Office Order Revoking Authorization for Union de Crédito General del Golfo, S.A. de C.V. to Operate as a Credit Union

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DOF: 19/01/2016

OFFICE ORDER revoking the authorization granted to Unión de Crédito General del Golfo, S.A. de C.V. to operate as a Credit Union.

At the margin, a seal with the National Emblem, which reads: United Mexican States.- Ministry of Finance and Public Credit.- National Banking and Securities Commission.- Legal Vice Presidency.- Office No. P 003/ 2016.

UNION DE CRÉDITO GENERAL DEL GOLFO, S.A. DE C.V.

Calle Prim No. 229, Office 6, Centro Neighborhood, Postal Code 91700, Veracruz, Veracruz.

Attention: Lic. Abelardo José González Ralero

President of the Board of Directors.

This National Banking and Securities Commission, based on the provisions of articles 97, fractions II, III, and XIV, of the Credit Unions Law and 4, fractions XI and XXXVIII, of the National Banking and Securities Commission Law; as well as in accordance with the Agreements adopted by the Board of Directors of this Commission in its ordinary session held on December 18, 2015, and with the objective of complying with said legal regulations, issues this resolution revoking the authorization, to operate as a credit union, which was granted to Unión de Crédito General del Golfo, S.A. de C.V., in accordance with the following:

BACKGROUND

Through Office Number 601-II-60032, dated October 26, 1976, the former National Banking and Insurance Commission, granted authorization to Unión de Crédito Comercial del Golfo, S.A. de C.V. to operate as such in the commercial sector, under the terms of article 85, fraction IV, of the General Law of Credit Institutions and Auxiliary Organizations.

Subsequently, through Office Number 601-DRV-1936/94, dated June 14, 1994, published in the Official Gazette of the Federation on September 12, 1994, the modification to the first term of the authorization granted on October 26, 1976, mentioned above, was approved, to change its corporate name to Unión de Crédito General del Golfo, S.A. de C.V., in accordance with the provisions of article 39 of the General Law of Organizations and Auxiliary Credit Activities.

By office number 132-A/1169/2013, dated April 4, 2013, Unión de Crédito General del Golfo, S.A. de C.V. was notified that an ordinary inspection visit regarding figures as of March 31, 2013, would be conducted, which took place from April 15 to 23, 2013.

As a result of the above, through office number 132-A/1203/2013, dated May 31, 2013, observations derived from the ordinary inspection visit conducted in compliance with office number 132-A/1169/2013 were communicated to Unión de Crédito General del Golfo, S.A. de C.V., among which were: Shareholders' Equity Lower than Paid-in Minimum Capital, Net Capital Lower than Paid-in Minimum Capital, and Accounting System-Accounting Recognition.

Likewise, the right to be heard was granted to Unión de Crédito General del Golfo, S.A. de C.V., in order that within the term of ten business days counted from the day following that in which its notification took effect, it manifest what it deemed convenient for its rights, and must remit the documentation and information that, if applicable, it deemed convenient to refute the observations made.

Through a document received by this Commission on August 12, 2013, Unión de Crédito General del Golfo, S.A. de C.V. exercised its right to be heard granted in office number 132-A/1203/2013, manifesting what was convenient for its interest and exhibiting the documents it deemed relevant.

In view of the above, and since the aforementioned Entity did not refute the observations made to it through the office referred to in the immediately preceding background, this Commission by office number 132-A/1334/2013, dated October 8, 2013, communicated to Unión de Crédito General del Golfo, S.A. de C.V. the actions and corrective measures that were deemed relevant.

To this end, in said office, the deadlines that Unión de Crédito General del Golfo, S.A. de C.V. had to comply with each of the corrective measures dictated to it were indicated.

Through documents dated October 30 and November 11, 2013, received by this Commission on November 6 and 20, 2013, respectively, Unión de Crédito General del Golfo, S.A. de C.V., responded to office number 132-A/1334/2013, manifesting what was convenient for its interests and exhibiting the documents it deemed relevant.

