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Argentina's Banco Ciudad acquires Ciudad Microempresas

Banco de la Ciudad de Buenos Aires said it has bought out the 20% stake of Corporación Buenos Aires Sur in microfinancing firm Ciudad Microempresas S.A., BAENegocios reported.

The transaction makes the state-owned lender the sole owner of the microfinancing firm, which was created in 2013.

In In April 2017, Ciudad Microempresas acquired Cordial Microfinanzas SA from Grupo Supervielle SA for 46.5 million Argentine pesos, under an agreement struck in March that year.

According to BAENegocios, Ciudad Microempresas has 9,000 active clients.

As of Feb. 7, US$1 was equivalent to 19.63 Argentine pesos.