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Banco Itaú confirms withdrawal from Argentina

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The Brazilian bank, now based in 18 countries, has already started talks to sell its operations on land across the Andes.

he Itau Brazil’s largest private bank and a leading financial institution in South America. will withdraw from the Argentinian market .

According to the trans-Andean media the peoplethe decision has already been made.

Banks therefore later clarified: The company is already in “preliminary” talks with Banco Macro to sell its business in the country.

Itau suggested that documents on the matter had not yet been signed, but if an agreement were to be completed, it would mean Argentina would move away from the region’s major financial giants.

“Itaú Unibanco also informs us that so far it has not signed legally binding documents regarding this potential sale. We will immediately communicate relevant information regarding this fact to the market. said in a statement sent to the market.

According to Itau, Banco Macro SA is one of the neighboring country’s leading private banks.

Listed on the Buenos Aires and New York stock exchanges, the company has an extensive network of branches, offers financial products and services throughout Argentina, and serves everyone from individuals to large corporations.

Itaú, present in 18 countries And significant operations in Chile, Colombia, Paraguay and Uruguay contributed to a net recurring profit of R$8,435 million (approximately $1,707 million/€1,562 million at current exchange rates) in the first quarter of this year. Earned a profit. 14.5% higher Up to those registered in the same period of 2022.

Banking products increased 13% in the quarter compared to the previous quarter in Argentina, increased 12% in Paraguay and 11% in Uruguay, but decreased 18% in Chile.

Source: Biobiochile

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