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Argentina's BBVA Francés makes provision of 1.19B pesos over tax dispute

BBVA Banco Francés SA on June 8 said it will make a provision of 1.19 billion Argentine pesos due to an ongoing legal dispute with the Argentine tax authorities over income tax for 2016, which will be reflected in this year's second-quarter earnings, according to a regulatory filing.

The dispute is over inflation adjustment tax payments. The bank said legal proceedings would continue.

As of June 8, US$1 was equivalent to 16.01 Argentine pesos.