Itau Unibanco Sells Banco Itau Argentina to Banco Macro
Itau Unibanco has announced the sale of Banco Itau Argentina to Banco Macro, marking a significant move in its business operations. The Brazilian bank will receive approximately 250 million reais, equivalent to $51 million, for more than 60 branches and 145 automated teller machines owned by the Argentine unit. It is important to note that the final amount of the sale will be adjusted based on the net results of the unit between April 1 and the closing date of the sale.
However, this sale will have a one-time negative impact on Itau's earnings, amounting to approximately BRL1.2 billion. Itau has decided to book this impact upon completion of the sale. Despite divesting from Banco Itau Argentina, Itau plans to maintain a representative office in Argentina. This office will continue to serve corporate and high-wealth clients in the country through branches located in Brazil and other countries.
This transaction carries significant implications, considering that Itau Argentina was ranked as the 16th largest bank in the country at the end of 2022. With a market share of 2.1%, Banco Itau Argentina had established a notable presence within the Argentine banking industry.
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