Regulatory Alerts2023-07-26 | DOF 5696748Added
Office letter granting authorization for the organization and operation of a subsidiary multiple banking institution to be named Openbank México, S.A., Multiple Banking Institution, Santander Mexico Financial Group
The National Banking and Securities Commission authorizes the organization and operation of Openbank México, S.A., Multiple Banking Institution, Santander Mexico Financial Group, subject to conditions including obtaining start-of-operation authorization within the legal deadline and securing approval from the Ministry of Finance and Public Credit for incorporation into Santander Mexico Financial Group. The institution must maintain a subscribed and paid-in capital of at least 1,995,000,000.00 pesos prior to commencing operations, based on the Bank of Mexico's opinion, and must submit the public instrument reflecting the adoption of the multiple banking regime within 90 days of notification. The authorization is non-transferable, and the entity will be subject to Commission supervision and applicable laws regarding illicit resources and terrorism financing.
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