Macro-Bansud and Hipotecaria Bid for Argentina’s Nuevo Banco Bisel

Macro-Bansud and Hipotecaria submitted the only two bids in the re-privatization of Nuevo Banco Bisel, which specializes in Argentina’s agriculture market. Macro bid US$268 against Hipotecaria’s bid of US$196 million. The bank was taken over by the government in the wake of the 2001 economic crisis in Argentina and France’s Credit Agricole pulled out. The rules allow the low bidder to match the higher offer and the sale would then depend on which bid offers the best business plan and managerial capability.