Notice revoking authorization for Bank Hapoalim B.M. and Bank Hapoalim (Switzerland) Ltd. Joint Representation Office in Mexico and its closure

DOF: 23/02/2017

OFFICE DOCUMENT through which the revocation of the authorization for the establishment of Bank Hapoalim B.M. and Bank Hapoalim (Switzerland) Ltd., Joint Representation Office in Mexico, and consequently its closure, is made known.

At the margin, a seal with the National Coat of Arms, which reads: United Mexican States.- Ministry of Finance and Public Credit.- National Banking and Securities Commission.- Presidency.- Vice Presidency of Regulation.- Vice Presidency of Supervision of Groups and Financial Intermediaries B.- Office No.: 310-14435/2017.- File No.: CNBV.312.211.23 (5827).

Subject:

Closure of its Joint Representation Office in Mexico, as well as revocation of the authorization for its establishment.

BANK HAPOALIM B.M.

BANK HAPOALIM (SWITZERLAND) LTD.

Blvd. Manuel Ávila Camacho No. 24, PH-1 Col. Lomas de Chapultepec, Del. Miguel Hidalgo 11000, Mexico City

TO:

MR. DANIEL LEÓN Representative

We refer to your writing submitted on December 9, 2016, through which you notified this Commission of the definitive closure of Bank Hapoalim B.M. and Bank Hapoalim (Switzerland) Ltd., Joint Representation Office in Mexico, and consequently requested the revocation of the corresponding authorization.

BACKGROUND

Through office document 356-I-BE-2428 dated February 20, 1980, the Ministry of Finance and Public Credit authorized Bank Hapoalim B.M. of Tel-Aviv, Israel, to establish a representation office in Mexico.

Through writings dated October 22, 2009, and March 8, 2010, Bank Hapoalim B.M. and Bank Hapoalim (Switzerland), Ltd., requested authorization from this Commission for the establishment of a joint representation office in Mexico.

Through office document 312-2/32988/2010 dated April 5, 2010, this Commission communicated to Bank Hapoalim B.M. and Bank Hapoalim (Switzerland), Ltd., the agreements adopted by its Board of Directors in the session held on March 24, 2010, consisting of:

I.

Authorizing the establishment in national territory of a joint representation office, with the name of Bank Hapoalim B.M. and Bank Hapoalim (Switzerland), Ltd., Joint Representation Office in Mexico, and

II.

Rendering ineffective the authorization for the establishment of the representation office in Mexico of Bank Hapoalim B.M., contained in office document 356-I-BE-2428 dated February 20, 1980.

Taking into account the background stated above and considering that the request and documentation presented comply with the applicable provisions, this Commission, based on the provisions of 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, has resolved to authorize the closure of Bank Hapoalim B.M. and Bank Hapoalim (Switzerland) Ltd., Joint Representation Office in Mexico.

As a consequence of the foregoing and based on the aforementioned Fifteenth Rule, the members of the Board of Directors of this Commission, in the session held on the 3rd of the current month and year, adopted the following:

AGREEMENT

"NINTH.- 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 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 January 27, 2017, unanimously approved the revocation of the authorization for the establishment of Bank Hapoalim B.M. and Bank Hapoalim (Switzerland) Ltd., Joint Representation Office in Mexico, granted by the National Banking and Securities Commission through office document 312-2/32988/2010 dated April 5, 2010, as a consequence of its closure."

This office document is issued based on Articles 12, 15, fraction VIII, in relation to 19, fractions I, subsection 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; and

1, fraction VI, 11, fraction I, subsections 1) and 3) and 36, fraction I, subsection 1) of the Agreement by which the President of the National Banking and Securities Commission delegates powers to the Vice Presidents, General Directors, and Assistant General Directors of said Commission, published in the aforementioned Gazette on November 30, 2015.

Respectfully,

Mexico City, February 7, 2017. - The Vice President of Regulation, Arcelia Olea Leyva. - Signature. - The Vice President of Supervision of Groups and Financial Intermediaries B, Ricardo Medina Álvarez. - Signature.

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