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Rosario bourse to invest 300M pesos in new bank

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Rosario bourse to invest 300M pesos in new bank

Bolsa de Comercio de Rosario, the stock exchange in the Argentine port city of Rosario, plans to invest 300 million pesos in initial capital for its new commercial bank, El Cronista reported.

The amount will be dedicated to granting credit to small and medium-sized agricultural companies in the region.

Earlier in May, shareholders of the stock exchange operator unanimously approved the plan of establishing the new bank, yet unnamed, which could be launched next year pending central bank approval. They have also envisioned launching an IPO of shares in the bank to attract new investors.

According to earlier reports, Mercado Argentino de Valores, Rofex, Argentina Clearing, Rosgan and insurance companies that comprise the Aseguradoras del Interior de la República Argentina insurance chamber will be the bank's initial shareholders.

As of May 21, US$1 was equivalent to 24.23 Argentine pesos.