Itaú sells Argentina arm to Banco Macro

Itaú Unibanco has announced that it has entered into an agreement with Banco Macro to sell its Argentina businesses.

Banco Macro has made a binding stock purchase for all shares in Banco Itaú Argentina and its subsidiaries.

After all conditions in the agreement are met, and after regulatory approval, Itaú Unibanco will receive R$250m ($51m) from Macro for the Argentina businesses.

Furthermore, the non-recurring impact of this transaction on Itaú is estimated to be negative by around R$1.2bn. This will all be recognised when the transaction is completed.

In addition, the net impact on Itaú Unibanco’s CET 1 capital will be immaterial.

After the completion of this transaction, Itaú Unibanco will continue serving corporate clients, both local and regional, and individuals in the wealth and private banking segments through its foreign branches.

It will also submit a request, to be approved by regulators in Argentina and in Brazil, to open a representative office in Argentina to carry out services permitted by its license and other conditions of the stock purchase agreement.

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Other Itaú news

Recently, Itaú selected the Genesis platform from Genesis Global to provide a trade automation and client portal system for Itaú Securities.

It will consolidate trade and portfolio information, as well as improving the experience offered to clients of Itaú Securities.

In addition, it will automate pre-trade workflows, minimising data checks, trade entry, order routing and other administration required.

Furthermore, Itau Unibanco signed a deal to buy a 35% stake in regional brokerage firm Avenue Holding Cayman for approximately $92m (BRL493m).

The deal consideration includes a cash injection of R$160m and a secondary share purchase.

The Brazilian lender is eyeing the controlling stake in Avenue and intends to acquire an additional 15.1% stake in the firm after two years from the closing date of the first tranche.

Following the additional stake purchase, Itau will hold 50.1% of the total and voting capital in Avenue, which offers Brazilians access to foreign markets.

The SoftBank-backed brokerage owns a US-based digital securities broker and currently has more than 229,000 active clients and R$6.4bn under custody.