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Banco Finansur faces shareholder lawsuit over director compensation

A shareholder of Banco Finansur SA is suing the bank to nullify decisions approved at a shareholders meeting in May related to dividends from 2015 profits and compensation paid to directors, the bank said in a securities filing Dec. 23.

The shareholder, Jorge Luis Demaria, wants the bank to overturn its decision to allocate most of it 2015 profits, which totaled 7.44 million Argentine pesos, to a fund for future dividend payments, and to reverse its decision to pay four board members bonuses totaling 8.15 million pesos corresponding to 2015 results.

The lawsuit should not affect the commercial operations of the bank, Banco Finansur said in the filing.

Grupo Indalo, which owns 70% in Banco Finansur, was looking to sell the bank earlier in 2016 in order to help pay a tax bill levied by Argentine tax authority AFIP.

As of Dec. 22, US$1 was equivalen to 15.75 Argentine pesos.