Here’s why Banco do Brasil could soon be servicing wealthy Argentines in Uruguay’s Punta del Este

Banco Patagonia (Uruguay) is a corporation incorporated and based in Uruguay, 100% controlled by Banco Patagonia, also owned by Banco do Brasil. It had as clients almost all Argentines, but many went to live in Uruguay, which made them residents, so they could no longer operate with the bank.

RIO DE JANEIRO, BRAZIL - The migration of Argentines to Uruguay made Banco Patagonia decide to stop its operations in the neighboring country since, as an offshore bank, its main clients became residents and could no longer operate with the entity.

According to Juan Trejo, responsible for Investor Relations of the entity, Banco Patagonia (Uruguay) began withdrawing its operations from that market. It submitted the request to the Central Bank of Uruguay for that purpose.

Its clients were almost all Argentines, but many of them moved to Uruguay and became residents, so they could no longer operate with the bank.

Banco . . .

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