Notice revoking authorization for Banco General, S.A., Representation Office in Mexico to continue operations

DOF: 04/03/2025

OFFICE LETTER revoking the authorization to continue operating as a representation office granted to Banco General, S.A., Representation Office in Mexico.

At the margin, a seal with the National Coat of Arms, which says: United Mexican States.- Treasury.- Ministry of

Treasury and Public Credit.- National Banking and Securities Commission.- Legal Vice Presidency.- General

Litigation Directorate.- Office: P038/2025.- File: CNBV.2C.5 Revocation 212 () "17/04/2024 - 17/04/ 2024", REV/373/EF/01

SUBJECT: REVOCATION OF AUTHORIZATION TO CONTINUE OPERATING

AS A REPRESENTATION OFFICE OF A FOREIGN FINANCIAL ENTITY.

LEGAL REPRESENTATIVE OF BANCO GENERAL, S.A., OFFICE

OF REPRESENTATION IN MEXICO

Montes Urales No. 632, Third Floor, Lomas de Chapultepec Neighborhood,

C.P 11000, Miguel Hidalgo Municipality, Mexico City.

[ ... ]

This

National

Banking

and

Securities

Commission,

based on

Article

7,

third paragraph

of the

Credit Institutions Law

(hereinafter "LIC"),

in relation to

fraction V

of Rule Fifteen

of the Rules for

Representation Offices of

Foreign Financial Entities

(hereinafter "the Rules"),

2

first paragraph;

4,

fractions I,

XI

and

XXXVIII,

5,

12

fractions

V

and

XV

and

16,

fractions

VI

and

XVII

of the

Law of the

National Banking and

Securities Commission

(hereinafter LCNBV),

has as its objective to supervise and

regulate in the

scope of its

competence the

entities that are

part of the

Mexican financial

system, in order to ensure their stability and proper functioning, as well as to maintain and promote the sound and balanced development of said system as a whole, in protection of the interests of the public, to authorize the constitution and operation of those entities that are indicated by the laws and, in its case, to agree on the revocation of said authorizations.

With the objective of complying with said legal provisions, this revocation resolution of the authorization to continue operating as a representation office of a foreign financial society is issued, which at the time was granted to the society named BANCO GENERAL, S.A., REPRESENTATION OFFICE IN MEXICO, (hereinafter "Banco General, Representation Office, Entity or Society", interchangeably), in accordance with the following:

BACKGROUND

[ ... ]

CONSIDERATIONS

FIRST. COMPETENCE.

Based on what is provided in articles 7, third paragraph of the LIC, in relation to fraction V of Rule Fifteen of the Rules, 2, 4, fractions I, XI, and XXXVIII, 12 fractions V and XV, 16, fractions VI and XVII, of the LCNBV, in accordance with the referred regulation, the National Banking and Securities Commission, as a Decentralized Body of the Ministry of Treasury and Public Credit, is authorized to authorize the constitution and operation of representation offices of foreign financial entities and, in its case, to agree on the revocation of said authorizations.

[ ... ]

Therefore, it is appropriate to conclude that, in accordance with the information available to this Commission, concatenated with the fact that this representation office did not provide sufficient elements to refute the ground for revocation in question, the ground for revocation by which BANCO GENERAL, S.A., REPRESENTATION OFFICE IN MEXICO was summoned has been met, established in article 7, third paragraph of the LIC, in relation to fraction V of Rule Fifteen of the Rules.

[ ... ]

RESOLVES

FIRST.

This Decentralized Body, based on what is provided in article 7, third paragraph of the Credit Institutions Law, in relation to fraction V of Rule Fifteen of the Rules for Representation Offices of Foreign Financial Entities and 12, fractions V and XV, of the Law of the National Banking and Securities Commission and in accordance with the AGREEMENT FIRST adopted by the Board of Directors of said Commission in its ordinary session held on February 12, 2025, and to the considerations that were exposed in this resolution,

REVOKES

BANCO GENERAL, S.A., REPRESENTATION OFFICE IN MEXICO,

the authorization for the organization and functioning to operate as a representation office of a foreign financial entity.

SECOND.

From the date of notification of this resolution, BANCO GENERAL, S.A., REPRESENTATION OFFICE IN MEXICO, is unable to carry out activities.

THIRD. [ ... ]

The foregoing is made known to you based on what is provided in articles 16, fraction VI, and penultimate paragraph, of the Law of the National Banking and Securities Commission and 14 of the Internal Regulations of the National Banking and Securities Commission, as well as in terms of the AGREEMENT FIFTH adopted by the Board of Directors of said Commission in its ordinary session held on February 12, 2025.

Thus, the President of the National Banking and Securities Commission provided for this, based on what is established in articles 16, fractions VI and XVII, of the Law of the National Banking and Securities Commission and signed, in substitution for absence, the Legal Vice President of this Commission, in accordance with what is provided in articles 3, fraction III, second paragraph, 4, fraction I, section A, fraction II, section A, subsection 7), 9, 14 and 60 of the Internal Regulations of the National Banking and Securities Commission.

Respectfully,

Mexico City, February 19, 2025.- Legal Vice President of the National Banking and Securities Commission, Lic. Ángel Salvador Vargas Mitre.- Signature.

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