MercoPress. South Atlantic News Agency

Lloyds Bank sell assets in Argentina.

Lloyds Bank Argentina has reached an agreement with Patagonia Sudameris Bank for the transfer of local operations, said a spokesperson for the British bank that a few months ago announced its decision to abandon Argentina.

The contract between Lloyds Bank and Patagonia Sudameris still has to be approved by the Argentine Central Bank, but both institutions in a joint release said they will give "priority to clients interests and staff so as to ensure continuity of service quality and an orderly transition".

"The decision to proceed with this transaction in Argentina is part of Lloyds TSB Group global strategy to concentrate in markets with a competitive edge", said Nigel Hubbard from Lloyds Bank Argentina.

"The acquisition of Lloyds Bank Argentina's operations is a significant step for our business strategy", indicated Jorge Guillermo Stuart Milne, president of Patagonia Sudameris Bank board of directors.

In London Tim J. Bower, head of Lloyds Bank International Banking announced that following corporate policy, a contract was signed for the sale of Lloyds TSB Colombia operations to Primer Banco del Istmo, Banistmo, with headquarters in Panama.