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Galicia shareholders approve Tarjetas Regionales ownership transfer

Shareholders approved Grupo Financiero Galicia SA's proposed split-off transaction with banking unit Banco de Galicia y Buenos Aires SA, the company said in a Dec. 15 filing.

Under the transaction, Banco de Galicia will transfer its 77.0% ownership in credit card operator Tarjetas Regionales SA to the parent company. Grupo Financiero Galicia's board had approved the move in October, and the parent company and subsidiary signed a commitment letter in November.

The move to shift ownership of Tarjetas Regionales to the group level came months after a separate restructuring that saw Tarjetas Regionales merge its Tarjeta Naranja SA unit into sister unit Tarjetas Cuyanas SA.