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Report: Argentina's BYMA looks to launch wholesale bank in 2018

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Report: Argentina's BYMA looks to launch wholesale bank in 2018

Argentine stock exchange operator Bolsas y Mercados Argentinos SA, or BYMA, is in advanced talks with the country's central bank for approval to launch a new wholesale bank in 2018, El Cronista reported, citing sources who were present at a recent BYMA meeting.

The new bank, which would be controlled by BYMA unit Caja de Valores SA, could reportedly start operating as early as September if the regulatory approval process goes as planned.

BYMA is looking to use the new bank to process transactions that are currently handled by retail bank Banco de Valores SA. One of the publication's sources said the new bank "will not attend to the public and will have a very small staff."

BYMA debuted as Argentina's main stock exchange in May 2017 through the merger of Bolsa de Comercio de Buenos Aires and Mercado de Valores de Buenos Aires SA. A recent Bloomberg News report said Brazilian hedge funds have taken a 10% stake in BYMA and are looking to appoint a director on the company's board.