December 1, 2020

CIMA revokes HSBC Mexico SA (C.I. Branch) banking license

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An HSBC branch office in Mexico CityCayman Islands Monetary Authority : CIMA Revokes HSBC Mexico S.A. (Cayman Islands Branch) Banking License

(Grand Cayman – Friday, 1 March 2013) In late July 2012, CIMA initiated investigations to establish whether the Cayman Islands Branch of HSBC Mexico S.A. had breached any local laws or regulations.

In a Decision Notice dated 27 February 2013,the Cayman Islands Monetary Authority (CIMA) set out its decision to revoke the Category “B” Banking License held by HSBC Mexico S.A. with respect to its Cayman Islands Branch pursuant to Section 18(1)(i) of the Banks and Trust Companies Law (2009 Revision) (“the Law”). CIMA concluded that the Cayman Islands Branch of the company is conducting business in a manner detrimental to the public interest, the interest of its depositors or of the beneficiaries of any trust or other creditors and that the direction and management of its business has not been conducted in a fit and proper manner.

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