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Gabriel Martino returns to HSBC Bank Argentina after central bank decision overturned

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Gabriel Martino returns to HSBC Bank Argentina after central bank decision overturned

FormerHSBC Bank Argentina SAPresident Gabriel Martino, who was forced to step down in September 2015, is backat the helm of the organization and has been elected chairman of the board, thebank said in a securities filing April 29.

In December,an Argentine federal court overturneda decision by the country's central bank, BancoCentral de la República Argentina, which ousted Martino and former VicePresident Miguel Ángel Estévez in September 2015.

In itsdecision to remove Martino and Estévez, the central bank cited the executives' allegedinvolvement in a tax-evasion scandal related to HSBC Holdings Plc, the parent company of HSBC Argentina.However, their lawyers denied that the pair had any involvement.

The federalcourt ruling cleared the way for the executives to return to their posts and, inFebruary, the bank's shareholders approved Martino's return to the board, La Nación reported.

GonzaloFernández Covaro, who had served as president during Martino's absence, has nowbeen elected as vice president, while Paolo Torre Maia, who took on the role ofvice president, remains a director on the board.

Separately,Antonio Losada resigned as a director of the bank April 29 due to "strictlypersonal reasons," the bank said in a securities filing.