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Report: Banco Galicia to receive offers for financial services unit in October

Argentina'sBanco de Galicia y Buenos Aires SAis expected to receive nonbinding offers for its financial services business ,known as Efectivo Sí, in the first week of October, El Cronista reported Sept. 29.

The businessreportedly is worth between $100 million and $120 million.

Thereare two foreign private equity funds reportedly interested in the business, includingone from the U.S. and one from Europe. Both have operations in Latin America butnot in Argentina, where they would reportedly seek to transform Efectivo Sí intoa bank.

Argentina'sbanking sector is seen as attractive for foreign investors given its potential andlow level of penetration, the report said.

Pendingapproval from Banco Central de laRepública Argentina, either bidder could partner with one of more localfirms that have expressed interest in doing so, including Falabella, , Werthein, SwissMedical, Galeno, Comafi FiduaciarioFinanciero SA, BACS Bancode Crédito y Securitización SA and local investment bank Puente.

However,Banco Galicia, which is looking to reallocate resources to its core business, isin no hurry to sell and is expected to wait for an attractive offer, Cronista reported.

CompañíaFinanciera Argentina has net equity of around $75 million and over 500,000 clientsin the consumer banking segment.