Banco Patagonia SA said it concluded a process of delisting from the Brazilian exchange market B3 SA - Brasil Bolsa Balcão after gaining approval from financial regulator CVM.
The approval comes after the Argentina-based bank sold its Brazilian depositary receipts, or BDRs, composed of 173,560 class B common shares, according to a filing. Each BDR corresponded to 20 common shares.
Banco Patagonia previously said it decided to drop the BDR listing due to the instrument's low trading volume and the cost of maintenance. The company will continue to be listed on Argentina's Bolsas y Mercados Argentinos SA.