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Banco Patagonia was established as a brokerage house in 1976. Following its entry into the auto loan sector in 1987, it became a commercial bank (Banco Mildesa) in 1988. Mildes grew with the 1996 acquisition of the newly-privatized Banco de Río Negro, and was renamed after the latter province's region of Patagonia, in 2000. Patagonia acquired the insolvent Banco Sudameris (whose portfolio included the Caja de Ahorro, the nation's largest savings and loan), in 2003. Absorbing Lloyds TSB Bank's Argentine operations in 2004, it grew to become one of the 15 largest banks in Argentina, and has branches in Brazil and Uruguay. Banco Patagonia its listed in the Buenos Aires Stock Exchange and the BM&F Bovespa, in São Paulo. It is owned by Banco do Brasil, the largest bank in Latin America. Banco do Brasil holds 51% of the shares of Banco Patagonia. |
