Banco Patagonia to IPO in Brazil, Argentina

Argentina’s Banco Patagonia, is preparing to list on the Bovespa and the Merval, to raise around $220m. The listing of BDRs for an IPO would be the first of its kind from Argentina. A partial NYSE-listing is also anticipated. JPMorgan is heard to have secured a mandate for the offering, which Patagonia has been alluding to for more than two years. Patagonia has a strong presence in the middle market, and like Banco Macro, it has grown significantly through acquisitions and organic expansion in the wake of the Argentine crisis of 2001-2002.