Lloyds TSB Bank sells its Argentine business to Banco Patagonia Sudameris

Lloyds TSB Bank PLC sold its banking business in Argentina to Banco Patagonia Sudameris S.A., which at closing will take over all 34 of the Lloyds TSB Bank branches within Argentine territory.

The agreement was signed on July, 18th and the transaction was structured under bulk transfer regulations, and included a bidding process involving multiple parties, due diligence procedures, and contractual terms negotiations. The transaction is subject to the approvals of the Argentine Central Bank and the Argentine Competition Agency, which are expected to be granted before year ends.

The seller, Lloyds TSB Bank PLC, was assisted by Bruchou, Fernández Madero, Lombardi & Mitrani by a team lead by partner Jaime Fernández Madero and associates Manuel E. Adrogué, Pablo Murray, Julieta Arribas Medrano, Aixa Sureda, Diego E. Basile, Matías López Figueroa and Rocío Balestra. Partner Hugo N.L. Bruzone was in charge of aspects related to compliance with Central Bank regulations. Seller also received counsel from labour law expert Julio Caballero.

The purchaser, Banco Patagonia Sudameris S.A., was assisted by Severgnini, Robiola, Grinberg & Larrechea, by a team including partner Héctor A. Grinberg and associates Matías Grinberg and Lucas García Oliver.

In-house lawyers assisting in the transaction were Guillermo F. Pedró from Banco Patagonia Sudameris S.A., and Andrew Scott Plummer and Leónidas Castillo from Lloyds TSB Bank PLC.

JP Morgan provided financial advise to the seller throughout the negotiation process and instrumentation of the deal through Carlos de Marcos, Rafael Soeda, Juan Sebastián Ron and Galo Legorreta.