Macro Bansud Wows Wall Street

Argentine bank Macro Bansud, owned by local businessman Jorge Brito, debuted with great success on Wall Street, Friday. The bank issued 9.7 million ADS, 10% more than originally planned, and the price ended the day 14.74% up at $23.35. Each ADS represents 10 Class B shares of the bank. Macro Bansud is one of Argentina’s highest-growth private banks and is on target to acquire several more regional banks to add to its expanding portfolio. The deal was arranged by UBS Investment Bank and Raymond James.