Regulatory Alerts2024-04-22 | DOF 5724095Added
Authorization for the Organization and Operation of a Subsidiary Multiple Banking Institution to be Named Revolut Bank, S.A., Multiple Banking Institution
The National Banking and Securities Commission authorizes Revolut de México, S.A. de C.V. to organize and operate as a subsidiary multiple banking institution named Revolut Bank, S.A., Institución de Banca Múltiple. This authorization is conditional upon the institution securing a paid-up share capital of at least $1,811,791,055.00 MXN, filling pending board and senior management positions, and obtaining prior authorization from the Bank of Mexico if it employs a different provider for exchange rates on non-USD card transactions. The entity must also submit its public instrument adopting the multiple banking regime and its bylaws for approval within ninety days of notification.