Banco Patagonia Acquires Retail Business of Bind in Argentina

Banco Patagonia, an Argentine bank controlled by Banco do Brasil, has acquired the retail banking arm of Bind. The agreement, announced in late August, involves the transfer of 28 bank branches along with associated clients, employees, accounts, and products. While official communications did not disclose the transaction value, the Argentine newspaper El Cronista reports that the market estimates the deal at approximately 60 million US dollars.

The acquisition includes specific retail customers and retirees receiving benefits through Bind. According to Bind president Andrés Prida, the sale is part of a capital reallocation strategy focusing on corporate segments, digital banking, cash management, investments, and banking as a service. Bind will maintain its corporate business and a private retail segment for high net worth clients, but it will close all its branches except for its headquarters in Buenos Aires. The full transaction is expected to be completed by early 2027.

In a related move, the Brazilian bank Inter announced the start of operations in Argentina through a partnership with Bind. This allows Argentine residents to open local accounts and access international financial markets via the Inter app. Data from El Clarín indicates that Bind had 307,838 pension accounts and 1,431 salary accounts. Additionally, approximately 250 of Bind's 651 employees from last year will transfer to Banco Patagonia. A transition committee has been established to manage the asset transfer.