Deutsche Bank is selling its subsidiary in Argentina to Buenos Aires-based Banco Comafi. The transaction is expected to be completed in the first half of 2017 subject to regulatory approval. The terms of the deal have not been disclosed. The sale is part of Deutsche Bank’s ‘footprint rationalization’ strategy and the bank said it will continue to serve its clients in Argentina from global and regional hubs. The Argentinian unit has 86 workers. Deutsche Bank is exiting Latin American countries including Argentina and Mexico and cut about half its employees. The bank had 334 employees in Brazil. The bank had said late last year that it planned to eliminate about 26,000 jobs worldwide by 2018 as part of an overhaul aimed at improving returns. In addition to Argentina and Mexico, the bank also intends to shut operations in Chile, Peru and Uruguay.
