Business & Banking

Business & Banking

Argentina

IntesaBci Cedes Control of Argentine Subsidiary IntesaBci, Italy's largest bank, is spending $150 million to recapitalize its Argentine unit and then cede control of it in a merger with Banco Patagonia SA, a local lender in southern Argentina. The Italian bank will retain a minority stake in the merged company, that will include Banco Sudameris Argentina's $584 million of assets and 99 branches along with Banco Patagonia's 289 million pesos of assets and about 30 branches. UBS Warburg advised the Milan-based IntesaBci on the transaction. The bank is divesting from Argentina and Brazil as well as cutting as many as 8,000 jobs as it tries to regain profitabili

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