By Jeffrey T. Lewis
SAO PAULO--Itau Unibanco said Thursday it agreed to sell Banco Itau Argentina to Banco Macro.
The Brazilian bank will receive about 250 million reais, the equivalent of $51 million, for the Argentine unit's more than 60 branches and 145 automated teller machines. The final amount of the sale will be adjusted based on the unit's net results between April 1 and the date of the closing of the sale, Itau said.
The sale will have a one-time negative impact on Itau's earnings of about BRL1.2 billion, which will be booked when the sale is completed, Itau said.
Itau Argentina was that country's 16th biggest bank at the end of 2022, with a 2.1% market share. Itau said it will maintain a representative office in Argentina and will attend corporate and high-wealth clients in the country via branches in Brazil and other countries.
Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com
(END) Dow Jones Newswires
08-24-23 0825ET
