Argentina-based Banco Industrial SA said its board approved the sale of minority stakes in two affiliates held by the bank to Grupo Bind SA.

Banco Industrial is selling 24,864 shares of Industrial Asset Management Sociedad Gerente de Fondos Comunes de Inversión SA, or a 5% stake, as well as 184,000 shares of Industrial Valores SA, representing a 6.79% stake, to Grupo Bind, according to a Feb. 19 press release.

The terms of the deals were not disclosed.

According to an earlier report in El Cronista, Banco Industrial and partner Nápoli Inversiones SA recently won an auction to acquire Garantía de Valores SGR for around $2.3 million.