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

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DOF: 25/01/2021

OFFICE LETTER revoking the authorization to operate as a Credit Union for Credit Union Empresarial, Unión de Crédito S.A. de C.V.

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.- Deputy General Legal Directorate of Procedures B.- Office No. P498/ 2020 .-

CNBV.2C.9 Revocation 212, (588), " 07/10/2019-07/10/2019 " REV/376/EF/01 .

SUBJECT: Authorization to operate as

Credit Union is revoked.

CREDIT UNION EMPRESARIAL, UNIÓN DE

CRÉDITO S.A. DE C.V.

AV. BENITO JUÁREZ, NUMBER 705 SOUTH, COLONY

CUAUHTÉMOC, ZIP CODE 50130, TOLUCA, STATE OF

MEXICO.

L.A. Patricia Rodríguez Vilchis.

General Director.

This National Banking and Securities Commission, based on the provisions of articles 2, 4,

paragraphs I, XI, and XXXVIII, 12 paragraphs V and XV, 16, paragraphs VI and

XVII, of the Law of the National Banking and Securities Commission (hereinafter LCNBV), in relation to the fourth paragraph of article 5 of the same Law;

articles 14, 75 and 97 paragraphs II and XIV of the Credit Unions Law (hereinafter the LUC), with the object of to comply with said legal orders, issues this resolution revoking the authorization to operate as a Credit Union, which was granted at the time to the company denominated CREDIT UNION EMPRESARIAL, UNIÓN DE CRÉDITO S.A. DE C.V., in accordance with the following:

BACKGROUND

I. By office number 601-II-33632 dated July 30, 1993, published in the Official Gazette of the Federación, on October 01, 1993, the then National Banking Commission (currently the National Banking and Securities Commission) granted authorization to operate as a Credit Union to the Entity with the denomination: "Commercial and Services Credit Union of the State of Mexico" .

II. By office number 311-34974/2010 dated March 05, 2010, published in the Official Gazette of the Federation, on April 02, 2010, the National Banking and Securities Commission (CNBV or Commission) authorized modifying the terms of the authorization granted, changing its denomination to Credit Union Empresarial, Unión de Crédito S.A. de C.V.

III. By office number 212-1/62593/2020 dated August 17, 2020 (hereinafter notice of summons) this Commission summoned the Entity to the administrative procedure for revocation of its authorization to continue operating as a Credit Union, as it was allegedly located in the grounds provided for in article 97 paragraphs II and XIV of the Credit Unions Law, that is, for not complying with net capital requirements in relation to credit and market risks, and presenting a net capital and accounting capital lower than established in the applicable regulations in this matter, for which it was granted the deadline of ten business days to exercise its right to be heard, to manifest what it deemed convenient for its interests, offer evidence and formulate arguments, in relation to the specified grounds.

IV. As of the date of this resolution, it is not recorded in the registers of this Decentralized Body that the Credit Union in question has exercised the right to be heard nor made any manifestation with regard to the grounds for revocation contained in the notice of summons.

VI. On October 29, 2020, the revocation of the authorization of Credit Union Empresarial, Unión de Crédito S.A. de C.V. was submitted to the consideration of the Governing Board of the National Banking and Securities Commission, based on the facts stated in the previous sections, which adopted the SIXTH AGREEMENT in the ordinary session held on the aforementioned date, a certified copy of which is attached to this resolution and, for quick reference, is transcribed:

" SIXTH.- The members of the Governing Board, based on the provisions of article 12, paragraphs V and XV of the Law of the National Banking and Securities Commission, in relation to article 97, paragraphs II and XIV of the Credit Unions Law, agreed unanimously to revoke the authorization granted by the then National Banking Commission (currently the National Banking and Securities Commission), by office number 601-II-33632 dated July 30, 1993, to Credit Union Empresarial, Unión de Crédito S.A. de C.V., to organize and operate as a credit union, so that in accordance with the Law of Credit Unions, its dissolution and liquidation shall proceed, in the terms contained in the resolution that accompanied the corresponding note and which forms part of this agreement ".

As a result of the foregoing, the reasons and legal grounds supporting the revocation of the authorization granted to the aforementioned Entity are set forth below.

CONSIDERATIONS

FIRST. - COMPETENCE. Based on the provisions of articles 14, 75 and 97 paragraphs II and XIV of the Credit Unions Law, 2, 4, paragraphs I, XI, and XXXVIII, 12 paragraphs V and XV, 16, paragraphs VI and XVII, of the LCNBV, the National Banking and Securities Commission, as a Decentralized Body of the Ministry of Finance and Public Credit, is empowered to authorize the constitution and operation of credit unions and, if applicable, to agree on the revocation of such authorizations.

SECOND. - GROUND FOR REVOCATION. By office number 212-1/62593/2020 dated August 17 2020, this Commission summoned the Entity to the administrative procedure for revocation of its authorization to continue carrying out operations as a credit union, as it was allegedly located in the grounds for revocation established in article 97 (1) paragraphs II and XIV of the Credit Unions Law, for not complying with the capitalization requirements for credit established in the applicable regulations, as well as because the accounting capital of the union is less than the minimum capital required based on the level of operations authorized for it, as was made known to it in the aforementioned office.

