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Report: Fiorito clan to acquire majority stake in Banco Finansur

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Report: Fiorito clan to acquire majority stake in Banco Finansur

The Fiorito family will acquire a 78% stake in Banco Finansur SA and will launch an immediate liquidity injection of $10 million into the Argentine lender, Clarín reported.

The owners of Fiorito Factoring will acquire the majority stake from Cristóbal López, who owned the shareholding through Indalo Inversiones de Argentina SA, according to the Nov. 21 report. The family, however, intends to fully acquire Banco Finansur and will continue negotiations over the remaining 22% stake.

According to the Clarín report, the Sanchez Córdoba family holds a 19% stake in Banco Finansur, while Jorge De María owns the remaining 3%.

Chinese conglomerate Citic Ltd. has reportedly offered $25 million for Banco Finansur, but "sources close to the operation" told the newspaper that the bank's sellers ended up choosing the Fiorito family as it was well-known in the local market, whereas the Chinese's limited knowledge of the local banking sector could prove a challenge when seeking regulatory approvals for a sale.

The Banco Central de la República Argentina had set a Nov. 21 deadline to define the future of Banco Finansur, which has been suspended from operating after failing to meet an agreed-upon deadline for its recapitalization plan.