Best Bank Argentina: Banking the Provinces
Nov 1, 2009
Banco Macro has risen to the top of Argentina's private sector through a series of fortuitous and well timed acquisitions, in particular of struggling state banks in the wake of the 2001 financial crisis.
Securing state bank mandates, which give Macro large, captive employee and pensioner clients in some of the country's most populous provinces outside of Buenos Aires has been a major boon. Macro has 413 branches in Argentina with $7 billion in total assets. Some 82% of those are located in the so-called interior provinces, compared to 60% for Banco de la Nación and 32% for Santander Río.
"Our main strategy has been to bank SMEs in the interior of the country," says Jorge Horacio Brito, CEO of Banco Macro. He adds that...
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