THIRD. - As stated in section IV of the Background chapter of the revocation resolution we are dealing with, as of today, it is not recorded in the registers of this Decentralized Body that the Credit Union in question has exercised the right to be heard nor made any manifestation with regard to the grounds for revocation contained in the notice of summons.

In such considerations, due to the contumacy of the Credit Union, the grounds for revocation of its authorization to operate as a Credit Union are considered proven, established in article 97 paragraphs II (2) and XIV (3) of the aforementioned LUC, for which reason the following is exposed:

I. By Surveillance Observations Office number 132-C/6604/2018 dated May 22, 2018, received by Credit Union Empresarial, Unión de Crédito S.A. de C.V., on May 30, 2018, the National Banking and Securities Commission communicated the following irregularities:

As a result of its surveillance activities, the Commission reviewed the Regulatory Reports: R01 A-111 Minimum Catalog, R10 A-1011 Reclassifications in the Balance Sheet with figures as of March 31, 2018, and determined the following:

1. Shortfall in Accounting Capital.

The Accounting Capital of the Entity is less by $5,010,422, than the Minimum Capital required based on its level of operations (I), as shown below:

UDIS PARAMETER LEVEL I

Number of UDIS

Date of UDI

UDI Value

Minimum Capital

2,000,000

31/12/2016

5.5629

11,125,766

Capital Insufficiency

(Figures as of March 31, 2018)

Regulation

Concept

Amount of

Accounting

Capital (A)

Minimum Capital

(B)

Shortfall

(A-B)

Article 97 Paragraph

XIV of the LUC

Accounting Capital

6, 115, 344

11,125,766

-5,010,422

For the above, the Union infringed paragraph XIV of article 97 of the LUC, in relation to what is established in paragraph I of article 18 (4) of the same Law.

2. Shortfall in Net Capital.

The Net Capital of that Society is less than the Minimum Capital required by $6,994,817, in function to its level of operations (I), as shown below:

UDIS PARAMETER LEVEL I

Number of UDIS

Date of UDI

UDI Value

Minimum Capital

2,000,000

31/12/2016

5.5629

11,125,766

Capital Insufficiency

(Figures as of March 31, 2018)

Regulation

Concept

Amount of

Net

Capital

(A)

Minimum Capital

(B)

Shortfall

(A-B)

Paragraph II of article 97,

in relation to the third paragraph

of article 48 of the LUC, and the

paragraph I of article 18 of the

same law.

Net Capital

4,130,949

11,125,766

-6,994,817

For the above, the union infringed paragraph II of article 97, in relation to the third paragraph of article 48 (5) of the LUC and paragraph I of article 18 of the same Law.

3. Shortfall in Net Capital in relation to credit and market risks.

This Commission observed that the Net Capital of the Entity is lower than the capital requirements for credit and market risks, by $6,034,997, as shown below:

Capital Insufficiency

(Figures as of March 31, 2018)

Regulation

Concept

Sum of

requirements (A)

Net Capital

(B)

Shortfall

(A-B)

Paragraph II of article

97, in relation to the

first paragraph of

article 48 of the LUC and

article 77 of the

Provisions.

Capital requirements

for each type of

risk (credit and

market)

10,165,947

4,130,949

-6,034,997

For the above, the Union infringed paragraph II of article 97 of the LUC, in relation to the first paragraph of article 48 of the LUC and article 77 (6) of the Provisions of general nature applicable to the general warehouses, exchange houses, credit unions and multiple-object financial societies regulated (hereinafter the Provisions (7) ) .

II. On the other hand, this Commission carried out the review of the Regulatory Reports R01-A-0111 Minimum Catalog, R13-B-1321 Balance Sheet and R21-A 2111 Capitalization Requirements by Risks, from March 31, 2018 to August 31, 2020, submitted by that Society, of which it was observed that the Credit Union does not comply with the net capital requirements in relation to credit and market risks, and presents a net and accounting capital lower than established in the applicable regulations in the matter, as shown below:

*The value of the UDI as of December 31, 2016

**The value of the UDI as of December 31, 2017

*** The value of the UDI as of December 31, 2018

Upon observing the aforementioned capital insufficiency, the entity deviates from compliance with the regulations specified in the preceding paragraphs, which places it in the grounds for revocation of its authorization to operate, provided for in article 97 paragraphs II and XIV of the Credit Unions Law.

Based on the above, the National Banking and Securities Commission, prior to agreement of its Governing Board, taken in its ordinary session held on November 13, 2020 and with the object of preserving the stability of the financial system as a whole, safeguarding the interests of the public:

RESOLVES

FIRST. This Decentralized Body, based on the provisions of article 12, paragraphs V and XV, of the Law of the National Banking and Securities Commission, in relation to article 97, paragraphs II and XIV of the Credit Unions Law; as well as in accordance with the SIXTH AGREEMENT adopted by the Governing Board of the said Commission in its ordinary session held on November 13, 2020 and the considerations that were exposed in this resolution, revokes the authorization to continue carrying out operations as a credit union, in the terms in which it was granted by the then National Banking Commission (currently the National Banking and Securities Commission), by office number 601-II-33632 of July 30, 1993, to Credit Union Empresarial, Unión de Crédito S.A. de C.V.

