Resolution modifying the authorization for the constitution and operation of a financial group controlled by Monex Grupo Financiero, S.A. de C.V.

DOF: 15/12/2015

RESOLUTION modifying the authorization for the constitution and operation of a financial group controlled by the company named Monex Grupo Financiero, S.A. de C.V.

A seal with the National Coat of Arms appears at the margin, stating: United Mexican States.- Ministry of Finance and Public Credit.- Undersecretariat of Finance and Public Credit.- Unit of Banking, Securities and Savings.- Official Document No. UBVA/057/2015.

Resolution modifying the authorization for the constitution and operation of a financial group controlled by the company named Monex Grupo Financiero, S.A. de C.V.

The Ministry of Finance and Public Credit, through the Unit of Banking, Securities and Savings, based on the provisions of articles 31, fraction XXXIV of the Organic Law of the Federal Public Administration and 11 of the Law to Regulate Financial Groups, in exercise of the powers conferred by article 27, fraction XXXIII, of the Internal Regulations of the Ministry of Finance and Public Credit and in view of the following:

BACKGROUND

By official document 101-00641 dated May 21, 2003, published in the Official Gazette of the Federation on June 4, 2003, this Ministry authorized "Monex Grupo Financiero, S.A. de C.V." to constitute and operate as a financial group, in accordance with the provisions of article 6 of the Law to Regulate Financial Groups. The aforementioned authorization was last modified by similar document UBA/138/2007 dated August 2, 2007, published in the Official Gazette of the Federation on September 17, 2007.

By official document UBA/248/2007 dated December 20, 2007, published in the Official Gazette of the Federation on February 20, 2008, the merger of Banco Monex S.A., Multiple Banking Institution, Monex Grupo Financiero, as the surviving merging entity, with Monex Financiera, S.A. de C.V., Limited Purpose Financial Company, Monex Grupo Financiero, as the merged or extinguishing entity, was authorized.

In accordance with Article Fifty-Two, fraction IV, of the Decree reforming, adding and repealing various provisions in financial matters and issuing the Law to Regulate Financial Groups, published in the Official Gazette of the Federation on January 10, 2014, Controlling Companies and Financial Groups that, upon the entry into force of this Law, have authorization to constitute and operate as such under the repealed Law to Regulate Financial Groups, shall be deemed authorized under article 11 of the current Law to Regulate Financial Groups as of January 11, 2014.

By official document number UBVA/DGABV/601/2015 dated June 24, 2015, this Ministry, prior to the opinion of the Bank of Mexico and the National Banking and Securities Commission, approved the comprehensive modification of the Bylaws of "Monex Grupo Financiero, S.A. de C.V.", in the terms agreed by its Extraordinary General Meeting of Shareholders held on June 25, 2014, notarized by Public Deed No. 38,396 dated June 10, 2015, granted before the notary public Lic. Alberto T. Sánchez Colín, Holder of Public Notary No. 83, of the Federal District, which was carried out in compliance with the Decree reforming, adding and repealing various provisions in financial matters and issuing the Law to Regulate Financial Groups, published in the Official Gazette of the Federation on January 10, 2014.

CONSIDERING

That the financial sector must contribute fundamentally to the financing of economic growth in Mexico;

That the National Development Plan 2013-2018 establishes as its general objective to "Take Mexico to its maximum potential", contemplating as one of the five National Goals the so-called "Prosperous Mexico", which has among its objectives "Democratize access to financing for projects with growth potential." In achieving the stated objective, this Administration places emphasis on various Cross-Cutting Strategies and their respective Lines of Action, among which is "Carry out the necessary reforms to the legal and regulatory framework of the financial system to democratize credit";

That as a result of the merger of Banco Monex S.A., Multiple Banking Institution, Monex Grupo Financiero, as the surviving merging entity, with Monex Financiera, S.A. de C.V., Limited Purpose Financial Company, Monex Grupo Financiero, as the merged or extinguishing entity, it is necessary to modify article Five of the authorization granted for the constitution and operation of the financial group "Monex Grupo Financiero, S.A. de C.V.", in order to eliminate the mention of the aforementioned Limited Purpose Financial Company as a member of said financial group;

