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Banco Galicia to shift Tarjetas Regionales stake to parent company

Grupo Financiero Galicia SA's board approved a corporate restructuring process that will see its Banco de Galicia y Buenos Aires SA subsidiary transfer its ownership of Tarjetas Regionales SA to the parent company, according to a regulatory filing.

Banco Galicia currently owns 77.0% of Tarjetas Regionales.

The move to shift ownership of Tarjetas Regionales, a credit card operator, to the group level comes about two months after a separate restructuring that saw Tarjetas Regionales merge its Tarjeta Naranja SA unit into sister unit Tarjetas Cuyanas SA.