Letter authorizing the organization and operation of Banco KEB Hana Mexico, S.A., Multiple Banking Institution Subsidiary

DOF: 16/10/2017

LETTER by which authorization is granted for the organization and operation of a multiple banking institution subsidiary to be named Banco KEB Hana Mexico, S.A.,

A seal bearing the National Coat of Arms is placed at the margin, which reads: United Mexican States.- Ministry of Finance and Public Credit.- National Banking and Securities Commission.- Presidency.- 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 D.-

Letter No.: P292/2017.- File: CNBV.312.211.23 (14427).

Subject:

Authorization for the organization and operation of a multiple banking institution subsidiary to be named Banco KEB Hana Mexico, S.A., Multiple Banking Institution Subsidiary.

KEB HANA BANK

MR. IL WOO

Hamburgo No. 213, floor 12 Juarez Neighborhood 06600 Mexico City

With a letter dated February 8, 2017, and complementary letters dated March 14, May 17, June 27 and 30, July 21, and September 11 of the same year, Mr. Il Woo, on his own behalf and on behalf of KEB Hana Bank, requested authorization from the National Banking and Securities Commission for the organization and operation of a Multiple Banking Institution Subsidiary to be named Banco KEB Hana Mexico, S.A., Multiple Banking Institution Subsidiary, attaching the corresponding supporting information and documentation.

The central proposal of the submitted request considers the establishment of a Multiple Banking Institution Subsidiary to be named Banco KEB Hana Mexico, S.A., Multiple Banking Institution Subsidiary, in accordance with the regime provided for in the Credit Institutions Law and the Rules for the establishment of subsidiaries of foreign financial institutions. According to the proposed corporate scheme, KEB Hana Bank will have the status of a foreign financial entity and Mr. Il Woo will have the status of a minority shareholder, who will carry out the investment directly in the credit institution to be established.

Regarding this matter, the Board of Directors of this Commission, in a session held on the 22nd of the current month and year, based on Article 45-C of the Credit Institutions Law, and

CONSIDERING

FIRST.- That the documentation and information presented in connection with the request for authorization for the organization and operation of the Multiple Banking Institution Subsidiary to be named Banco KEB Hana Mexico, S.A., Multiple Banking Institution Subsidiary, meets the requirements set forth in Articles 45-F, in relation to Articles 9 and 10 of the Credit Institutions Law, in the Fourth of the Rules for the establishment of subsidiaries of foreign financial institutions, and in Articles 2, fraction I, and 336 of the General Provisions applicable to credit institutions;

SECOND.- That the Bank of Mexico, through letter OFI/S33-002-18701 dated September 6, 2017, expressed its favorable opinion that the requested authorization be granted; and

THIRD.- That from the analysis of the received documentation and information, it was concluded that, from a legal, financial, and operational standpoint, it is appropriate to grant the requested authorization, adopting the following:

AGREEMENT

" NINTH.- The members of the Board of Directors, based on Article 12, fractions V and XV of the Law of the National Banking and Securities Commission, in relation to Article 45-C of the Credit Institutions Law, taking into consideration the favorable opinion issued by the Committee of Authorizations of the National Banking and Securities Commission in its session held on September 15, 2017, authorize the organization and operation of the Multiple Banking Institution Subsidiary to be named Banco KEB Hana Mexico, S.A., Multiple Banking Institution Subsidiary.

This authorization is subject to the condition that authorization for the start of operations of Banco KEB Hana Mexico, S.A., Multiple Banking Institution Subsidiary, be obtained from the National Banking and Securities Commission, within the timeframe established in the third paragraph of Article 8 of the Credit Institutions Law, which will proceed once compliance with the requirements established in Article 46 Bis of the aforementioned legal instrument is accredited, as well as the making of a contribution of $35,000,000.00 prior to the start of operations, in order to strengthen the social capital of that institution and maintain its stability and proper functioning.

Additionally, and in order to ensure effective communication of policies, guidelines, instructions, and other decisions between the National Banking and Securities Commission, the Bank of Mexico, and other supervisory authorities with the personnel of Banco KEB Hana Mexico, S.A., Multiple Banking Institution Subsidiary, it is relevant that the board of directors, as well as the main executives of that institution, can communicate fluently in the Spanish language.

This Agreement is adopted without prejudice to the other authorizations and approvals that, in connection with the described act, must be obtained from the National Banking and Securities Commission and other competent authorities, in terms of the applicable legal provisions, as well as the exercise of the powers attributed to said Commission during the organization process of Banco KEB Hana Mexico, S.A., Multiple Banking Institution Subsidiary, in which all applicable conditions and requirements for the start of operations must be met. "

The entity whose organization and operation is authorized will be subject to the following:

BASES

FIRST.- The name of the company will be Banco KEB Hana Mexico, S.A., Multiple Banking Institution Subsidiary.

SECOND.- Its duration will be indefinite.

THIRD.- Its corporate purpose will include the performance of all activities and the provision of services set forth in Article 46 of the Credit Institutions Law.

FOURTH.- Its corporate domicile will be Mexico City.

FIFTH.- The amount of its authorized social capital will be $624,828,000.00 (six hundred twenty-four million eight hundred twenty-eight thousand pesos 00/100) M.N.

SIXTH.- The authorization referred to in this letter is, by its very nature, non-transferable.

SEVENTH.- The institution will be subject to the supervision of the National Banking and Securities Commission.

EIGHTH.- The banking and credit services that the institution provides by virtue of this authorization, as well as the other operations it carries out, as well as its organization and functioning in general, will be subject, insofar as not expressly stated in this letter, to the Political Constitution of the United Mexican States, to international treaties or agreements, to the Credit Institutions Law, to the Rules for the establishment of subsidiaries of foreign financial institutions, to the rules and general provisions applicable to credit institutions issued by the National Banking and Securities Commission, to the provisions regarding its operations issued by the Bank of Mexico, and to other current and future norms and provisions issued by any competent authority, including those related to operations with resources of illicit origin and terrorism financing, which by their nature are applicable to it.

Furthermore, this Commission, based on Article 8, second paragraph of the Credit Institutions Law and complementarily to the Agreement adopted by the Board of Directors in the terms stated above, issues a favorable opinion on the draft bylaws of Banco KEB Hana Mexico, S.A., Multiple Banking Institution Subsidiary, in accordance with the document duly sealed and attached to this letter.

The petitioner must deliver this Commission, within a period of ninety natural days counted from the date of notification of this letter, for its approval, the public instrument in which the establishment and social bylaws of Banco KEB Hana Mexico, S.A., Multiple Banking Institution Subsidiary are recorded, as provided in Article 8, second paragraph of the Credit Institutions Law. In any case, the text of this letter must be attached to the instrument or a copy thereof integrated into it.

This letter must be published, at the expense of the interested parties, in the Official Gazette of the Federation and in two widely circulated newspapers of its corporate domicile, in accordance with what is provided in Article 45-C, second paragraph of the Credit Institutions Law.

The foregoing is communicated based on Articles 16, fractions I and VI of the Law of the National Banking and Securities Commission and Articles 9, 12, and 13 of the Internal Regulations of the National Banking and Securities Commission, published in the Official Gazette of the Federation on November 12, 2014.

Respectfully,

Mexico City, September 26, 2017. - The President, Jaime González Aguadé.- Signature.

(R.- 457336)

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