BUENOS AIRES (Reuters) - Argentina’s Banco Patagonia SA (BPAT.BA) plans to open 30 percent of its capital in New York early next year, two sources with knowledge of the plans said on Friday.
Banco Patagonia is 59 percent controlled by Brazil’s state-run lender Banco do Brasil (BBAS3.SA), a stake that would fall after the share offering but leave the Brazilian bank with control, the sources said.
One of the sources said the listing is expected in April 2017 to take advantage of investor attention on Argentina since pro-business President Mauricio Macri came into office last year.
Banco Patagonia will make a presentation to the U.S. Securities and Exchange Commission in December, when the share listing will be made public, the source said.
Sources have previously told Reuters Banco do Brasil was in the process of hiring banks to advise it on the sale of Banco Patagonia. The Brazilian lender bought the controlling stake six years ago as a way of growing its international operations but now wants to sell non-core assets.
Bloomberg reported earlier on Friday that Banco Bilbao Vizcaya Argentaria SA and Brazil’s Itau Unibanco Holding SA were among the banks considering acquiring Banco Patagonia for about $1.5 billion, though the banks declined comment.
Argentine newspaper Cronista reported this week that Chinese banks were also interested in buying Banco Patagonia.
Reporting by Buenos Aires newsroom; Writing by Caroline Stauffer; Editing by Chris Reese and Grant McCool