Bankers Trust To Buy 51% Stake In Argentine Bank

Bankers Trust New York Corp. plans to acquire a majority stake in Argentina's Banco Liniers Sudamericano SA, a spokesman for the U.S. bank confirmed.

The plan is to acquire 51% of Banco Liniers, which specializes in consumer credit, the spokesman said. He declined to elaborate, noting that approval from the Argentine central bank is pending.

Bloomberg News Service, citing a statement from Banco Liniers, reported that Bankers Trust would acquire new shares the Argentine bank would issue.

Officials with Banco Liniers said that its management would continue to run it. The Argentine bank did not say how much Bankers Trust would pay for its stake, but Bloomberg, citing a report in the Argentine financial publication El Cronista, said the price would be around $50 million.

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