Regulatory Alerts2019-02-08 | DOF 5549952Added
Resolution modifying the authorization granted to Grupo Financiero Banamex, S.A. de C.V. (currently Grupo Financiero Citibanamex, S.A. de C.V.) to organize as a Subsidiary Holding Company under the Law to Regulate Financial Groups
The Ministry of Finance and Public Credit modifies the authorization for Grupo Financiero Citibanamex, S.A. de C.V. to organize as a Subsidiary Holding Company and defines the composition of its financial group. The resolution updates the holding company's name to reflect the rebranding from Banamex to Citibanamex and lists the eight specific financial entities comprising the group, including Banco Nacional de México, Seguros Banamex, and Tarjetas Banamex. It establishes that Citigroup Inc. must own at least 51% of the holding company's capital and that the holding company must own more than 50% of the capital of its constituent financial entities. The resolution also confirms the holding company's domicile in Mexico City and its subject to inspection by the National Banking and Securities Commission.
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