The Argentine province of Tucumán has transferred its 10% stake in Banco del Tucumán SA to Banco Macro SA, according to a regulatory filing.

The stake is composed of 43,960 class B ordinary shares.

The transaction was previously authorized through a law passed by Tucumán province's legislature, which also permitted the continuity of Banco del Tucumán as a financial agent of the province for another 10 years from the maturity contract date, as well as the possibility to merge both entities.

Prior to the transfer of shares, Banco Macro held an 89.93% stake in Banco del Tucumán.

In conjunction to the stake transfer, Jorge Salvador Gassenbauer and Pablo Raúl Yédlin resigned as director and alternate director, respectively, of Banco del Tucumán. The directors were appointed by the province of Tucumán as representatives.