News of banking

Nubank is taking new look at Argentina under Milei, CEO says

23-10-2024 12:13 Nubank “will watch” Argentina over the next 12 months, and is “taking a new look” at the country under President Javier Milei, says Chief Executive Officer David Vélez.

ECONOMY & POLITICS

Banco de la Nación wants to sell debt after a 30-year hiatus

09-10-2024 12:11 Daniel Tillard, the new head of Argentina’s largest bank, wants state-run Banco de la Nación to re-enter international capital markets for the first time in three decades.

FINANCES & BANKING

Mercado Libre hits back at Argentina's banks for ‘cartel’ tactics

26-08-2024 14:57 Mercado Libre accuses Argentine banks of “illegally concentrating” under one payments platform as an anti-competitive tactic against the company’s fintech arm, Mercado Pago.

MARKETS

President Milei proves boon and curse for Argentine bank stocks

02-07-2024 11:30 Argentine banking stocks in New York are tumbling as the government slashes interest rates and crimps new borrowing.

BLOOMBERG – ANALYSIS

HSBC joins firms exiting Argentina amid Milei's economic makeover

10-04-2024 15:24 Foreign companies reluctance contrasts with local optimism; Exxon and Clorox decided to divest investments in Argentina.

BANKING & BUSINESS

HSBC sells Argentina division to Banco Galicia for US$550 million

09-04-2024 12:12 HSBC will sell its Argentina operation to Grupo Financiero Galicia for US$550 million, subject to price adjustments. Deal includes all of HSBC Argentina’s business, which ranges from banking to asset management and insurance, as well as US$100 million of subordinated debt.

CRYPTOCURRENCIES

Bitcoin a dud in El Salvador, first country to make it legal tender

11-01-2024 13:10 A poll released Wednesday showed that 88% of El Salvadorans did not use bitcoin last year in El Salvador, the first country anywhere to make the cryptocurrency a form of legal tender.

Presidential handover

Argentina stops banks from hoarding dollars ahead of devaluation

07-12-2023 13:34 Central Bank limits amount of foreign currency the nation’s commercial lenders can hold, in a push to discourage US dollar hoarding ahead of an expected devaluation by president-elect Javier Milei.

TRANSITION OF POWER

Argentine banks flee to one-day notes amid government transition

24-11-2023 14:34 Banks are fleeing to short-term notes for even more liquid securities as President-Elect Javier Milei’s vague comments on the debt have stoked concern over how he’ll handle the assets.

Election 2023

Argentina’s banks load up on liquidity before weekend’s election

15-11-2023 13:02 Local banks load up on the most liquid assets to ensure they could accommodate a potential surge in peso withdrawals ahead of run-off vote.

Currency woes

A US$500-million cash pile at Argentina’s main airport unnerves banks

19-10-2023 00:06 Banks have seen a sharp increase in dollar withdrawals at their branches ahead of the election. Forced to import cash to meet the surge in demand, a government move meant to stem “irregularities” in foreign trade has compounded concerns.

Dollarisation proposal

Peru’s Velarde says Argentines should be free to choose currency

06-10-2023 14:03 Julio Velarde, Latin America’s longest-serving central bank chief, says "people should choose what currency they want to keep their money in."

Public rebuke

Central Bank technical move slammed as ‘attack’ by Mercado Pago

26-09-2023 11:23 Technical measure by Argentina’s Central Bank provokes rare public rebuke by fintech arm of MercadoLibre.

BUSINESS

Brazil’s Itaú sells Argentine unit for US$50 million to Banco Macro

25-08-2023 12:59 Itaú Unibanco Holding SA closes binding agreement for the sale of its Argentine unit to Banco Macro for around US$50 million.

BANKING & BUSINESS

Banco Itaú in ‘preliminary’ talks to sell Argentine arm to Banco Macro

06-06-2023 12:07 Banco Itaú, one of the largest banks in Latin America, is considering closing its operations in Argentina; Statement confirms “preliminary negotiations” with Argentina’s Banco Macro.

INTERVIEW / PERIODISMO PURO

Carlos Heller: ‘Lowering inflation is a must, otherwise no success is possible’

20-05-2023 07:00 Banco Credicoop banker and national deputy Carlos Heller on the never-ending battle against inflation, its causes and the impact of the drought on Argentina’s economy.

by Jorge Fontevecchia

Bloomberg

Banks need more vault space to store piles of pesos

19-01-2023 03:02 Peso bills are depreciating so quickly that banks are running out of space to store bank notes.

BLOOMBERG

Ghost banks limp along in Argentina, staying open as costly ATMs

10-01-2023 17:44 Ghost branches — no longer serving clients who require anything beyond an ATM, but not technically closed — have become a common sight in Argentina. As customers increasingly do their banking via smartphone apps and online, providers are pushing to close physical locations. But regulators won’t let them.