Canadian media mogul David Thomson will acquire a 15% stake in Argentine digital bank Brubank, Bloomberg News reported, citing a statement from the company.
The transaction is subject to the approval of the Argentine central bank. The deal value was not disclosed.
Proceeds from the deal will be used for expansions in Argentina and possibly Mexico, Colombia, or Peru, according to former Citigroup Inc. executive and Brubank founder Juan Bruchou.
Brubank gained 40,000 customers after seven months of operation as a fully digital bank, Bloomberg said.
This is the first time that Thomson will invest in digital banking in Latin America, Bruchou said. Thomson is an heir to Canada's richest family, which controls Thomson Reuters Corp.