Notice to Israel Discount Bank of New York of the Closure of its Representation Office in Mexico and Revocation of Authorization

DOF: 12/07/2016

OFFICE LETTER notifying Israel Discount Bank of New York of the closure of its Representation Office in Mexico, as well as the revocation of the authorization for its establishment.

At the margin, a seal with the National Coat of Arms, which says: United Mexican States.- Ministry of Finance and Public Credit.- National Banking and Securities Commission.- Presidency.- Vice Presidency of Regulation.- 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. P046/2016.- Exp. CNBV.312.211.23 (5697).

Subject:

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

ISRAEL DISCOUNT BANK OF NEW YORK

Homero No 1804, Office 202

Col. Polanco I Section

Del. Miguel Hidalgo

11510 Mexico City

TO:

MR. EYAL JOSEPH BAR ON BLUGERMAN

Representative

We refer to your writings presented on March 22 and April 28, 2016, through which you notified this Commission of the definitive closure of the representation office in national territory of that entity and, consequently, requested the revocation of the corresponding authorization.

BACKGROUND

Through office UBVA/055/2008 dated May 7, 2008, the Ministry of Finance and Public Credit authorized Israel Discount Bank of New York to establish a Representation Office in national territory under the name of Israel Discount Bank of New York, Representation Office in Mexico.

In the board of directors meeting of Israel Discount Bank of New York, held on February 17, 2016, it was agreed to permanently close its representation office in Mexico.

Attending to 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 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 the Representation Office in Mexico of Israel Discount Bank of New York.

As a consequence of the above and based on the Rule previously invoked, the members of the Board of Government of this Commission, in a session held on June 27 of the current year, adopted the following:

AGREEMENTS

" TWENTIETH.- The members of the Board of Government, 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 with the Tenth Fifteenth, fraction VI of the Rules for representation offices of foreign financial entities, were informed of the closure of the office named "Israel Discount Bank of New York, Representation Office in Mexico."

TWENTY-FIRST.- The members of the Board of Government, 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 with the Tenth Fifteenth, fraction VI of the Rules for representation offices of foreign financial entities, taking into consideration the favorable opinion of the Authorization Committee of the National Banking and Securities Commission, issued in its session held on June 20, 2016, unanimously approved the revocation of the authorization granted by the Ministry of Finance and Public Credit to Israel Discount Bank of New York, through office UBVA/055/2008 dated May 7, 2008, to establish in Mexico the representation office named "Israel Discount Bank of New York, Representation Office in Mexico." The foregoing, effective from the date on which this agreement takes effect."

The foregoing is communicated based on articles 16, fractions I and VI of the Law of the National Banking and Securities Commission and 9, 12 and 13 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, June 30, 2016. - The President, Jaime González Aguadé. - Rubric.

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