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, announced that the Province of San
Luis gave Banco Supervielle notice of its decision to terminate the
Financial Agent Contract that Banco Supervielle has with the Province,
invoking the September 2016 amendment to such contract. As informed by
Supervielle in connection with its second and third quarter results, in
September 2016 Banco Supervielle had concluded negotiations with the
Province and signed an amendment to the agreement confirming its
commitment to the development of the Province of San Luis.
The termination notice sets an effective date of February 28, 2017 and
indicates that the Province may request that Banco Supervielle continue
to provide services to the Province until a new financial agent is
selected. The bank is committed to its clients in San Luis and will work
with the Province to limit any adverse impact of this measure on the
affected employees.
Supervielle will analyze the possible courses of action as well as the
effects of this unilateral decision of the provincial government.
However, Supervielle currently considers that its economic, financial
and asset situation will not be materially affected.
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.
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Source: Grupo Supervielle S.A.