Notice revoking authorization for Union de Credito Empresarial, S.A. de C.V. to operate as a Credit Union

DOF: 26/01/2024

OFFICE through which the authorization granted to Union de Credito Empresarial, S.A. de C.V. to operate as a Credit Union is revoked.

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.- Legal Vice Presidency.- General Litigation Directorate.- Office: P401/2023.- File: CNBV.2C.9.1 Revocation, 212, " 11/07/2023 - 11/07/ 2023 " , REV/397/EF/01.

Subject:

Revocation

of

authorization

to

continue

conducting

operations

as

a

Credit

Union

UNION

OF

BUSINESS

CREDIT,

S.A.

OF

C.V.

Av.

Observatory

No.

370-3b,

Col.

16

of

September,

C.P

11810,

Miguel

Hidalgo

Borough,

Mexico

City

This

National

Banking

and

Securities

Commission,

based

on

what

is

provided

in

articles

97

section

VIII,

99

and

100

of

the

Credit

Unions

Law

(hereinafter

LUC),

2,

first

paragraph;

4,

sections

I,

XI

and

XXXVIII,

5,

12

sections

V

and

XV

and

16,

sections

VI

and

XVII

of

the

Law

of

the

National

Banking

and

Securities

Commission

(hereinafter

LCNBV),

in

its

capacity

as

a

Decentralized

Body

of

the

Ministry

of

Finance

and

Public

Credit,

has

the

objective

of

supervising

and

regulating

in

the

scope

of

its

competence

the

entities

that

are

part

of

the

Mexican

financial

system,

in

order

to

ensure

their

stability

and

proper

operation,

as

well

as

to

maintain

and

foster

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,

where

appropriate,

to

agree

on

the

revocation

of

such

authorizations.

With

the

objective

of

complying

with

said

legal

frameworks,

this

resolution

for

the

revocation

of

the

authorization

to

continue

operating

as

a

Credit

Union

is

issued,

which

was

at

the

time

granted

to

the

company

denominated

UNION

OF

BUSINESS

CREDIT,

S.A.

OF

C.V.

(hereinafter

Empresarial,

Union

of

Credit,

Entity

or

Society,

indistinctly),

in

accordance

with

the

following:

BACKGROUND

[ ... ]

CONSIDERATIONS

FIRST.

COMPETENCE.

Based

on

what

is

provided

in

articles

97

first

paragraph,

section

VIII

of

the

Credit

Unions

Law,

2,

4,

sections

I,

XI,

and

XXXVIII,

12

sections

V

and

XV,

16,

sections

VI

and

XVII,

of

the

LCNBV,

in

conformity

with

the

referenced

regulations,

the

National

Banking

and

Securities

Commission,

as

a

Decentralized

Body

of

the

Ministry

of

Finance

and

Public

Credit,

is

authorized

to

authorize

the

constitution

and

operation

of

credit

unions

and,

where

appropriate,

to

agree

on

the

revocation

of

such

authorizations.

[ ... ]

Therefore,

it

is

reasonable

to

conclude

that,

in

conformity

with

the

information

available

to

this

Commission,

concatenated

with

the

fact

that

that

Credit

Union

did

not

provide

sufficient

elements

to

disprove

the

grounds

for

revocation

for

which

it

was

notified,

and

even

less

offered

evidence

of

conviction

by

which

to

discredit

said

circumstance,

which

leads

this

Commission

to

the

conviction

that

the

grounds

for

revocation

for

which

UNION

OF

BUSINESS

CREDIT,

S.A.

OF

C.V.

was

notified

has

been

actualized,

established

in

article

97

section

VIII

of

the

Credit

Unions

Law.

[ ... ]

RESOLVES

FIRST.

This

Decentralized

Body,

based

on

what

is

provided

in

article

97

section

VIII

as

well

as

99

and

100

of

the

aforementioned

Credit

Unions

Law

and

12,

section

V

and

XV,

of

the

Law

of

the

National

Banking

and

Securities

Commission

and

in

conformity

with

the

Eighth

Agreement

adopted

by

the

Board

of

Directors

of

said

Commission

in

its

extraordinary

session

held

on

December

8,

2023,

and

to

the

considerations

that

were

exposed

in

this

resolution,

REVOKES

from

UNION

OF

BUSINESS

CREDIT,

S.A.

OF

C.V.

the

authorization

for

the

organization

and

operation

to

operate

as

a

Credit

Union.

SECOND.

From

the

date

of

notification

of

this

resolution,

UNION

OF

BUSINESS

CREDIT,

S.A.

OF

C.V.

is

unable

to

carry

out

operations

and

will

be

placed

in

a

state

of

dissolution

and

liquidation,

in

accordance

with

what

is

provided

in

article

99

of

the

Credit

Unions

Law.

THIRD.

[ ... ]

FOURTH.

[ ... ]

FIFTH.

[ ... ]

Thus

it

was

provided

by

the

President

of

the

National

Banking

and

Securities

Commission,

based

on

what

is

established

in

articles

16,

sections

VI

and

XVII,

of

the

Law

of

the

National

Banking

and

Securities

Commission

and

signed,

in

substitution

for

absence

of

the

same,

the

Legal

Vice

President

of

this

Commission,

in

conformity

with

what

is

provided

in

articles

3,

section

III,

second

paragraph,

4,

section

I,

subsection

A,

section

II,

subsection

A,

subparagraph

7),

9,

14

and

60

of

the

Internal

Regulations

of

the

National

Banking

and

Securities

Commission.

Respectfully

Mexico

City

on

December

15,

2023.-

Legal

Vice

President

of

the

National

Banking

and

Securities

Commission,

Lic.

Ángel

Salvador

Vargas

Mitre.

• Rubric.

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