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Report: BBVA, Macro and Galicia readying to bid on Banco Patagonia

Banco Macro SA, Grupo Financiero Galicia SA and BBVA Banco Francés SA are ready to submit bids for Banco do Brasil SA's majority stake in Banco Patagonia S.A., according to a report in O Estado de São Paulo.

Banco do Brasil is expected to receive bids for the Argentine unit in the coming weeks, the Brazilian newspaper said.

As has been widely reported, the Brazilian state-run bank has been looking into selling the stake in the Argentine bank, having hired JP Morgan as a financial adviser, but so far a deal has failed to materialize.

Macro has been thought to be the forerunner for some time, and the Buenos Aires-based bank has officially said its interested in such an acquisition.