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Banco Hipotecario approves acquisition of 20% stake in Argentine card processor

The board of Argentina's Banco Hipotecario SA has approved a transaction that will see the bank acquire a 20% stake in card processor Tarshop SA from IRSA Propiedades Comerciales SA, according to regulatory filing dated Dec. 12.

Banco Hipotecario currently owns 80% of Tarshop's capital stock and will raise its stake to 100% by buying 119,759,288 shares for $100,000. IRSA approved the sale in November.

Meanwhile, the bank said it the board also approved a capital contribution worth 600.00 million Argentine pesos to Tarshop, to be carried out within 12 months.

As of Dec. 13, US$1 was equivalent to 37.85 Argentine pesos.