Official Letter announcing the closure of the Representative Office in Mexico, as well as revocation of the authorization for the establishment of Shinhan Bank, Representative Office in Mexico

Official Gazette of the Federation: 29/08/2023

OFFICIAL LETTER announcing the closure of the Representative Office in Mexico, as well as revocation of the authorization for the establishment of Shinhan Bank, Representative Office in Mexico

On the margin a seal with the National Shield, which says: United Mexican States.- FINANCE.- Secretariat of Finance and Public Credit.- National Banking and Securities Commission.- Vice Presidency of Normativity.- 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.- Letter No.: 312-2/94098/2023.- File: CNBV.3S.1.312 (5762).

Subject:

Closure of your Representative Office in

Mexico, as well as revocation of the authorization

for its establishment.

SHINHAN BANK, REPRESENTATIVE OFFICE IN

MEXICO

Paseo de la Reforma No. 250, Torre B Reforma, Floor 17

Col. Juárez, Cuauhtémoc

06600 Mexico City

ATTENTION:

MR. CHAN HYEOK JEONG

Representative

We refer to the writings presented to this Commission on May 18 and June 23,

2023, through the email VPSupervisionGIFB@cnbv.gob.mx , by Shinhan Bank, Representative Office

in Mexico , through which it notified its definitive closure and, consequently, requested the

revocation of its authorization to establish itself as a representative office in Mexico.

As background it should be noted that, through official letter number 312-1/12052/2008 dated October 8 of

2008, the National Banking and Securities Commission authorized Shinhan Bank the establishment in national

territory of a representative office named Shinhan Bank, Representative Office in

Mexico .

In this regard, considering that the request and documentation presented comply with the applicable

regulations, this Commission, based on the provisions of the Fifteenth, section VI of the " Rules of

representative offices of foreign financial entities " , published in the Official Gazette of the

Federation on December 31, 2014, takes note of the closure of Shinhan Bank, Representative Office

in Mexico .

Likewise, this Commission notifies you that, based on the aforementioned Fifteenth Rule,

the members of the Governing Board of this Commission, in a session held on July 7, 2023, adopted

the following TENTH Agreement:

"... The members of the Governing Board, based on article 12, sections V

and XV of the Law of the National Banking and Securities Commission, in relation to article 7o

of the Credit Institutions Law and the Fifteenth, section VI of the Rules of

representative offices of foreign financial entities, agreed by unanimity

to declare the revocation of the authorization granted by the National Banking and Securities

Commission, through official letter number 312-1/12052/2008 dated October 8, 2008, for the

establishment in national territory of Shinhan Bank, Representative Office in

Mexico, due to the closure of said representative office. "

This letter is issued based on articles 16, antepenultimate paragraph of the Law of the

National Banking and Securities Commission; 14, 21, sections I, subsection f) and III and last paragraph, 44, section I, 61,

second paragraph and 64, first paragraph of the Internal Regulations of the National Banking and Securities Commission.

Sincerely

Mexico City, as of July 14, 2023. - Coordinator of Authorizations

to the Financial System B , Attorney

Zully Adriana Navarro Ortega .- Signature.- General Director of Supervision of

Groups and Financial Intermediaries

E , Attorney Gabriela Acevedo Mora .- Signature.- Director of Authorizations

to the Financial System , Attorney

Sergio Rendón Pulido .- Signature.

(R.- 541124)

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