国际英语新闻：Foreign investment banks to leave Argentina amid tightened regulation

BUENOS AIRES, April 26 (Xinhua) -- More than 10 investment banks, including Wells Fargo, HSBC, Merryl Linch and Credit Suisse, will leave Argentina in the coming weeks, a local newspaper reported Monday.

The decision came after the Central Bank of Argentina tightened the requirements for foreign investment banks to operate in the country, local daily Clarin reported, citing operators who spoke on condition of anonymity.

Wells Fargo is about to close its office in Argentina due to a "regional strategic decision," Tony Matera, the bank's spokesman, was quoted as saying.

The new requirements, which have been in force since early April, aimed to prevent the banks from making certain transactions, but they did not stop the banks from advising clients with offshore accounts or managing their portfolios.

The Central Bank of Argentina said 39 foreign banks are affected by the new requirements, of which some 16 will leave the country.

Wells Fargo and HSBC will move their operations to the U.S. city of Miami, while Merryl Linch and Credit Suisse will continue their wealth management operations from Montevideo, capital of Uruguay.