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Uruguay's state-owned Banco República (BROU) and Argentina's federally owned Banco Nación signed an agreement aimed at boosting bilateral commerce, a press release from the Uruguayan government reads.
The banks will combine efforts to increase lending through each others' offices abroad and also expand credit lines to finance foreign trade operations.
Uruguay's banking system is dominated by BROU, which holds about 50% total assets. Banco Nación is the country's largest bank with more than 630 branches.