An Argentine judge has lifted an asset freeze on troubled lender Banco Finansur SA in order to protect its depositors and staff in the face of its collapse, Clarín reported.
Federal judge Julián Ercolini decided to follow recommendation from Banco Central de la República Argentina and the country's tax authority in order to facilitate the bank's sale and protect affected parties before a March 9 deadline.
According to a report by El Cronista, an unnamed investment fund from either the U.S. or the U.K. has made an offer to buy the troubled bank and capitalize it with around $15 million.
Previously, Banco de Galicia y Buenos Aires SA had been the only one interested in buying Finansur, after submitting a nonbinding offer in January.
March 9 is the deadline for the suspension of the financial entity, which the central bank has imposed since November 2017 after the bank failed to meet an agreed-upon deadline for its recapitalization plan. If Banco Finansur does not attract a buyer, the central bank will separate the bank's assets and liabilities, leaving a "residual bank" for the collection of contingent liabilities.
Banco Finansur was put up for sale following a tax evasion investigation into one of its owners, Cristóbal López. The bank will reportedly be liquidated if it fails to fulfill a recapitalization plan.
