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SAO PAULO, Aug 24 (Reuters) - Brazilian lender Itau Unibanco said on Thursday it signed a binding agreement to sell its unit in Argentina to Banco Macro, noting it will receive approximately 250 million reais ($51.47 million) from Macro upon closing.
Itau, Latin America's largest bank, said in a securities filing it expects the transaction to have a non-recurring negative impact of 1.2 billion reais on its results, which will be recognized once the deal is completed.
The Brazilian lender had said in June it was in preliminary talks with Macro for the sale of its Argentine operations, a move that comes as the neighboring country grapples with a severe economic crisis.
The bank said that after the transaction is complete it will continue serving corporate clients, both local and regional, and individuals in the wealth and private banking segments in Argentina through its foreign units.
"It will also submit a request, pending approval by regulators in Argentina and Brazil, to open a representative office in Argentina to carry out the activities allowed by its license and other conditions of the deal," Itau added. ($1 = 4.8574 reais) (Reporting by Gabriel Araujo; Editing by Kylie Madry)
