Argentina Brokerage Seeks Partner Ahead of Sector Consolidation
Argentine brokerage TPCG Group is looking to form a strategic alliance with a foreign partner in anticipation of industry consolidation as international funds flow back into the Latin American nation.
Buenos Aires-based TPCG sees the current brokerage houses, which number around 180, being cut down to about 10 as Argentina re-opens to foreign investment, according to co-founder and managing director Ileana Aiello. This comes after more than a decade of exchange controls, state interventionism and isolation from global capital markets.
"The plan would be sell a stake to a foreign partner to later become together bidders on some small, local brokerages," Aiello said. "Our ideal candidate is someone bringing a name, technology and capital that helps us to become a AAA rated company, a full-fledged broker-dealer with the capacity to offer every product to our clients."
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