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Argentine company Uala says agrees to buy digital bank Wilobank

·1 min read

BUENOS AIRES, April 9 (Reuters) - Argentine company Uala reported on Friday that it has agreed to acquire the entire digital bank Wilobank by way of an operation that has yet to be approved by the central bank.

The acquisition would leave the current owner of Wilobank, Eduardo Eurnekian, a stake in Uala, a mobile phone application that offers a payment system for people without a steady income.

The companies "will provide a solid platform for the expansion of Uala, giving it the possibility of continuing to strengthen its financial ecosystem with a broader range of services once Wilobank has been incorporated," Uala said in a statement. The amount of the transaction was not disclosed.

Wilobank is the first fully digital bank approved by the central bank in Argentina. (Reporting by Agustín Geist, writing by Hugh Bronstein)