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.
