Banco Macro SA has been allowed to purchase the shares of the Argentine province of Tucumán in Banco del Tucumán SA, according to a filing.

The sale was authorized through a law passed by the province's legislature, which also permitted the continuity of Banco del Tucumán as financial agent of the province for another 10 years from the maturity contract date, as well as the possibility to merge both entities.

The province of Tucumán holds a 10.00% stake in Banco del Tucumán while Banco Macro owns 89.93%, according to S&P Global Market Intelligence data.