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Argentine central bank revokes Banco Finansur's banking license

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Argentine central bank revokes Banco Finansur's banking license

Banco Central de la República Argentina officially revoked Banco Finansur SA's banking license following the start of a restructuring process and a deal that will see Banco de Galicia y Buenos Aires SA assume some of the troubled lender's assets and liabilities.

Following financial sector regulation, the central bank also ordered a judicial intervention for the bank, authorizing the transfer of its privileged liabilities to another financial entity and the founding of a trust for its assets, Banco Finansur said in a statement.

Under an agreement, Banco Galicia will assume the responsibility of Banco Finansur's operations, including the management of its eight branches, as well as responsibility over its customers and staff, the central bank said March 8.

In January, Banco Galicia, submitted a nonbinding offer for Finansur in a response to a call from the central bank. On March 7, a federal judge followed requests from regulators and lifted an asset freeze on Banco Finansur in order to facilitate the bank's sale and protect affected parties before a March 9 deadline.

Banco Finansur was put up for sale following a tax evasion investigation into one of its owners, Cristóbal López.