Having seen the above, and since the Entity in question did not prove compliance with the actions and corrective measures dictated to it, in relation to the observations made to it and even less refuted them, this Commission by office number 132-A/101207/2014, dated January 23, 2014, communicated to Unión de Crédito General del Golfo, S.A. de C.V., the actions and corrective measures that were relevant at that date in relation to those dictated through office number 132-A/1334/2013, among which were those related to Shareholders' Equity Lower than Paid-in Minimum Capital, Net Capital Lower than the Minimum Capital it is required to maintain, and the Accounting System-Accounting Recognition.

Through documents dated February 12 and 19, 2014, received by this Commission on the 18th and 20th of the same month and year, respectively, Unión de Crédito General del Golfo, S.A. de C.V., responded to office number 132-A/101207/2014, manifesting what was convenient for its interests and exhibiting the documents it deemed relevant.

On June 16, 2014, this Commission issued office number 132-C/101266/2014, through which it communicated to Unión de Crédito General del Golfo, S.A. de C.V., the status of the actions and corrective measures related to Shareholders' Equity Lower than the Minimum Capital it is required to maintain.

Through a document dated August 7, 2014, received by this Commission on the 8th of the same month and year, Unión de Crédito General del Golfo, S.A. de C.V. responded to office number 132-C/101266/ 2014, requested approval of the Capital Restoration Plan attached to said document, and manifested what was convenient for its interest and exhibited the documents it deemed relevant.

Regarding this, this Commission issued office number 132-C/1213/2015, dated January 16, 2015, by virtue of which it denied approval of the Capital Restoration Plan proposed by Unión de Crédito General del Golfo, S.A. de C.V., through a document dated August 7, 2014, since it does not contain measures that respond to the immediacy and efficacy required to achieve an increase in the capitalization index that the company requires and that show measurable and verifiable results.

Consequently, on March 3, 2015, this Commission issued office number 132-C/ 1225/2015, by virtue of which it summoned Unión de Crédito General del Golfo, S.A. de C.V. to revoke its authorization to operate as a Credit Union, for the reasons stated therein, and having been located in the grounds for revocation provided in fractions II, III, VI, VIII and XIV, of article 97 of the Credit Unions Law.

Likewise, through the same office number 132-C/1225/2015, this Commission granted Unión de Crédito General del Golfo, S.A. de C.V., a term of ten business days counted from the day following that of its notification, so that in exercise of its guarantee of hearing provided for in article 97 of the Credit Unions Law, it manifest what was convenient for its rights, offered evidence and formulated arguments, in relation to the grounds for revocation of its authorization to operate as a Credit Union, in which it was found located.

Through a document dated March 25, 2015, received by this Commission on the 26th of the same month and year, Unión de Crédito General del Golfo, S.A. de C.V. exercised its right to be heard granted through office number 132-C/1225/2015, making various manifestations but without exhibiting any document to that effect.

The Board of Directors of the National Banking and Securities Commission, analyzing all and each of the backgrounds referred to in this chapter, in its ordinary session held on December 18, 2015, agreed as follows:

As a result of the above, the reasons and legal provisions that support and motivate the revocation of the authorization, to operate as a Credit Union, which was granted at the time to Unión de Crédito General del Golfo, S.A. de C.V., are exposed below, in accordance with the following:

CONSIDERATIONS

FIRST. Based on the provisions of articles 14 and 97 of the Credit Unions Law, in relation to what is established in articles 4, fractions XI and XXXVIII, as well as 12, fractions V and XV of the National Banking and Securities Commission Law, the Board of Directors of this Decentralized Body is authorized to authorize the constitution and operation of Credit Unions and, if applicable, to agree on the revocation of said authorizations.

