Resolution modifying the authorization granted to Invex Grupo Financiero, S.A. de C.V. to organize as a Holding Company under the Law for the Regulation of Financial Groups

DOF: 02/10/2018

RESOLUTION by which the authorization granted to Invex Grupo Financiero, S.A. de C.V. is modified

At the margin, a seal with the National Coat of Arms, which says: United Mexican States.- Ministry of Finance and Public Credit.- Undersecretariat of Finance and Public Credit.- Unit of Banking, Securities and Savings.- Office No. UBVA/082/2018.

RESOLUTION BY WHICH THE AUTHORIZATION GRANTED TO "INVEX GRUPO FINANCIERO, S.A. DE C.V." IS MODIFIED, TO ORGANIZE AS A HOLDING COMPANY IN TERMS OF THE LAW FOR THE REGULATION OF FINANCIAL GROUPS AND THE CONSTITUTION AND OPERATION OF THE RESPECTIVE FINANCIAL GROUP.

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 for the Regulation of Financial Groups, in exercise of the powers conferred upon it by Article 27, fraction XXXIII, of the Internal Regulations of the Ministry of Finance and Public Credit and in view of the following:

BACKGROUND

1.

By resolution 101-755 of July 18, 2007, published in the Official Gazette of the Federation on August 13, 2007, this Ministry authorized Invex Activos II, S.A. de C.V., to constitute itself as a Holding Company of a financial group under the name "Invex Grupo Financiero, S.A. de C.V." and the operation of the respective financial group, in accordance with the provisions of Article 6 of the Law for the Regulation of Financial Groups in force on January 10, 2014.

2.

By office UBVA/DGABV/352/2015 of May 6, 2015, this Department, based on Article 20 of the Law for the Regulation of Financial Groups, approved the comprehensive reform of the bylaws of "Invex Grupo Financiero, S.A. de C.V.", in the terms agreed by that Holding Company in its Extraordinary General Shareholders' Meeting held on June 30, 2014, notarized by public deed number 46,016 of March 10, 2015, granted before the notary Lic. Miguel Ángel Espíndola Bustillos, Notary number 120 of the Federal District, now Mexico City, and of the Federal Real Estate Heritage, which was carried out in compliance with the Decree by which various provisions in financial matters are reformed, added to and repealed and the Law for the Regulation of Financial Groups is issued, published in the Official Gazette of the Federation on January 10, 2014.

3.

By office UBVA/DGABV/113/2016 of February 12, 2016, this Department, based on Article 20 of the Law for the Regulation of Financial Groups, approved the modification of the bylaws of "Invex Grupo Financiero, S.A. de C.V.", in the terms agreed by that Holding Company in its Extraordinary General Shareholders' Meeting held on July 31, 2015, notarized by public deed number 47,126 of February 3, 2016, granted before the same Notary as the previous one, from which it is derived, among other things, the change of corporate name from "Invex, Operadora, S.A. de C.V., Sociedad Operadora de Sociedades de Inversión" to remain as "Invex Operadora, S.A. de C.V., Sociedad Operadora de Fondos de Inversión, Invex Grupo Financiero".

CONSIDERING

1.

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

2.

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, the current Administration places emphasis on three Cross-Cutting Strategies and their respective Lines of Action, within which is "Carry out the necessary reforms to the legal and regulatory framework of the financial system to democratize credit".

3.

That on January 10, 2014, a new Law for the Regulation of 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 Holding Companies and the constitution and operation of Financial Groups.

4.

That in accordance with Article Fifty-Two, fraction IV, of the Decree by which various provisions in financial matters are reformed, added to and repealed and the Law for the Regulation of Financial Groups is issued, published in the Official Gazette of the Federation on January 10, 2014, Holding Companies and Financial Groups that, upon the entry into force of said Law, have authorization to constitute and operate as such in accordance with the repealed Law for the Regulation of Financial Groups, shall be deemed authorized in terms of Article 11 of the Law for the Regulation of Financial Groups in force from January 11, 2014.

5.

That Article 81 of the Law for the Regulation of Financial Groups establishes that investments made, among others, in securities representing the share capital of service providers, shall not be considered part of the financial group in question.

6.

That inasmuch as this Ministry approved the comprehensive reform of the Bylaws of "Invex Grupo Financiero, S.A. de C.V.", which was carried out in compliance with Article Fifty-Two, fraction III, of the Decree by which various provisions in financial matters are reformed, added to and repealed and the Law for the Regulation of Financial Groups is issued, published in the Official Gazette of the Federation on January 10, 2014, as well as to contemplate the change of name of the investment fund operator, to remain as "Invex Operadora, S.A. de C.V., Sociedad Operadora de Fondos de Inversión, Invex Grupo Financiero" carried out by that financial group, it is necessary to modify the authorization granted to "Invex Grupo Financiero, S.A. de C.V.", to organize as a Holding Company and operate as a Financial Group.

7.

That in accordance with the "Decree by which various provisions of the Political Constitution of the United Mexican States are declared reformed and repealed, in matters of the political reform of Mexico City", published in the Official Gazette of the Federation on January 29, 2016, the "Federal District" shall be named "Mexico City" and elevated to the rank of federal entity.

8.

That the last modification to the authorization of "Invex Grupo Financiero, S.A. de C.V." states that its minimum share capital without right of withdrawal amounts to $852,436,860.00 (eight hundred fifty-two million four hundred thirty-six thousand eight hundred sixty pesos 00/00 national currency).

9.

That in addition to the foregoing, 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 for the Regulation of Financial Groups.

10.

That in order to promote administrative simplification, it is convenient to suppress Article Five of the authorization granted to "Invex Grupo Financiero, S.A. de C.V.", in order to eliminate the reference to the amount to which its share capital amounts.

11.

That once the information and documentation presented has been analyzed, and after having determined the appropriateness of this modification, this Ministry of Finance and Public Credit issues the following:

RESOLUTION

SOLE.- The authorization granted to "Invex Grupo Financiero, S.A. de C.V.", to organize as a Holding Company in terms of the Law for the Regulation of Financial Groups and the constitution and operation of the respective Financial Group, is comprehensively modified, to remain in the following terms:

FIRST.-

In exercise of the power conferred by Article 11 of the Law for the Regulation of Financial Groups, this Ministry authorizes the organization of "Invex Grupo Financiero, S.A. de C.V.", as a Holding Company and the constitution and operation of the respective financial group.

SECOND.-

The name of the Holding Company of the financial group shall be "Invex Grupo Financiero, S.A. de C.V."

THIRD.-

The Holding Company shall have as its purpose to participate, directly or indirectly, in the share 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.-

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

FIFTH.-

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

1.

Banco Invex, S.A., Multiple Banking Institution, Invex Grupo Financiero;

2.

Invex Casa de Bolsa, S.A. de C.V., Invex Grupo Financiero, and

3.

Invex Operadora, S.A. de C.V., Investment Fund Operator, Invex Grupo Financiero.

SIXTH.-

The domicile of the Holding Company is Mexico City.

SEVENTH.-

The authorization referred to in this Resolution is, by its very nature, intransmissible.

EIGHTH.-

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

NINTH.-

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

TRANSITORY

SOLE.-

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

Respectfully,

Mexico City, August 13, 2018.- The Head of the Unit, Emilio Fueyo Saldaña.- Rubric.

(R.- 473633)

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