LATAM round-up: Argentina: bank acquisition
South Africa’s Standard Bank is poised to buy Bank of America’s Argentina business, although an agreement is unlikely before the end of the year. Standard Bank is leading a group of buyers for BankBoston Argentina, including two wealthy Argentine families. The acquisition would consolidate Standard’s Argentine presence after it announced that it was also waiting for regulatory approval for its purchase of ING’s local unit. Bank of America’s decision to sell is another indication of its retreat from the region. Last year it sold its commercial banking unit in Panama and has also said that it intends to dispose of its businesses in Colombia and Peru. The bank has also announced that it is selling its asset management business in Mexico.