SECOND. That the Second Transitory Article of the Decree by which the Credit Unions Law is issued and the General Law of Titles and Credit Operations is added and reformed, published in the Official Gazette of the Federation on August 20, 2008 provides:

"Second.- Chapter III of Title Second of the General Law of Organizations and Auxiliary Credit Activities, published in the Official Gazette of the Federation on January 14, 1985, is repealed, as well as all references in said Law to credit unions.

Credit unions authorized to operate as such in accordance with the provisions that are repealed, shall be deemed authorized to operate under the terms of this Decree.

..."

THIRD. That in terms of what is provided in article 97 of the Credit Unions Law, this Commission, with the agreement of its Board of Directors and prior hearing of the interested society, may declare the revocation of the authorization granted to credit unions, in the cases referred to therein, among which are those established in fractions II, III and XIV, which for quick reference are referred to below:

"Article 97.- The Commission, with the agreement of its Board of Directors and prior hearing of the interested society, may 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;

...

III. If the union in question does not comply with any of the minimum corrective measures referred to in article 80 of this Law; does not comply with more than one additional special corrective measure referred to in said article or, well, repeatedly fails to comply with an additional special corrective measure;

...

XIV. If the shareholders' equity of the union is less than the minimum capital required based on the level of operations authorized to it, and

...".

FOURTH. That this National Banking and Securities Commission through office number 132-C/1225/2015, dated March 3, 2015, cited in paragraph 12 of the Background section of this Resolution, fully complied with what is provided in article 97 of the Credit Unions Law, by granting Unión de Crédito General del Golfo, S.A. de C.V. a term of ten business days counted from the next business day after its notification, so that in exercise of its right to be heard, it manifest what was convenient for its interests, offered evidence and formulated arguments, in relation to the grounds for revocation of its authorization to operate as a Credit Union, in which it was found located, which are provided for in fractions II, III, VI, VIII and XIV, of article 97 mentioned above.

FIFTH. That from the integral analysis of the content of office number 132-C/1225/2015, as well as of the document dated March 25, 2015, referred to in paragraph 13 of the Background section of this Resolution, this National Banking and Securities Commission determines that the arguments exposed by Unión de Crédito General del Golfo, S.A. de C.V., are inoperative and insufficient to refute the grounds for revocation for which it was summoned.

In effect, from the analysis of what is established in office number 132-C/1225/2015, dated March 3, 2015, cited in paragraph 12 of the Background chapter of this Resolution, it is derived that this Commission summoned Unión de Crédito General del Golfo, S.A. de C.V., by virtue of:

1. It had Shareholders' Equity lower than the Minimum Capital it is required to maintain, since:

1.1

It did not obtain approval from this Commission regarding the Capital Restoration Plan, by failing to comply with the requirements made by this Decentralized Body to that effect, thus failing to comply with what is provided in article 80 of the Credit Unions Law, being located in the ground for revocation provided in fraction III, of article 97 of the same Law.

1.2

From the review of its Financial Statements with figures as of March 31, 2013, it was determined that its Balance Sheet presented a shareholders' equity with an amount of -$28,061,174, which was lower than the minimum paid-in capital it was required to maintain of $9,382,632, resulting from the difference between these two concepts a shortage of $37,443,806, failing to comply with what is provided in article 18 of the Credit Unions Law, and being located in the ground for revocation provided in fraction XIV, of article 97 of the same Law.

1.3

As a result of the Shortage of Shareholders' Equity, and taking into consideration what is established in article 80 of the General Provisions Applicable to General Warehouses, Exchange Houses, Credit Unions and Multiple-Objective Financial Companies Regulated 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 and December 3, 2014, January 8 and 12, 2015 respectively, which points out the formula for the determination of net capital, it is evident that the Credit Union did not comply with the capitalization requirements established in accordance with what is provided in article 48 of the Credit Unions Law and the Provisions to which said provision refers, because it presented in its Balance Sheet as of March 31, 2013 a net capital of -$28,228,783; which was lower by $37,611,415 than what it was required to maintain, being located in the ground for revocation provided in fraction II, of article 97 of the Credit Unions Law.

