Banca Mifel in $150 Million Tier 2 Issuance

May 16, 2012

Cleary Gottlieb represented Credit Suisse (USA) as sole book-running manager in the Regulation S/Rule 144A offering by Banca Mifel, S.A., Institución de Banca Múltiple, Grupo Financiero Mifel of $150 million of 9.750% Fixed Rate Cumulative Subordinated Preferred Notes due 2022, which currently qualify as tier 2 capital under Mexican banking regulations. The transaction closed on May 16. Mifel will apply the proceeds to redeem its outstanding 11.00% Perpetual Non-Cumulative Subordinated Non-Preferred Callable Notes issued in July 2007. The remaining proceeds will be used for general corporate purposes, including providing additional long-term capital to fund the opening of new branches, supporting lending portfolio growth and increasing base capital.

Mifel is a multiple services bank that provides a wide range of retail and corporate banking services in Mexico. Mifel is one of the few remaining banks in Mexico that is not a subsidiary of a foreign financial institution.