The Brazilian group Itaú confirmed that it is negotiating with the Brito family's Macro to sell its retail operation in Argentina.
"Itaú Unibanco Holding clarifies that it is in preliminary negotiations with Banco Macro, based in Argentina, in order to divest its operations in that country," the entity said in a note to the market, following the information released on Tuesday by the newspaper La Nación.
Itaú mentions that Macro is listed on the Buenos Aires and New York Stock Exchanges and that it is one of the main private banks in the country, with an extensive commercial network of branches that serve from individuals to large companies.
In fact, the incorporation of Itaú would help Macro expand its presence in the City of Buenos Aires, where most of Itaú's 58 branches are located.
Note in development