1.4

It omitted to present the accounting entries for the registration of portfolio assignment and recognition of loss that Inmobiliaria General del Golfo, S.A. de C.V. would carry out in its accounting, with the purpose of verifying that the partners of the real estate company would absorb the loss proportionally, which were requested by this Commission, being located in the ground for revocation provided in fraction VIII, of article 97 of the Credit Unions Law.

Regarding this, the so-called Unión de Crédito General del Golfo, S.A. de C.V., through a document dated March 25, 2015, received by this Commission on the 26th of the same month and year, referred to in paragraph 13 of the Background section of this Resolution, in exercise of its right to be heard granted in office number 132-C/1225/2015, in accordance with what is provided in article 97 of the Credit Unions Law, manifested what is transcribed below:

"In exercise of said right, the following is exposed:

1. On April 4, 2013, the authority conducted an ordinary inspection visit on this Union regarding figures as of March 31, 2013.

2. On May 31, 2013, the authority communicated to the Union the determined observations and on August 8, 2013, this Union responded to such observations.

3. On October 8, 2013, the authority issued a first Office of actions and corrective measures I and this Union responded on October 30, 2013.

4. On January 23, 2014, the authority issued a second Office of actions and corrective measures II and this Union responded on February 12, 2014.

5. On June 16, 2014, the authority issued the Office of follow-up to actions and corrective measures through which it followed up on the Offices of actions and corrective measures I and II and this Union responded to the authority on August 7, 2014.

6. On January 16, 2015, the authority issued an Office of Capital Restoration Plan in relation to the request for approval of such plan that the Union requested from the authority.

We as a Union proposed to the authority to accept a capital adjustment plan and we concluded the elaboration of a "Capital Restoration Plan", which was even improved and all points referenced in article 80, fraction 1, subsection b) of the LUC were added and expanded.

This "Capital Restoration Plan" was presented and approved by the Board of Directors of the Union in a session dated July 21, 2014.

This "Capital Restoration Plan" contemplates the following:

1.1. Plan for improvement in operational efficiency.

1.2. Rationalization of expenses and increase in profitability.

1.3. Plan for Making contributions to social capital.

1.4. Limits to the operations that the "Credit Union" can carry out in compliance with its corporate object and limits to the risks derived from said operations.

From the above, it is deduced that the mentioned "Capital Restoration Plan" contemplates all the points referenced in article 80, fraction 1, subsection b) of the LUC, thereby complying with what is required by the authority.

It is important to note to the authority that this Credit Union began in the year 1976 and to date has benefited the community that integrates it through the granting of credits, overcoming the different crises that have occurred over these years.

We have demonstrated that we are a Union capable of facing difficult situations that have presented themselves to us, such as the payment of the leverage we had with banks, the fulfillment also in the payment that we made at one time to some investors, the acceptance of our partners and investors to stop receiving interest on their investment since October 2003, then capitalizing 25% of their investment in Union shares between the years 2006 to 2008.

For all the above, we request that the authority, before proceeding to revoke our authorization, value the proofs that we have presented to it in due course throughout this entire process, and that it also consider that in accordance with what is provided in Article 63 of the Credit Unions Law, this Union may assign or discount its credit portfolio with any person not being obliged to request authorization from the Authority since at no time has it been intended to respond for the solvency of the debtors. "

From the analysis of the arguments transcribed above, which were exposed by Unión de Crédito General del Golfo, S.A. de C.V., in the aforementioned document dated March 25, 2015, cited in paragraph 13 of the Background section of this Resolution, as well as from office number 132-C/1225/2015, this authority determines that said arguments are inoperative and insufficient to refute the conduct for which said Entity was summoned for the revocation of its authorization to operate as a Credit Union, which are provided for in fractions II, III and XIV, of article 97 of the Credit Unions Law, for the considerations exposed below:

Unión de Crédito General del Golfo, S.A. de C.V. was summoned for being located in the grounds for revocation of the authorization to operate as a Credit Union, provided for in fractions II, III, VI, VIII and XIV, of article 97 of the Credit Unions Law, being that in relation to the same, that one, in its document dated March 25, 2015, only alluded to the following:

"We as a Union proposed to the authority to accept a capital adjustment plan and we concluded the elaboration of a "Capital Restoration Plan", which was even improved and all points referenced in article 80, fraction 1, subsection b) of the LUC were added and expanded.

