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Banco Patagonia to pull out of Uruguay

Banco Patagonia to pull out of Uruguay

April 14, 2022 | Charles Newbery
Argentine bank reportedly makes the decision after five years of mounting losses

Corporate & Sovereign Strategy M&A Argentina Brazil Uruguay

Banco Patagonia, the 11th largest bank in Argentina in terms of assets, has started to pull out of Uruguay after five years of mounting losses as an offshore bank in that country, El País newspaper reported on Wednesday. On April 4, the bank requested authorization from Uruguay’s central bank to liquidate and close after 21 years of operating a branch in the coastal city of Punta del Este, according to a securities filing. In a note, Moody's said it expects the bank "will comply with all of its

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