The board of Argentine credit card issuer Tarjeta Naranja SA said it initiated the process of merging the company with sister unit Tarjetas Cuyanas SA, with the latter set to be absorbed, according to an Aug. 10 regulatory filing.
Both units are part of Tarjetas Regionales SA, which itself is controlled by Grupo Financiero Galicia SA's Banco de Galicia y Buenos Aires SA.
In a separate filing Aug. 10, Tarjeta Cuyanas said directors José Luis Innocenti and José Luis Cortiñas, deputy director Juan Carlos Angulo and trustee Miguel Angel Nicastro had resigned from their positions with immediate effect.
Tarjeta Cuyyanas' board said it redistributed the roles of its directors and tapped Miguel Angel Peña to be chairman and Diego Hernán Rivas to be vice chairman. José Luis Gentile, meanwhile, was appointed to serve as head of the board's supervisory committee.
Separately on Aug. 10, Galicia announced that the aforementioned José Luis Innocenti and Juan Carlos Angulo — along with Miguel Angel Innocenti —had agreed to sell ownership stakes in Tarjetas Regionales worth about $36.8 million and representing 4.5% of Tarjetas Regionales' issued and outstanding share capital. Each of the three individuals held 5,658,315 class A shares and 10,508,299 class B shares.
The transfer of the shares will take place by January 2018, the company said.