Aurora de la Paz Torres Arroyo.- Signature.- General Director of Supervision of Groups and Financial Intermediaries E, Lic. Gabriela Acevedo Mora.- Signature.

(R. 516 460)

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