Regulatory Alerts2020-07-01 | DOF 5595953Added
Official Letter Revoking Authorization to Operate as a Multiple Banking Institution for Banco Ahorro FAMSA, S.A.
The National Banking and Securities Commission revokes the authorization for Banco Ahorro FAMSA, S.A. to operate as a Multiple Banking Institution due to its Capitalization Index falling to -6.02% at the close of March 2020, which is below the minimum required by Article 50 of the Credit Institutions Law. This decision follows regulatory findings of capital deficiencies, excessive related-party operations, improper accounting of acquired credit portfolios, and failures to maintain adequate reserves. The revocation is based on Article 28, fraction V of the Credit Institutions Law, in relation to Article 29 Bis, fraction III, inciso a), after the bank failed to substantiate its capital calculations or restore its capital levels during the hearing process.
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