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Banco Macro completes merger with Banco del Tucumán

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Banco Macro completes merger with Banco del Tucumán

Argentina's Banco Macro SA has completed the acquisition of the entire stake of Banco del Tucumán SA, the provincial bank said in a regulatory filing.

The merger by absorption comes under the corporate combination process Banco Macro started in April.

In August 2018, the Argentine province of Tucumán transferred the remaining 10% stake in the provincial bank to Banco Macro. Following the stake transfer, Banco Macro invested 280 million Argentine pesos for infrastructure and employee training, El Cronista reported.

As a result of the completion, Banco del Tucumán branches would carry the Banco Macro brand starting this week, the newspaper reported.

As of Oct. 14, US$1 was equivalent to 58.04 Argentine pesos.