Banco Macro S.A. entered into a stock purchase agreement to acquire 100% stake in Banco Itaú Argentina S.A. from Itaú Unibanco S.A. and Banco Itaú BBA S.A. for approximately $50 million.

Banco Macro S.A. entered into a stock purchase agreement to acquire 100% stake in Banco Itaú Argentina S.A. from Itaú Unibanco S.A. and Banco Itaú BBA S.A. for approximately $50 million on August 23, 2023. The price of the Agreement was set at $50 million, which will be paid on the closing date of the transaction, and an additional amount resulting from a potential adjustment that will be eventually set based on the results obtained by Banco Itaú Argentina S.A., Itaú Asset Management S.A. and Itaú Valores S.A. between April 1, 2023, and the Closing Date. The transaction is subject to the satisfaction of certain conditions (substantially the approval of the transaction by the Central Bank of Argentina).

Paola Lozano and Hilel F. Pohulanik of Skadden and Hugo Bruzone and Estanislao H. Olmos of Estudio Beccar Varela acted as legal advisors to Banco Macro S.A. Daniel Levi and Eugenia Radaelli of Beccar Varela and Fabiana Sakai and Scott Bolenbock of Milbank LLP acted as legal advisors to Itaú Unibanco S.A.