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Argentine central bank to expedite Banco Finansur sale

Banco Central de la República Argentina is looking to expedite the sale of troubled lender Banco Finansur SA before March 9, which is the deadline for the suspension of the financial entity, La Nacion reported, citing central bank sources.

If Banco Finansur does not attract a buyer, the central bank will separate the bank's assets and liabilities, leaving a "residual bank" for the collection of contingent liabilities, according to the report.

The central bank has suspended Banco Finansur since November 2017 after the bank failed to meet an agreed-upon deadline for its recapitalization plan. The bank was put up for sale following a tax evasion investigation into one of its owners, Cristóbal López. After the deadline, proceedings will be held to liquidate the bank, the report said.

So far, Banco de Galicia y Buenos Aires SA is the only one interested in buying Banco Finansur, after submitting a nonbinding offer in January. Meanwhile, previously interested bidders Banco Comafi SA and Banco Industrial SA have already bowed out of the race, the report said.