This "Capital Restoration Plan" was presented and approved by the Board of Directors of the Union in a session dated July 21, 2014.

This "Capital Restoration Plan" contemplates the following:

1.1. Plan for improvement in operational efficiency.

1.2. Rationalization of expenses and increase in profitability.

1.3. Plan for Making contributions to social capital.

1.4. Limits to the operations that the "Credit Union" can carry out in compliance with its corporate object and limits to the risks derived from said operations.

From the above, it is deduced that the mentioned "Capital Restoration Plan" contemplates all the points referenced in article 80, fraction 1, subsection b) of the LUC, thereby complying with what is required by the authority." (Emphasis added)

This argument is inoperative to refute the grounds for revocation of the authorization to operate as a Credit Union for which it was summoned, particularly those provided for in fractions II, III and XIV of article 97 of the Credit Unions Law, by virtue of the fact that the "Capital Restoration Plan" proposed by Unión de Crédito General del Golfo, S.A. de C.V. through the document dated August 7, 2014, referred to in paragraph 10 of the Background section of this Resolution, was not approved by this Commission through office number 132-C/1213/2015, dated January 16, 2015, since:

"... , although it comprehends and only by way of an enumerative reference the cases referred to in article 80, fraction I, subsection b) of the Credit Unions Law in the sense of only including a reference to what would comprise the plan for improvement of operational efficiency, the rationalization of expenses and increase in profitability, the making of contributions to social capital and the limits to the operations that the union can carry out in compliance with its corporate object or to the risks derived from said operations, objective elements of judgment are not provided sufficient to prove the update, congruence and legal viability of the measures mentioned by that society, and the periods in which the possible

measures to be adopted exceed the maximum legal deadlines, so it is our consideration that the proposal is not tenable due to the lack of measures that respond to the immediacy and efficacy required to achieve an increase in the capitalization index of that company and that show measurable and verifiable results, limiting themselves only to indicating activities and expectations, without considering that some of the assets susceptible to being realized as a capitalization measure had already been previously denied to them for not adjusting to the applicable legal and accounting procedures "

(emphasis added)

Under the same conditions, and related to the above, what was alleged by Union de Credito General del Golfo, S.A. de C.V. in the aforementioned letter dated March 25, 2015, cited in numeral 13 of the Background section of this Resolution, is inoperative, to the effect that:

"... also consider that in accordance with what is provided in Article 63 of the Credit Unions Law, this Union may assign or discount its credit portfolio with any person not being obligated to request authorization from the Authority since at no time has it been intended to answer for the solvency of the debtors. "

This is because, through letter number 132-A/1334/2013, dated October 8, 2013, this Decentralized Body communicated to Union de Credito General del Golfo the corrective actions and measures that proved appropriate in view of the different letter number 132-A/1203/2013, as well as the letter received by this Commission on August 12, 2013, referred to in numeral 4, of the Background section of this Resolution, among which was the following:

"...

2.- ACCOUNTING CAPITAL

Observation.-

ACCOUNTING CAPITAL LOWER THAN THE MINIMUM CAPITAL IT IS REQUIRED TO MAINTAIN.

...

A "Capital Restoration Plan" to remedy this situation, which is not based on the operation of Portfolio Assignment, since as you are aware, through letter No. 31-12161/2013, dated August 22, 2013, the General Directorate of Specialized Authorizations informs you that it is not possible to authorize the operation regarding the assignment of litigious rights with which they could remedy this situation .

..."

