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Report: Sancor Seguros to buy 30% of Argentina's Banco Finansur

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Report: Sancor Seguros to buy 30% of Argentina's Banco Finansur

Argentineinsurer Sancor Cooperativa de SegurosLimitada has signed an agreement to purchase 30% of from the Sánchez Córdobafamily, Clarín reported July 12, citingsources close to the deal.

The processcould take up to one year and requires the approval of the central bank, the reportsaid.

JorgeSánchez Córdoba, who owns 30% of Banco Finansur, reportedly offered to buy 's 70% stake, but afterthe offer was rejected he put his own stake up for sale.

GrupoIndalo, which is owned by Argentine casino magnate Cristóbal López, is reportedlylooking to sell both BancoFinansur and insurer Providencia Compañía Argentina — formerly known as GeneraliArgentina — due to a large tax bill levied by the Argentine tax authority, AFIP,in March.

Accordingto the sources cited by Clarín, the climate at Banco Finansur has worsened sincethe announcement, but a new owner could help to restore confidence, the report said.

GrupoSancor Seguros, which is based in the Santa Fe province, opened its new headquarters in 2015 and is expanding in LatinAmerica having recently opened a new office in Brazil.

It isnot clear from the Clarín report whetherSancor will also buy a stake in Providencia Compañía Argentina.