Argentina’s central bank has approved fintech Ualá’s purchase of billionaire Eduardo Eurnekian’s digital bank Wilobank.
The deal was finalized Thursday by the central bank’s board of directors, according to a central bank statement. The agreement between the companies was first reached in April 2021, making Eurnekian a minority shareholder of Ualá in exchange for the latter acquiring 100% of Wilobank, the country’s first digital bank. The central bank also approved Ualá’s business plan. The close of the deal marks another key milestone for Ualá, which was valued at $2.5 billion in its latest funding round. “We’re delighted about this opportunity because it will allow us to greatly enhance Ualá’s financial ecosystem,” founder and chief executive officer Pierpaolo Barbieri said in a phone interview. “This will allow us to do things in Argentina that are reserved for bank entities.”