BBVA Banco Francés (BCBA: FRAN / NYSE: BFR / BMAD: XBRF) is a financial institution in Argentina.
Founded on October 14, 1886, in Buenos Aires as Banco Francés del Río de la Plata (English: French Bank of the River Plate), it is the oldest private bank in Argentina. Morgan Guaranty Trust acquired a 50% share in the bank in 1968, though the New York-based bank sold most of these to Alpargatas, a leading local industrial firm, a decade later.
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BBVA Banco Francés (BCBA: FRAN / NYSE: BFR / BMAD: XBRF) is a financial institution in Argentina.
Founded on October 14, 1886, in Buenos Aires as Banco Francés del Río de la Plata (English: French Bank of the River Plate), it is the oldest private bank in Argentina. Morgan Guaranty Trust acquired a 50% share in the bank in 1968, though the New York-based bank sold most of these to Alpargatas, a leading local industrial firm, a decade later.
Despite the nation's economic woes during the 1980s, the Banco Francés expanded from 15 branches to 62 during the decade, and had entered into a joint venture with Bankers Trust Company in 1986. Alpargatas sold its stake to local developer Eduardo Constantini in 1991, and entered into a second joint venture with Merrill Lynch in 1992.
In December 1996, Spain's Banco Bilbao Vizcaya (now Banco Bilbao Vizcaya Argentaria) acquired the 99.9% of the common shares of Otar S.R.L., which was a major shareholder of Sud América Inversiones S.A., and holder of...
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