(emphasis added)

Under the aforementioned conditions, it is indisputable that the arguments exposed in the letter dated March 25, 2015, cited in numeral 13 of the Background section of this Resolution, are inoperative to disprove the grounds for revocation of the authorization to operate as a Credit Union, for which Union de Credito General del Golfo, S.A. de C.V. was summoned, particularly those provided for in fractions II, III and XIV of article 97 of the Credit Unions Law, since it is a repetition of arguments previously asserted by the same, which did not and do not have the scope to disprove said grounds, as was made known to it in advance through the aforementioned letters.

Regarding this, jurisprudential criteria supported by the Second Chamber of the Supreme Court of Justice of the Nation apply by analogy, whose identification data, rubric and text are transcribed below:

Era: Ninth Era

Registry: 166031

Instance: Second Chamber

Type of Thesis: Jurisprudence

Source: Judicial Weekly of the Federation and its Gacette

Volume XXX, November 2009

Subject(s): Common

Thesis: 2a./J. 188/2009

Page: 424

INOPERANT GRIEVANCES IN THE REVIEW. THOSE IN WHICH A TECHNICAL IMPEDIMENT OCCURS THAT MAKES IT IMPOSSIBLE TO EXAMINE THE PROPOSAL THEY CONTAIN.

In accordance with articles 107, fraction III, of the Political Constitution of the United Mexican States, 83, fraction IV, 87, 88 and 91, fractions I to IV, of the Amparo Law, the review recourse is a means of defense established with the aim of reviewing the legality of the sentence issued in the indirect amparo trial and respect for the fundamental norms governing the procedure, hence it is a technical instrument that tends to ensure an optimal exercise of the jurisdictional function, whose subject matter is circumscribed to the sentence issued in the constitutional hearing, including the determinations contained therein and, in general, to the examination of respect for the fundamental norms governing the procedure of the trial, work carried out by the reviewing body in light of the grievances exposed by the appellant, with the object of attacking the considerations that support the appealed sentence or to demonstrate the circumstances that reveal its illegality. In this sense, the inoperancy of the grievances in the review arises upon the occurrence of some technical impediment that makes it impossible to examine the proposal made, which may result from the lack of direct affectation to the petitioner of the consideration part that is contested; from the omission of the expression of grievances referred to the issue debated; from their incorrect material formulation, by failing to comply with the conditions pertaining to their content, which may occur: a) by not contesting sufficiently and effectively the considerations that govern the sentence; b) by introducing new evidence or arguments to the litigation of the amparo trial; and, c) in case of claiming infringement of the fundamental norms of the procedure, by omitting to patent that the appellant had been left without defense or its relevance in the issuance of the sentence; or, in its case, from the concreteness of any obstacle that is observed and that prevents the reviewing body from examining the substance of the proposed proposal, such as when the nature of the review and of the body that issued the sentence is disregarded or the existence of jurisprudence that resolves the substance of the matter raised.

CONTRADICTION OF THESIS 27/2008-PL. Among those supported by the Collegiate Courts First in Administrative and Labor Matters of the Sixteenth Circuit and First in Administrative Matters of the Seventh Circuit. October 21, 2009. Unanimity of four votes. Absent and Reporter: Mariano Azuela Gitron; in his absence, Sergio Salvador Aguirre Anguiano made the matter his own. Secretary: Jesicca Villafuerte Aleman.

Jurisprudence thesis 188/2009. Approved by the Second Chamber of this High Tribunal, in private session on the twenty-eighth of October two thousand nine.

It is for the above that the arguments raised in the letter dated March 25, 2015, cited in numeral 13 of the Background section of this Resolution, are inoperative to disprove the grounds for revocation of the authorization to operate as a Credit Union, for which Union de Credito General del Golfo, S.A. de C.V. was summoned, which are provided for in fractions II, III and XIV, of article 97 of the Credit Unions Law.

