BB's plan to sell Patagonia share on standby
State-owned Banco do Brasil (BB) will wait for better capital market conditions to sell a portion of its stake in Argentina's Banco Patagonia through a public share offering.
The Brazilian bank, which holds 59% of Patagonia, has still not defined the exact share to be sold but is likely to keep a controlling stake, reported O Estado de S. Paulo newspaper.
"Patagonia is not up for sale," said Paulo Rogerio Caffarelli, Banco do Brasil president, during private meetings in Argentina last week, according to the newspaper.
Since Banco do Brasil announced its intention to sell a share of Patagonia in 2016, certain players have emerged as candidates to assume the stake.
Argentina's Banco Macro – widely considered the most likely buyer – recently pulled out of "special talks" with Banco do Brasil, according to media reports.
Brazil's Itaú Unibanco also appeared as a potential candidate but declared last year that it was no longer interested in Patagonia. BBVA Francés, the Argentine unit of Spanish lender BBVA, has also reportedly lost interest in the share in recent months.
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