German banking group Deutsche Bank has agreed to sell its Argentine subsidiary to Buenos Aires-based Banco Comafi for an undisclosed sum.

The transaction is part of the bank’s plan, dubbed Strategy 2020, to rationalise its global footprint.

Deutsche Bank chief administrative officer Karl von Rohr said: “The sale of our subsidiary in Argentina is another mark of the progress we have been making towards our Strategy 2020 goal of becoming simpler and more efficient.

“I am pleased with the progress of the program to date. We are also well on track in executing our footprint rationalization plans in the other countries that were announced in October of last year.”

The deal is anticipated to be completed in the first half of 2017, subject to regulatory nod.

The bank said it will continue to meet the needs of its Argentina clients from global and regional hubs.

Deutsche Bank chief country officer Argentina Sebastian Reynal said: “We are committed to serving our government, corporate and institutional clients in Argentina and will continue to remain active as we have been recently.”