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Banco Macro will win a small part of the Argentine financial market. In the last hours he agreed to buy the retail portfolio – badets and liabilities – at the Bank of Services and Transactions (BST), a financial entity founded in 2002 by bankers Pablo Peralta and Roberto Domínguez
It operates as a company controlled by the GST Group, where Peralta and Dominguez are also the main shareholders, but who as CEO, since May of last year, Isela Costantini, former head from the local subsidiary of General Motors and first female president In fact, the decision to divest itself of the bank's retail business stems from the process of "reengineering" the GST that was entrusted to Costantini.
El Macro has made In recent years, various attempts to increase its participation in the financial market.
He sought to keep the Citi retail business, but he was removed from Santander. It was for the control of Patagonia, but eventually the majority shareholder – Banco do Brasil – froze the sale and then exercised the option of increasing their own capital in that entity .
Macro advances are a sign of the consolidation process of the local financial system. Today, the Macro is fighting against Galicia as the main private bank of the local capital of the system.
As far as we know, the transaction of the BST with the Macro, besides the sale of the company's retailer, does not include the transfer of 24 of the 25 branches that BST today, which will close on August 4th.
Although there is a macro commitment to absorb and relocate 150 employees . After that date, the Macro would decide whether to keep one of these branches open.
In March of this year, the Macro has already absorbed 8 branches of the BST. Consulted by this newspaper, in the Macro they did not want to comment.
With data as of February, as it appears from the base of the Central Bank, the BST has badets for 5,000 million pesos and liabilities for 4,700 million. It has 58,000 active credit cards and 3,600 term deposits.
Sources in contact with the negotiators pointed out that the BST has chosen to focus on the corporate sector, namely a second tier bank. . And they point out that the new business plan involves concentrating its activities, focusing on the corporate sector.
Thus, they will focus on the banking, commercial, fiduciary, capital markets, treasury and foreign trade sectors. Grupo ST, in addition to the BST Wholesale Bank, owns Origins (life insurance, retirement and general insurance), the direct corporation (consumer credit) and Quinquela mutual funds. They also venture into the agriculture and energy sector.
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