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Report: Paraguay's Financiera Río considering merger with Banco Itapuá

Paraguay-basedfinancial group Financiera Río is looking to raise capital to become a bankinginstitution and is considering a merger with Banco Itapuá, 5días reported May 10, citing an interview with Río presidentCristian Heisecke.

The chairmanof Banco Itapuá, Milner Paredes, reportedly said that negotiations for themerger have concluded but that no details could be given until the deal isapproved by the Banco Central delParaguay.

Accordingto central bank data, as of the end of 2015, Banco Itapuá had deposits totaling1.16 trillion guaraníes and a loan portfolio worth 1.14 trillion guaraníes. Forits part, Río had 437.96 billion guaraníes in deposits and loans totaling504.82 billion guaraníes.

As of May 9, US$1 was worth5,589.49 Paraguayan guaraníes.