A financial institution subject to local law but financed by foreign capital (99.9% of which from Sudameris), Banco Sudameris Argentina SA (BSA) was created in 1995 through the incorporation of the 24 Argentinian branches of Sudameris.
With a special focus on corporate business, in 2000 BSA merged with Banco Caja de Ahorro, the banking branch of Caja de Ahorro y Seguros Holding, which reported to Assicurazioni Generali, a 32.5% shareholder. Already active in the country in 1923, by the late 1990s Banco Caja de Ahorro had grown into a medium-sized bank with a national network of 84 branches, and was the ideal partner for a merger with BSA, a member of the Sudameris Group controlled by Banca Commerciale Italiana.
Eager to bolster its South American operations, BSA had a strategic need to grow in an expanding banking market and to strengthen its positioning in the retail and bancassurance areas. Laying the foundations for the creation of an institution that would go on to become Argentina's eighth largest, BSA signed an agreement on 14 January 2000 to purchase 100% of Banco Caja's shares, with the latter merging into Banco Sudameris Argentina. Later, in 2003, Banco Sudameris Argentina would be renamed Banco Patagonia.

ASI-BCI, Financial Statements
ASI-BCI, Press release; January 17, 2000
ASI-BCI, VCA; November 30, 1999; vol. 79, pp. 47 ff
ASI-BCI, VCA; January 14, 2000; vol. 79, pp. 181 ff
ASI-BCI, VCA; April 14, 2000; vol. 80, p. 42