MercoPress. South Atlantic News Agency

Lloyds Bank leaving Argentina.

Lloyds Bank Argentina belonging to the Lloyds TSB group is leaving Argentina, the ninth foreign financial institution to abandon the country since the 2001 banking crisis, reports the Argentine press.

Apparently Lloyds TSB is reviewing its emerging markets operations mainly in Latinamerica. Last October Lloyds sold its Brazilian subsidiary to the British group Hong Kong Shanghai Bank Corporation, HSBC. The operation involved 815 million US dollars.

Argentine press reports indicate that Patagonia-Sudameris, Comafi and Banex are strong candidates to take over Lloyds Argentina.

However Lloyds TSB recently confirmed it will continue to operate from Montevideo, Uruguay.

Lloyds has been in Argentina for 140 years and recently underwent a restructuring process which included a substantial capitalization loan from London headquarters and is considered "an attractive investment".

Lloyds' branches are mostly in the Buenos Aires metropolitan area and cater medium high and high income residents.

Rated by assets Lloyd's figures fifth; it has 34 branches of which 24 in Buenos Aires and 600 employees; deposits total 742 million US dollars, rating 23rd.