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Banco de la Nación Argentina merges Nación AFJP and Nación Servicios

Banco de la Nación Argentina on July 31 said it was merging the units Nación AFJP and Nación Servicios, under the name of the latter.

The state-run Argentine bank said employees of Nación AFJP, a pension fund administration company, would keep their jobs at the electronic payment unit Nación Servicios.

Earlier this year, Banco de la Nación reportedly studied possible mergers of companies in which it holds a majority stake in order to eliminate extra costs as the institution looked to cut unproductive expenses and eliminate duplicated tasks.