Banco do Brasil increases its share in Banco Patagonia

Banco do Brasil SA acquired an additional 21.42% social capital and shares in Banco Patagonia S.A. for a total amount of USD 202,375,594.37, increasing its share from 58.97% to 80.38%.

The Brazilian bank obtained control of Banco Patagonia in April 2011, when it bought more than 50% of the social capital and shares of the institution from Jorge Guillermo Stuart Milne, Ricardo Alberto Stuart Milne and Emilio Carlos González Moreno, and participated in the mandatory acquisition public offer over the total of the remaining shares of Banco Patagonia.

The transaction was carried out within the framework of an irrevocable and exclusive sale option that Banco do Brasil S.A. gave to Jorge Guillermo Stuart Milne, Ricardo Alberto Stuart Milne and Emilio Carlos González Moreno over the rest of the ownership of Banco Patagonia S.A. shares.

The sales option was carried out on September 6, 2018, and was subject to approval by the Argentine Central Bank. 

Legal advisors:

Marval, O’Farrell & Mairal acted as legal advisor to Banco do Brasil SA, with partners Pablo A. Artagaveytia and Roberto E. Silva Jr., and associate Francisco Abeal.

Severgnini Robiola Grinberg & Tombeur acted as legal advisor of Jorge Guillermo Stuart Milne, Ricardo Alberto Stuart Milne and Emilio Carlos González Moreno, with partners Matías Grinberg and
Francisco J. Lagger.

Guillermo Pedró acted as legal advisor of Banco Patagonia SA.