SIXTH. For the reasons stated in the CONSIDERING FIFTH of this Resolution, this Commission determines that the grounds for revocation of the authorization to operate as a Credit Union, provided for in fractions II, III and XIV of article 97 of the Credit Unions Law, for which Union de Credito General del Golfo, S.A. de C.V. was summoned, are confirmed, by virtue of letter number 132-C/1225/ 2015, for the following reasons:

The Capital Restoration Plan does not meet minimum requirements

Union de Credito General del Golfo did not comply with the minimum corrective measures referred to in article 80 of the Credit Unions Law, since the Capital Restoration Plan it presented to this Commission as compliance with the observations and corrective measures dictated in letters number 132-A/1334/2013, 132-A/101207/2014 and 132-C/101266/2014, referred to in numerales 5, 7 and 9, respectively, of the Background section of this Resolution, was not tenable, due to the lack of measures that respond to the immediacy and efficacy required to achieve an increase in the capitalization index of that entity and that show measurable and verifiable results, limiting themselves only to indicating activities and expectations without considering that some of the assets susceptible to being realized as a capitalization measure had already been previously denied to them for not adjusting to the applicable legal and accounting procedures, as was made known to Union de Credito General del Golfo, S.A. de C.V. through letter number 132-C/1213/2015, cited in numeral 11, of the Background section of this Resolution.

Shortfall in Accounting Capital

It is evident that the accounting capital of Union de Credito General del Golfo, S.A. C.V. is less than the minimum capital required based on the level of operations authorized for it, because from the review carried out on its Financial Statements with figures as of March 31, 2013, it was determined that it presented in its General Balance Sheet, an accounting capital with an amount of -$28 ' 061,174, which was lower than the minimum paid capital it was required to maintain of $9 ' 382,632, resulting from the difference between these two concepts a shortfall of $37 ' 443,806.

Shortfall in Net Capital

As a consequence of the Shortfall in Accounting Capital, and taking into consideration what is established in article 80 of the General Provisions Applicable to General Warehouses, Exchange Houses, Credit Unions and Multiple-Objective Financial Companies Regulated published in the Official Journal of the Federation on January 19, 2009 modified by Resolutions published in the said Official Journal 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 and December 3, 2014, January 8 and 12, 2015, respectively, which points out the formula for the determination of net capital, it is evident that the Credit Union did not meet the capitalization requirements established in accordance with what is provided in article 48 of the Credit Unions Law and the Provisions to which said provision refers, because it presented in its General Balance Sheet as of March 31, 2013 a net capital of - $28,228,783; which was lower by $37,611,415 than what it was required to maintain.

It is for the above that it is concluded that that Union falls under the circumstances provided for in fractions II, III and XIV of article 97 of the Credit Unions Law, which are referred to below:

" Article 97.- The Commission, with the agreement of its Board of Directors and after hearing the interested society, may declare the revocation of the authorization granted to unions, in the following cases:

...

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

...

III. If the union in question does not comply with any of the minimum corrective measures referred to in article 80 of this Law; does not comply with more than one additional special corrective measure referred to in said article or, well, repeatedly fails to comply with an additional special corrective measure;

...

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

..."

In this way, the Board of Directors of this Decentralized Body concludes that Union de Credito General del Golfo, S.A. de C.V. falls under the grounds for revocation of its authorization to operate as a Credit Union, provided for in fractions II, III and XIV of article 97 of the Credit Unions Law, for maintaining an accounting capital lower than the minimum capital required based on the level of operations authorized for it, for not meeting the capitalization requirements established in accordance with article 48 of the Credit Unions Law and for not complying with the minimum corrective measures referred to in article 80 of the same law.

On the other hand, since Union de Credito General del Golfo, S.A. de C.V., in the letter dated March 25, 2015, referred to in numeral 13 of the Background section of this Resolution, did not exhibit any document, nor offered any proof, this National Banking and Securities Commission is not in a position to discharge or value any additional element of conviction to what is referred to above.

