SEPTEMBER 06, 2023

Banco Itaú sells Argentine operations to Banco Macro


Related practice areas: Banking & Financial Institutions | Mergers & Acquisitions – Corporate


Skadden, Arps, Slate, Meagher & Flom LLP in New York and Bruchou & Funes de Rioja in Buenos Aires have helped Banco Macro acquire the Argentine subsidiaries of Brazil’s Banco Itaú for US$50 million.

Beccar Varela in Buenos Aires advised Itaú.

Latin Lawyer understands that US firm Milbank also advised Itaú, but this could not be confirmed before publishing.

The deal was announced on 23 August and remains subject to approval by Argentina’s Central Bank.

Upon closing, Macro will acquire 100% of the capital stock and votes of Banco Itaú Argentina, Itaú Asset Management and Itaú Valores.

Itaú – Latin America’s largest bank – employs more than 1,500 people in Argentina. It has 71 branches in the Southern Cone country.

Itaú will retain a representative office in Argentina, and will serve corporate, wealth and private banking clients from abroad.

With the acquisition, Banco Macro consolidates its position as the largest private-sector bank with Argentine capital in the country. With 565 branches and 9,400 employees, Banco Macro serves six million customers daily. It began operating in 1988.

Brazil’s Itaú operates in 19 countries in Latin America, Asia and Europe. Most of its revenue is derived from its Brazilian operations. It entered Argentina in 1979.

Counsel to Banco Macro
Skadden, Arps, Slate, Meagher & Flom LLP
Partner Paola Lozano and counsel Hilel Pohulanik in New York
Bruchou & Funes de Rioja

Partners Hugo Bruzone and Estanislao Olmos, and associates Agustina Rocca and Franca Stafforini in Buenos Aires

Counsel to Banco Itaú
In-house counsel – Juliana Simões Dias Orselli and Djhaynne Dalmonico Nunes
Beccar Varela
Partner Daniel Levi, counsel Eugenia Radaelli and associates María Inés Cappelletti, Franco Montiel and Jorge Pico in Buenos

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Banco Itaú sells Argentine operations to Banco Macro
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