Notice regarding the closure of the Mexico representation office of Bank of Montreal, Montreal, Canada, and the revocation of its establishment authorization

DOF: 28/12/2020

OFFICE LETTER by which the closure of the representation office in Mexico of Bank of Montreal, Montreal, Canada, as well as the revocation of the authorization for its establishment, is made known

A seal with the National Coat of Arms appears at the margin, 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. 312-2/0046/2020.- File: CNBV.3S.3.2, 312 (1032).

Subject:

Closure

of

your

Representation

Office

in

Mexico,

as

well

as

revocation

of

the

authorization

for

its

establishment.

BANK

OF

MONTREAL

MONTREAL,

CANADA

REPRESENTATION

IN

MEXICO

Blvd.

Manuel

Ávila

Camacho,

No.

24-PH

Col. Lomas

de

Chapultepec,

Miguel

Hidalgo

11000

Mexico City

TO:

MR.

MANUEL

JESÚS

MORALES

ARRIAGA

Representative

in

charge

We refer to your writings submitted on

November 14, 2019, and January 14 and 17, 2020,

through which you notified this Commission of the

definitive closure of Bank

of Montreal, Montreal, Canada,

Representation in Mexico

and, consequently, requested

the revocation of the corresponding

authorization.

BACKGROUND

1.

With office number 305-I-A-39204 dated October 9, 1963,

the Ministry of Finance and Public Credit (SHCP),

authorized the establishment of a

representation office in national territory,

with the name of Bank of Montreal, Montreal, Canada,

Representation in Mexico.

2.

Through Resolution 305-I-A-17515 dated May 27, 1972,

the SHCP authorized Bank of Montreal to maintain

in national territory, the establishment of

said representation office.

Taking into account the background exposed and

considering that the request and documentation

presented comply with the applicable provisions,

this Commission, based on what is established in

the Tenth Fifth, fraction VI of the "Rules for

representation offices of foreign financial entities",

published in the Official Gazette of the Federation on December 31, 2014,

has resolved to authorize the

closure of Bank of Montreal, Montreal, Canada,

Representation in Mexico.

On the other hand and based on the aforementioned

Tenth Fifth rule, the members of the

Board of Directors of this Commission,

in a session held on January 30, 2020,

adopted the following:

AGREEMENT

"THIRD.- 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 of the Credit Institutions Law

and the Tenth Fifth, 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 January 21, 2020,

unanimously revoked the

authorization granted by the

Ministry of Finance and Public Credit

through office number 305-I-A-39204 dated October 9, 1963,

for the establishment in national territory of

Bank of Montreal, Montreal, Canada,

Representation in Mexico, due to the

closure of said representation office."

This office letter is issued based on

articles 12, in relation to 19, fractions I, sub-paragraph f), III

and last paragraph and 40, fractions I

and VII 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, February 10, 2020. - 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.

(R. 502073)

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