Notice of Closure of BAC Florida Bank Representation Office in Mexico and Revocation of Establishment Authorization

DOF: 24/12/2019

OFFICE LETTER notifying the closure of BAC Florida Bank Representation Office in Mexico, as well as the revocation of the authorization for its establishment

At the margin, a seal with the National Coat of Arms, which reads: United Mexican States.- GOVERNMENT OF MEXICO.-

TREASURY.- Ministry of Finance and Public Credit.- National Banking and Securities Commission.-

Vice Presidency of Normativity.- 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.: 312-2/70341/2019.- File: CNBV.3S.3.2, 312 (8008).

Subject:

Closure of your Representation Office in

Mexico, as well as revocation of the

authorization for its establishment.

BAC FLORIDA BANK

REPRESENTATION OFFICE IN MEXICO

Empresarial Arcos Bosques, Bosques de Alisos 47-B, Ground Floor

Col. Bosques de las Lomas, Cuajimalpa de Morelos

05120, Mexico City

TO:

MR. ANDRÉS NIETO SÁNCHEZ DE TAGLE

Responsible Representative

We refer to the documents submitted on October 21 and November 6, 2019, by BAC

Florida Bank, Representation Office in Mexico, and BAC Florida Bank, by which they notified this

Commission of the definitive closure of BAC Florida Bank, Representation Office in Mexico, and, in

consequence, the revocation of the corresponding authorization, respectively.

BACKGROUND

1.

With office letter 312-2/12910/2013 dated December 6, 2013, this Commission authorized the

establishment of a representation office in Mexico City, D.F., under the name

of BAC Florida Bank, Representation Office in Mexico.

2.

Through office letter 312-2/16875/2017 dated August 21, 2017, this Commission authorized BAC

Florida Bank, Representation Office in Mexico, for Mr. Andrés Nieto Sánchez De

Tagle to serve as the responsible representative of said representation office.

3.

With office letter 312-2/16891/2017 dated August 23, 2017, this Commission modified the terms of

the authorization mentioned in the previous paragraph 1, so that Mr. Andrés Nieto Sánchez De

Tagle would remain as its current representative.

In light of the aforementioned background and considering that the request and documentation presented

comply with the applicable provisions, this Commission, based on what is established in the Fifteenth,

paragraph VI of the "Rules for representation offices of foreign financial entities",

published in the Official Journal of the Federation on December 31, 2014, has resolved to authorize the closure of BAC Florida

Bank, Representation Office in Mexico.

Furthermore, and based on the aforementioned Fifteenth Rule, the members of the Board of

Directors of this Commission, in a session held on November 28 of the current year, adopted

the

following:

AGREEMENT

"TWENTIETH.- The members of the Board of Directors, based on Article 12, paragraph XV of the

Law of the National Banking and Securities Commission, in relation to Article 7 of the Law of Credit Institutions and the Fifteenth, paragraph VI of the Rules for representation offices of foreign financial entities, taking into consideration the favorable opinion issued by the Committee of

Authorizations of the National Banking and Securities Commission in its session held on November 14,

2019, unanimously approved the revocation of the authorization for the establishment in Mexico of BAC

Florida Bank, Representation Office in Mexico, granted by the Board of Directors of the Commission

National Banking and Securities Commission in its session held on November 29, 2013, and notified through

office letter 312-2/12910/2013 issued by the Commission itself on December 6, 2013, as a consequence

of its

closure"

This office letter is issued based on Articles 12, in relation to 19, paragraphs I, subsection f),

III and last paragraph, and 40, paragraphs I and VII of the Internal Regulations of the National Banking and Securities

Commission, published in the Official Journal of the Federation on November 12, 2014.

Respectfully,

Mexico City, December 2, 2019. - The General Director of Authorizations

to the Financial System, Aurora de la Paz

Torres Arroyo. - Signature. - The General Director of Supervision of Groups and

Financial Intermediaries E, Sergio Méndez

Santa Cruz. - Signature.

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