Revocation of Authorization for Mercantil, C.A., Banco Universal and Mercantil Commercebank, National Association Joint Representation Office in Mexico

DOF: 14/06/2017

OFFICE LETTER revoking the authorization for the establishment in national territory of Mercantil, C.A., Banco Universal and Mercantil Commercebank, National Association, Joint Representation Office in Mexico, due to its definitive closure.

At the margin, a seal with the National Coat of Arms, which reads: United Mexican States.- Ministry of Finance and Public Credit.- National Banking and Securities Commission.- Presidency.- Vice Presidency of Regulation.- Vice Presidency of Supervision of Groups and Financial Intermediaries B.- Office No.: 310-14443/2017.- Exp.: CNBV.312.211.23 (5823).

Subject:

Closure of its Representation Office in Mexico, as well as revocation of the authorization for its establishment.

Mercantil, C.A., Banco Universal and
Mercantil Commercebank, National
Association, Joint Representation
Office in Mexico

Eugenio Sue No. 58
Col. Polanco V Section
Del. Miguel Hidalgo
11560 Mexico City

AT ' N.:
Emilce Coromoto Alonso Nottaro
Legal Representative

We refer to your letter dated April 4 of the current year, through which you notified this Commission of the definitive closure of Mercantil, C.A., Banco Universal and Mercantil Commercebank, National Association, Joint Representation Office in Mexico and, consequently, requested the revocation of the corresponding authorization.

BACKGROUND

Through office 312-1/82067/2009 dated October 30, 2009, the National Banking and Securities Commission communicated to Mercantil, C.A., Banco Universal and Mercantil Commercebank, National Association, the agreement adopted by its Board of Directors in a session held on October 27, 2009, consisting of authorizing Mercantil, C.A., Banco Universal (of the Bolivarian Republic of Venezuela) and Mercantil Commercebank, National Association (of the United States of America), the establishment of a joint representation office in national territory, headquartered in Mexico City, under the name

" Mercantil, C.A., Banco Universal and Mercantil Commercebank, National Association, Joint Representation Office in Mexico " .

Taking into account the background stated above and considering that the request and documentation presented comply with the applicable provisions, this Commission, based on what is established in the Fifteenth, fraction VI of the " Rules for representation offices of foreign financial entities " , published in the Official Journal of the Federation on December 31, 2014, has resolved to authorize the closure of Mercantil, C.A., Banco Universal and Mercantil Commercebank, National Association, Joint Representation Office in Mexico.

As a consequence of the above and based on the aforementioned Fifteenth Rule, the members of the Board of Directors of this Commission, in a session held on the 29th of the current month, adopted the following:

AGREEMENT

" ... The members of the Board of Directors, based on article 12, fraction XV of the Law of the National Banking and Securities Commission, in relation to article 7 of the Credit Institutions Law and the Fifteenth, fraction VI of the Rules for representation offices of foreign financial entities, taking into consideration the favorable opinion issued by the Authorization Committee of the National Banking and Securities Commission in its session held on May 22, 2017, unanimously approved the revocation of the authorization for the establishment in national territory of Mercantil, C.A., Banco Universal and Mercantil Commercebank, National Association, Joint Representation Office in Mexico, granted by the National Banking and Securities Commission through office 312-1/82067/2009 dated October 30, 2009, as a consequence of its closure. "

This office letter is issued based on articles 12, 15, fraction VIII, in relation to article 19, fractions I, subsection f), III and last paragraph and 40, fractions I and VII of the Internal Regulations of the National Banking and Securities Commission, published in the Official Journal of the Federation on November 12, 2014; and 1, fraction VI, 11, fraction I, subsections 1) and 3) and 36, fraction I, subsection 1) of the Agreement by which the President of the National Banking and Securities Commission delegates powers to the Vice Presidents, General Directors and Assistant General Directors of the same Commission, published in the said Journal on November 30 of 2015.

Respectfully

Mexico City, May 31, 2017. - The Vice President of Regulation, Arcelia Olea Leyva.- Signature.- Vice President of Supervision of Groups and Financial Intermediaries B, Ricardo Medina Álvarez.- Signature.

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