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Argentine app Ualá agrees to acquire digital bank Wilobank

BUENOS AIRES, Apr 9 (Reuters) – Argentine company Ualá reported on Friday that it agreed to acquire the entire digital bank Wilobank, an operation that has yet to be approved by the local central bank.

The alliance will leave the current owner of Wilobank, Eduardo Eurnekian, a stake in Ualá, an application that offers an accessible payment system for people without a fixed income or who are outside the financial world.

The companies “will provide a solid platform for the expansion of Ualá, giving it the possibility of continuing to strengthen its financial ecosystem with a broader range of services once Wilobank has been incorporated,” said Ualá through a statement.

The amount of the transaction was not disclosed.

Users of Wilobank – the first fully digital bank approved by the central bank in Argentina – such as those of Ualá will be able to maintain their accounts and services once the operation is confirmed.

(Reporting by Agustín Geist; Edited by Nicolás Misculin)

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