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Banco de Galicia lands buyer for stake in Tarjetas del Mar

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Banco de Galicia lands buyer for stake in Tarjetas del Mar

Sociedad Anónima Importadora y Exportadora de la Patagonia has accepted an offer to purchase Banco de Galicia y Buenos Aires SA's entire stake in Tarjetas del Mar SA, representing 58.8% of the total shares of Tarjetas del Mar.

At the same time, Compañía Financiera Argentina SA also made an offer to sell its entire stake in Tarjetas del Mar, representing 1.2% of the firm's total shares, to engineer Federico Braun, according to a March 31 statement from Grupo Financiero Galicia SA, which is the parent of both Banco de Galicia and Compañía Financiera Argentina.

The total price for the sale amounts to $5.0 million, and Banco de Galicia estimates that the deal will not have a significant impact on the lender's shareholders equity.

Sociedad Anónima Importadora already owns 40% of Tarjetas del Mar's shares and will increase its stake to 98.8% once the deal is completed.

Tarjetas del Mar is involved in the creation, development, management, operation and marketing of credit and debit cards in Argentina, according to a Bloomberg company profile. Braun occupies a seat on Grupo Financiero Galicia's board, according to S&P Global Market Intelligence data.