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BNP Paribas sells its retail banking business in Argentina to Banco Santander Río
Ecouter Buenos Aires, 21st Aug. 2009
BNP Paribas remains in Argentina with an improved strategy focused on corporate and institutional clients
BNP Paribas' Buenos Aires (Argentina) Branch has signed an agreement to sell its retail banking business in Argentina to Banco Santander Río. This network consists of 17 branches in the City and Province of Buenos Aires and offers services to more than 30,000 private customers and 900 corporations. Employees of the retail banking business will also be transferred to Banco Santander Río under the terms of the agreement.
BNP Paribas has been present in Argentina since 1914 and remains committed to its corporate clients in the country. The bank will focus exclusively on providing its extensive platform of products and services to corporate clients and institutional investors.
The closing of the transaction is subject to the approval of the Central Bank and other authorities. The terms of the deal will not be disclosed.
About BNP Paribas
BNP Paribas (www.bnpparibas.com) is one of the 6 strongest banks in the world according to Standard & Poor's*. With a presence in 85 countries and more than 205,000 employees, 165,200 of which in Europe, BNP Paribas is a global-scale European leader in financial services. It holds key positions in its three activities: Retail banking, Investment Solutions and Corporate & Investment Banking. The Group benefits from its four domestic markets: Belgium, France, Italy and Luxembourg. BNP Paribas also has a significant presence in the United States and strong positions in Asia and the emerging markets.
* Within its peer group