That on January 10, 2014, a new Law to Regulate Financial Groups was published in the Official Gazette of the Federation, in which the regulation applicable to financial groups is perfected, by precisely establishing the bases for the organization of Controlling Companies and the constitution and operation of Financial Groups;

That as a result of this Ministry approving the comprehensive modification of the Bylaws of "Monex Grupo Financiero, S.A. de C.V.", which was carried out in compliance with Article Fifty-Two, fraction III, of the Decree reforming, adding and repealing various provisions in financial matters and issuing the Law to Regulate Financial Groups, published in the Official Gazette of the Federation on January 10, 2014, it is necessary to modify the authorization granted to "Monex Grupo Financiero, S.A. de C.V." to organize as a controlling company and operate as a financial group;

That the last modification to the authorization of "Monex Grupo Financiero, S.A. de C.V.", published in the Official Gazette of the Federation on September 17, 2007, states that its fixed minimum capital without right of withdrawal amounts to $391,063,500.00 (three hundred ninety-one million sixty-three thousand five hundred pesos 00/100 M.N.);

That in addition to the above, any increase or decrease in fixed capital implies a statutory modification, which must be approved by this Ministry of Finance and Public Credit, in terms of article 20 of the Law to Regulate Financial Groups;

That in order to promote administrative simplification, it is convenient to suppress Article Eight of the authorization granted to "Monex Grupo Financiero, S.A. de C.V.", in order to eliminate the reference to the amount of its social capital, and

That after analyzing the information and documentation presented, and after having determined the appropriateness of the present modification, this Ministry of Finance and Public Credit issues the following:

RESOLUTION

SOLE ARTICLE: The authorization for the constitution and operation of a financial group controlled by the company named "Monex Grupo Financiero, S.A. de C.V." is comprehensively modified, to read as follows:

FIRST: In exercise of the power conferred by article 11 of the Law to Regulate Financial Groups, the organization of "Monex Grupo Financiero, S.A. de C.V." as a Controlling Company and the constitution and operation of the respective financial group are authorized.

SECOND: The name of the Controlling Company of the financial group shall be "Monex Grupo Financiero, S.A. de C.V.".

THIRD: The Controlling Company shall have as its purpose to participate, directly or indirectly, in the social capital of the financial entities that are part of the financial group and to establish, through its corporate bodies, the general strategies for the management of the financial group.

FOURTH: "Monex Grupo Financiero, S.A. de C.V." shall be the direct or indirect owner of shares representing more than fifty percent of the social capital of the financial entities that are part of the financial group.

FIFTH: The financial group shall be composed of the Controlling Company named "Monex Grupo Financiero, S.A. de C.V.", and the following financial entities:

1. Monex Casa de Bolsa, S.A. de C.V., Monex Grupo Financiero.
2. Monex Operadora de Fondos, S.A. de C.V., Monex Grupo Financiero.
3. Banco Monex S.A., Multiple Banking Institution, Monex Grupo Financiero.

SIXTH: The domicile of the Controlling Company shall be Mexico City, Federal District.

SEVENTH: The authorization referred to in this Resolution is, by its very nature, non-transferable.

EIGHTH: The Controlling Company shall be subject to inspection and supervision by the National Banking and Securities Commission.

NINTH: In matters not expressly stated in this Resolution, "Monex Grupo Financiero, S.A. de C.V." shall be subject to the Political Constitution of the United Mexican States, the Law to Regulate Financial Groups, the General Rules of Financial Groups, as well as all other legislation and regulation currently in force applicable to the matter, or that may be issued in the future.

TRANSITIONAL PROVISION

SOLE: This Resolution shall be published in the Official Gazette of the Federation at the expense of "Monex Grupo Financiero, S.A. de C.V.".

Respectfully,

Mexico City, D.F., September 29, 2015.- The Head of the Unit, Narciso Antonio Campos Cuevas.-

Rubric.

(R.- 423905)

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