Treasury revokes authorization for Unicaja Banco to operate in Mexico

The National Banking and Securities Commission (CNBV) revoked the authorization granted to Unicaja Banco, S.A., Representative Office in Mexico to continue operating as a representative office of a foreign financial entity. The decision was published in the Official Gazette of the Federation on Thursday, August 27, 2026, through Official Letter P161/2026, and renders the entity unable to carry out activities as of the date of notification.

The CNBV, a decentralized body of the Ministry of Finance and Public Credit, based the revocation on article 7, third paragraph of the Credit Institutions Law, in relation to fraction IV of the Fifteenth Rule of the Rules for Representative Offices of Foreign Financial Entities. The agreement was adopted by the Commission’s own Governing Board in its ordinary session held on June 30, 2026, pursuant to Agreement NINTH.

The ground for revocation

The Commission determined that the ground for revocation for which the representative office was summoned had occurred, concluding that Unicaja Banco did not provide sufficient elements to refute the ground in question. From the full interpretation of the file, the decentralized body estimated that the ground contained in article 7, third paragraph of the Credit Institutions Law, in relation to fraction IV of the Fifteenth Rule of the Rules, was duly proven.

Effects of the resolution

According to the second resolution, as of the date of notification of the resolution, Unicaja Banco, S.A., Representative Office in Mexico is unable to carry out activities. The resolution was signed on July 6, 2026, by the Legal Vice President of the CNBV, Lic. Ángel Salvador Vargas Mitre, acting in the absence of the President of the Commission.

Regulatory framework

The CNBV acts as a decentralized body of the Ministry of Finance and Public Credit, empowered to authorize the establishment and operation of representative offices of foreign financial entities and, where applicable, agree to the revocation of such authorizations. The decision is based on articles 2, 4, 12, and 16 of the Law of the National Banking and Securities Commission, as well as Agreement TENTH adopted by the Governing Board in the same session on June 30, 2026.

The revocation leaves Unicaja Banco without the possibility of operating in Mexico as a representative office, which affects its clients and the banking sector. The measure reinforces the CNBV’s supervision of foreign financial entities and underscores the obligation of these offices to prove compliance with regulatory requirements to maintain their authorization.

Source: Official Gazette of the Federation, Publication No. 233/2026, Thursday, August 27, 2026, Ministry of Finance and Public Credit, p. 17 (official reference: Official Letter P161/2026, File CNBV.2C.5. Revocation, 212, REV/546/EF/01).