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Banco Macro to pay 701.5M Argentine pesos in cash dividend

Banco Macro SA said it obtained shareholder and central bank approval to distribute a cash dividend totaling about 701.5 million Argentine pesos, or 1.20 pesos per outstanding share, for the fiscal year ended Dec. 31, 2016.

The bank will make the payment, which represents 120% of its outstanding corporate capital, on June 13 to shareholders of record as of June 12, according to a Form 6-K filed May 30.

The payment is not subject to a 35% withholding tax and derives from income earned in fiscal year 2012.

Banco Macro recently announced plans for a global primary follow-on offering of class B ordinary shares that is expected to price on or around June 12.

As of May 30, US$1 was equivalent to 16.08 Argentine pesos.