Bank of America In Discussions to sell BankBoston Argentina Assets to Consortium Led by Standard Bank Group, Werthein Family
October 14, 2005
NEW YORK – Bank of America announced today it is in discussions regarding the potential sale of BankBoston Argentina assets to a consortium led by Johannesburg-based Standard Bank Group Ltd. and the Werthein and Sielecki families of Argentina. BankBoston operations in Brazil, Chile and Uruguay are not affected by these discussions.
Terms of the sale are still under discussion. Agreements are not likely to be finalized until year-end and would be subject to satisfactory completion of due diligence and all necessary regulatory approvals.
BankBoston has done business in Argentina since 1917 and is considered one of the leading banks in terms of financial strength, quality of service and technological development. It is currently one of the 10 largest banks in Argentina based on assets, deposits and loans and it is among the top five banks, excluding state-run banks. The bank has 89 branches and approximately a five percent market share. Additionally, the BankBoston Foundation is engaged in corporate social accountability, cultural issues and foreign trade promotion.
About Bank of America
Bank of America is one of the world’s largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving 33 million consumer relationships with more than 5,800 retail banking offices, more than 16,600 ATMs and award-winning online banking with more than 14 million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in 150 countries and has relationships with 98 percent of the U.S. Fortune 500 companies and 85 percent of the Global Fortune 500. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
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