Finally, regarding the grounds for revocation contained in fractions VI and VIII, of article 97 of the Credit Unions Law, for which said Entity was summoned, it is estimated that although it is true that there are behaviors that could be subject to administrative infractions attributable to Union de Credito General del Golfo, S.A. de C.V., once analyzed for the effect of this resolution, it is determined that they do not materialize.

Based on the above, the National Banking and Securities Commission, prior to the agreement of its Board of Directors in its ordinary session held on December 18, 2015:

RESOLVES

FIRST.- This Decentralized Body, based on what is provided in articles 97, fractions II, III and XIV of the Credit Unions Law; 4, fractions XI and XXXVIII and 12, fractions V and XV, of the Law of the National Banking and Securities Commission; and in accordance with Agreement Nineteenth, adopted by the Board of Directors of said Commission in its ordinary session held on December 18, 2015, and to the considerations expressed in this Resolution, revokes the authorization to operate as a Credit Union, granted to Union de Credito General del Golfo, S.A. de C.V., through Letter number 601-II-60032, of October 26, 1976.

SECOND.- From the date of notification of this Resolution, Union de Credito General del Golfo, S.A. de C.V. is unable to carry out operations and will be placed in a state of dissolution and liquidation, without the need for the agreement of the shareholders' assembly of that Company, in accordance with what is provided in articles 99 and 100 of the Credit Unions Law.

THIRD.- Based on what is provided in articles 78 of the Credit Unions Law and 19 of the Law of the National Banking and Securities Commission, Union de Credito General del Golfo, S.A. de C.V. must prove to this Commission, within a period of 60 business days following the publication of this Resolution in the Official Journal of the Federation, that the appointment of the corresponding liquidator was carried out in accordance with what is established in article 100, fraction I, of the Law cited in the first place; in case of failure to do so, this Decentralized Body will promote before the competent judicial authority to appoint the liquidator and if it finds impossibility to carry out said liquidation, to order the cancellation of its registration in the corresponding Public Commerce Register, in accordance with what is established in articles 100, fraction II and 102, of the Credit Unions Law.

FOURTH.- This Resolution is notified to Union de Credito General del Golfo, S.A. de C.V.

FIFTH.- Based on article 99 of the Credit Unions Law, this Notice is inscribed in the corresponding Public Commerce Register and published in the Official Journal of the Federation.

SIXTH.-

Based on what is established in article 16, fraction VI, and penultimate paragraph, of the Law of the National Banking and Securities Commission, in relation to what is provided in articles 4, 9 and 12 of the Internal Regulations of the National Banking and Securities Commission, published in the Official Journal of the Federation on November 12, 2014; 6, last paragraph, and 29, fraction I, numeral 2), of the Agreement by which the President of the National Banking and Securities Commission delegates powers to the Vice Presidents, General Directors, Deputy General Directors of said Commission, made known in said Official Journal on November 30, 2015, it is delegated indistinctly to the public servants of this Commission, Karla Patricia Montoya Gutierrez, Josue Martinez Rocha, Maria Isabel Almaraz Guzman, Ivonne Marcela Lopez Franco, Angel Jonathan Garcia Romo, Jesus Aaron Ruiz Zapata, Tania Patricia Morales Reyes, Jose Luis Garcia Gonzalez, Luis Antonio Rodriguez Rodriguez, Alfredo Omar Morlan Fernandez, Jose Alberto Jimenez Rosales, Alberto Erick Mendez Medina, Saul Hernandez Perez and Rogelio Garcia Martinez, the charge of notifying, jointly or separately, this Notice by which compliance is given to the agreement adopted by the Board of Directors of said Commission.

The above is made known to you by the President of the National Banking and Securities Commission, in accordance with what is provided in articles 16, fraction 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 agreement adopted by the Board of Directors of said Commission in its ordinary session held on December 18, 2015.

Respectfully,

Mexico, Federal District on January 7, 2016 .- The President , Jaime Gonzalez Aguade .- Rubric.

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