SECOND. As of the date of notification of this resolution, Credit Union Empresarial, Unión de Crédito S.A. de C.V., is unable to carry out operations and will enter a state of dissolution and liquidation, in accordance with what is provided in article 100 of the Credit Unions Law.

THIRD. Based on what is provided in the second paragraph of article 99 of the Credit Unions Law, register this resolution in the corresponding Public Commerce Registry and publish it in the Official Gazette of the Federation.

FIFTH. Based on what is established in the penultimate paragraph of article 16 of the Law of the National Banking and Securities Commission, in articles 4, paragraphs I, section B and II, section B, subsection 26), 9 and 12 of the Internal Regulations of the National Banking and Securities Commission, published in the Official Gazette of the Federation on November 12, 2014; as well as 51 of the Agreement by which the President of the National Banking and Securities Commission delegates Powers to the Vice Presidents, General Directors and Deputy General Directors of the said Commission, published in the Official Gazette of the Federation of November 30, 2015, updated with the reforms published in the said Official Gazette on December 14, 2016, and in terms of what is ordered in the EIGHTH AGREEMENT, adopted by the Governing Board of the said Commission in its ordinary session held on November 13, 2020, it is delegated indistinctly to the public servants of this Commission, Mónica Brenda Villarreal Medel, Luz María Padilla Longoria, Enrique Aduna Mondragón, Irma Azucena Muñíz Domínguez, Blanca Elena Luna Sierra, Bárbara Espinosa Lizcano, Lucia Guadalupe Manríquez Morán, Laura Jazmín Ruíz Valencia, Evelyn Martínez Beltrán, Armando Díaz Betancourt, Cristian Javier Mosqueda Salazar, Rogelio García Martínez, Mariana Cecilia Luna Rivera, Karen Yoselim Montes Hernández, Erick Pineda Luis, Juan Manuel Hernández Vega, Joel Román, Hernández Camacho and Francisco Godínez Ayala, the charge of notifying, jointly or separately, this present office letter by which compliance is given to the agreement adopted by the Governing Board of the said Commission.

The foregoing is made known to you based on the provisions of articles 16, paragraph VI, and penultimate paragraph, of the Law of the National Banking and Securities Commission and 12 of the Internal Regulations of the National Banking and Securities Commission, as well as in terms of the SIXTH AGREEMENT, adopted by the Governing Board of the said Commission in its ordinary session held on November 13, 2020.

Thus, the President of the National Banking and Securities Commission provided for this, based on what is established in articles 16, paragraphs VI and XVII, of the Law of the National Banking and Securities Commission and signs, in substitution for his absence, the Legal Vice President of this Commission, in accordance with what is provided in articles 3, paragraph III, second paragraph, 4, paragraph I, section A, paragraph II, section A, subsection 7), 12 and 54 of the Internal Regulations of the National Banking and Securities Commission.

Respectfully,

Mexico City on December 02, 2020 .- The Legal Vice President of the National and Securities Commission , Mónica Brenda Villarreal Medel .- Rubric.

1

Article 97.- The Commission, with the agreement of its Governing Board and prior hearing of the interested society, can declare the revocation of the authorization granted to the unions, in the following cases:

2

Article 97.- The Commission, with the agreement of its Governing Board and prior hearing of the interested society, can declare the revocation of the authorization granted to the unions, in the following cases:

...

II. If the union does not comply with the capitalization requirements established in accordance with what is provided by article 48 of this Law and the provisions to which said provision refers;

...

3

Article 97.- The Commission, with the agreement of its Governing Board and prior hearing of the interested society, can declare the revocation of the authorization granted to the unions, in the following cases:

...

XIV. If the accounting capital of the union is less than the minimum capital required based on the level of operations that was authorized for it, and

...

4

Article 18.- The minimum subscribed and paid capital for unions will be determined in accordance with the level of operations assigned to it, as follows:

I. For unions with level I operations, it shall be the equivalent in national currency to the value of 2,000,000 of investment units;

5

Article 48.- ...

...

The net capital shall in no case be less than the minimum paid capital applicable to it in accordance with what is established in article 18.

6

Article 77.- Credit unions must maintain a net capital in relation to the credit and market risks incurred in their operation, which shall not be less than the amount resulting from summing the requirements capital for each type of risk established in this Chapter. For such purposes, operations shall be valued in accordance with the accounting criteria for credit unions that correspond to them to apply in accordance with what is provided by the First Section of Chapter I of Title Two.

7

Published in the Official Gazette of the Federation on January 19, 2009. Modified through Resolutions published in the said Official Gazette on July 1 and 30, 2009; February 18, 2010; February 4, April 11 and December 22, 2011; February 3 and June 27, 2012; January 31, 2013; December 3, 2014; January 8 and 12, May 19, October 19 and 28, 2015; January 22, May 13, September 28 and December 27, 2016; February 28, April 4, July 24, August 25, October 6, November 10, December 18, 2017; January 23, April 26, 2018.

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