The board of Argentina's Banco Industrial SA approved the acquisition of reciprocal guarantee firm Garantía de Valores S.G.R., the company said in a regulatory filing.

In February, Banco Industrial won an auction to buy the company from Caja de Valores SA in partnership with stockbroker Nápoli Inversiones SA. The deal reportedly was worth $2.3 million.

Garantía de Valores provides guarantee services to small and medium-sized enterprises in Argentina. As of Sept. 30, 2017, it had total assets of 221.2 million Argentine pesos.