Notice of Closure of JPMorgan Chase Bank, National Association New York Representation Office in Mexico and Revocation of Authorization

DOF: 07/07/2021

OFFICE NOTICE regarding the announcement of the closure of the representation office in Mexico of JPMorgan Chase Bank, National Association New York, New York, United States of North America, 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.- 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. 312-3/0284/2020.- File: CNBV.3S.3.2,312 (1062).

Subject:

Closure of your Representation Office in

Mexico and revocation of the authorization for

its establishment.

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION NEW YORK, NEW YORK, UNITED STATES OF NORTH AMERICA, REPRESENTATION OFFICE IN MEXICO.

Paseo de las Palmas, No. 405, floor 21, Col. Lomas de Chapultepec I Section, Miguel Hidalgo, C.P. 11000, Mexico City.

TO: MR. SANTIAGO LLACA ARRUBARRENA Representative

We refer to your writing submitted to this Commission on August 11, 2020, through the email VPSupervisionGIFB@cnbv.gob.mx, by JPMorgan Chase Bank, National Association, New York, New York, United States of North America, Representation Office in Mexico (JPMorgan Chase Representation Office), through which it notified its definitive closure and, consequently, requested the revocation of its authorization to establish itself as a representation office in Mexico.

BACKGROUND

Through office 305-1-A-19574 dated May 27, 1972, the Ministry of Finance and Public Credit (SHCP), authorized Chemical Bank to establish a representation office in Mexico, named Chemical Bank, New York, N.Y., United States of North America, Representation in Mexico.

Through office 102-E-367-DGBM-IV-3285 dated November 7, 1996, the SHCP took note of the merger of Chemical Bank with The Chase Manhattan Bank and the change to its corporate name to The Chase Manhattan Bank, and also stated that its Representation Office should be known as The Chase Manhattan Bank, New York, N.Y., United States of North America, Representation in Mexico.

Through office DGBA/DGABM/914/2001 dated December 12, 2001, the SHCP authorized The Chase Manhattan Bank, New York, N.Y., United States of North America, Representation in Mexico, to change its name to JPMorgan Chase Bank, New York, N.Y., United States of North America, Representation Office in Mexico, due to the merger of Morgan Guaranty Trust Company of New York, as merged, and The Chase Manhattan Bank, as merging entity.

Through resolution UBA/020/2005 dated February 8, 2005, the SHCP modified the authorization mentioned in paragraph 1 above, in order to reflect the change of name of the representation office to become JPMorgan Chase Representation Office as a consequence of the merger of J.P. Morgan Chase & Co. and Bank One Corporation.

Through office 312-3/0117/2020 dated March 24, 2020, the National Banking and Securities Commission (CNBV), authorized JP Morgan Chase Representation Office that Mr. Santiago Llaca Arrubarrena serve as the representative in charge of that representation office.

In this regard, considering that the request and documentation presented comply with the applicable provisions, this Commission, based on what is established in the Fifteenth, fraction VI of the "Rules for representation offices of foreign financial entities", published in the Official Gazette of the Federation on December 31, 2014, takes note of the closure of JPMorgan Chase Representation Office.

Likewise, this Commission notifies you that, based on the aforementioned Rule Fifteenth, the members of the Board of Directors, in a session held on September 15, 2020, adopted the following Seventh agreement:

"... 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 7 of the Law of Credit Institutions and the Fifteenth, fraction VI of the Rules for representation offices of foreign financial entities, taking into consideration the favorable opinion issued by the Authorization Committee of the National Banking and Securities Commission in its session held on September 4, 2020, unanimously revoked the authorization granted by the Ministry of Finance and Public Credit through office 305-I-A-19574 dated May 27, 1972, for the establishment in national territory of JPMorgan Chase Bank, National Association, New York, New York, United States of North America, Representation Office in Mexico, due to the closure of said representation office. "

This office notice is issued based on articles 16, penultimate paragraph of the Law of the National Banking and Securities Commission; and 12, in relation to 19, fractions I, subsection f) and III and last paragraph, 40, fractions I and VII, 55, second paragraph and 58, first paragraph of the Internal Regulations of the Commission National Banking and Securities Commission.

Respectfully,

Mexico City, September 23, 2020. - General Director of Authorizations to the Financial System, Lic. Aurora de la Paz Torres Arroyo. - Signature. - Deputy General Director of Groups and Financial Intermediaries E-5, C.P. Hugo Canseco García. - Signature. - Director of Groups and Financial Intermediaries, C.P. David Martínez Aguil ar. - Signature.

(R. 508359)

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