BUENOS AIRES, Argentina -- (Business Wire)
Grupo Supervielle S.A. (NYSE:SUPV); (BASE:SUPV), (“Supervielle”
or the “Company”) a universal financial services group headquartered in
Argentina with a nationwide presence, provides additional information in
connection with the notice received by Banco Supervielle (the “Bank”)
from the Province of San Luis (the “Province”) of the Province’s
decision to terminate the Financial Agent Contract that the Bank has
with the Province, invoking the September 2016 amendment to such
contract.
The Bank has maintained a presence in the Province of San Luis for more
than 20 years. In 1996 the Bank acquired Banco de San Luis and was
appointed as exclusive paying agent for the government of the Province
of San Luis to provide financial agency and tax collection services to
the Province and serve as payor bank for provincial government
employees. This financial agent contract was renewed twice through 2021.
Today, the Bank has a strong private sector business franchise in the
Province. The Bank is positioned as a universal bank providing
full-service banking to individual consumers and small and medium-size
companies. The Bank provides its corporate customers with a wide range
of financial services and has a primary focus on infrastructure and
construction projects.
As of September 30, 2016, Supervielle´s total loan portfolio was Ps.
33.264 million, of which Ps. 748 million (2%) were attributable to
payroll loans to provincial employees. There were no outstanding loans
to the provincial government as of that date. As of September 30, 2016,
Supervielle’s consolidated total deposits were Ps 30.417 million, of
which Ps. 1.690 million (4%) were deposits made by the government of the
Province. Related net revenue (NII + Fees) represented approximately 4%
of Supervielle´s consolidated net revenues for the first nine months of
2016.
The Bank has 298 employees, 22 branches and 3 service centers in the
Province. The Bank also has 129 ATMs and self-service terminals in the
Province.
Supervielle will continue analyzing the possible courses of action. The
Company currently considers that its economic, financial and asset
situation will not be materially affected and remains committed to
continuing its presence in the Province.
Separately, in a press conference held earlier today, the Minister of
Finance of the Province, Ms. Natalia Zavala Chacur, officially announced
the termination of the Financial Agency Contract signed by the Province
with the Bank and stated that the provincial government has indicated
that it will invite banks, including Supervielle, to participate in the
selection of a new financial agent.
About Grupo Supervielle S.A.(NYSE: SUPV; BCBA: SUPV)
Grupo Supervielle S.A. (“Supervielle”) is a universal financial services
group located in Argentina that owns the fifth largest private
domestically-owned bank in terms of assets. Headquartered in Buenos
Aires, Supervielle offers retail and corporate banking, treasury,
consumer finance, insurance, asset management and other products and
services nationwide to a broad customer base including: individuals,
small and medium-sized enterprises and medium to large-sized companies.
With origins dating back to 1887, Supervielle operates through a
multi-brand and multi-channel platform with a strategic national
footprint. As of September 30, 2016, Supervielle had total assets of
AR$44.4 billion under Argentine Banking GAAP, 325 access points and over
2 million customers. Grupo Supervielle had 363,777,615 shares
outstanding and a free float of 40.3% as of September 30, 2016. For
information about Grupo Supervielle, visit www.gruposupervielle.com.
Safe Harbor Statement
This press release contains certain forward-looking statements that
reflect the current views and/or expectations of Grupo Supervielle and
its management with respect to its performance, business and future
events. We use words such as “believe,” “anticipate,” “plan,” “expect,”
“intend,” “target,” “estimate,” “project,” “predict,” “forecast,”
“guideline,” “seek,” “future,” “should” and other similar expressions to
identify forward-looking statements, but they are not the only way we
identify such statements. Such statements are subject to a number of
risks, uncertainties and assumptions. We caution you that a number of
important factors could cause actual results to differ materially from
the plans, objectives, expectations, estimates and intentions expressed
in this release. Actual results, performance or events may differ
materially from those in such statements due to, without limitation, (i)
changes in general economic, financial, business, political, legal,
social or other conditions in Argentina or elsewhere in Latin America or
changes in either developed or emerging markets, (ii) changes in
regional, national and international business and economic conditions,
including inflation, (iii) changes in interest rates and the cost of
deposits, which may, among other things, affect margins, (iv)
unanticipated increases in financing or other costs or the inability to
obtain additional debt or equity financing on attractive terms, which
may limit our ability to fund existing operations and to finance new
activities, (v) changes in government regulation, including tax and
banking regulations, (vi) changes in the policies of Argentine
authorities, (vii) adverse legal or regulatory disputes or proceedings,
(viii) competition in banking and financial services, (ix) changes in
the financial condition, creditworthiness or solvency of the customers,
debtors or counterparties of Grupo Supervielle, (x) increase in the
allowances for loan losses, (xi) technological changes or an inability
to implement new technologies, (xii) changes in consumer spending and
saving habits, (xiii) the ability to implement our business strategy and
(xiv) fluctuations in the exchange rate of the Peso. The matters
discussed herein may also be affected by risks and uncertainties
described from time to time in Grupo Supervielle’s filings with the U.S.
Securities and Exchange Commission (SEC) and Comision Nacional de
Valores (CNV). Readers are cautioned not to place undue reliance on
forward-looking statements, which speak only as the date of this
document. Grupo Supervielle is under no obligation and expressly
disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170119006340/en/
Contacts:
Grupo Supervielle S.A.
Investor Relations Contacts:
Ana
Bartesaghi, 5411-4324-8132
Treasurer and Investor Relations
Officer
Ana.BARTESAGHI@supervielle.com.ar
or
Gustavo
Tewel, 5411-4324-8158
Investor Relations analyst
Gustavo.TEWEL@supervielle.com.ar
or
Nahila
Schianmarella, 5411-4324-8135
Nahila.SCHIANMARELLA@supervielle.com.ar
Source: Grupo Supervielle S.A.
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