Brazilian bank Itau to sell Argentine business to Banco Macro

Brazilian bank Itau to sell Argentine business to Banco Macro

Happy Monday FinTech Fanatic,

Brazilian bank Itau Unibanco has signed a binding agreement to sell its business in Argentina to Banco Macro for about 250 million reais ($51.47 million).

The Brazilian bank had said in June it was in preliminary talks with Macro for the sale of its Argentine operations, a move that comes as the neighboring country grapples with a severe economic crisis.

Itau, Latin America’s largest bank, said in a securities filing it expects the sale to have a non-recurring negative impact of 1.2 billion reais on its results, which will be recognized once the deal is completed.

Paytm shareholder Antfin to sell 3.6% stake

Paytm shareholder Antfin is likely to sell a 3.6% stake in the Indian payments firm through a block deal on Friday as it further reduces its stake in the company.

The deal would be valued at a total of $234 million.

Earlier this month, Paytm said Chief Executive Vijay Shekhar Sharma would buy a 10.3% stake held by Antfin in the company he founded. A deal that made him its single largest shareholder.

Antfin is the Netherlands-based arm of Chinese FinTech giant Ant Financial.

Starbucks is experimenting with ‘scanless checkout’

Last but not least a remarkable initiative in the US, as Starbucks announced it will test a new way for customers to pay for their favorite beverages — without even having to pull out their phone.

The company confirmed an internal test of “scanless pay,” a new contactless checkout method that would leverage a Starbucks app’s user’s current geolocation to identify them in the drive-through lane so they wouldn’t have to pull out their phone to pay.

I wish you the best week ahead and please find the other FinTech news listed below.


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