Córdoba Cancels Bancor Sale

The Argentine province of Córdoba has cancelled the sale of local bank Banco de Córdoba (Bancor), originally slated to go under the hammer in February. The local government had planned to sell its 49% stake to private investors to raise $300 million to recapitalize the bank. The local government said that because of the bank’s improved profitability it is not in the province’s best interests now to sell its stake. Córdoba will use the sale of property to fund the bank instead.