Itaú banks loss and sells operation in Argentina for R$ 250 million

Itaú Unibanco announced this Thursday (24) that it closed an agreement to sell its operation in Argentina to Banco Macro for R$ 250 million. The bank operated in the country for 44 years. In a material fact, the bank estimates that the “non-recurring impact” will be negative at around BRL 1.2 billion, which will be recognized when the transaction is completed.

The decision of the largest bank in Latin America comes amid the serious economic crisis in the neighboring country. “After more than forty years, we will continue to have a presence in Argentina through a local representation office, and we will continue to serve our corporate, wealth and private bank clients from our bank units in Brazil and in other external units” , informed André Gailey, regional CEO of the bank in Argentina, Paraguay and Uruguay, in a press release.

With the acquisition of the Itaú operation, Banco Macro consolidates itself as the largest private bank with Argentine capital in the country, with 565 branches, 9,400 employees and 6 million customers. Itaú arrived in Argentina in 1979 and operated with a focus on large companies that were related to Brazil. In 1998, it bought Banco del Buen Ayre to serve individuals. The sale operation requires the authorization of regulatory authorities in Argentina and Brazil.