Bank of the Year, Argentina: Banco Macro

Nov 1, 2013

Banco Macro has grown its balance sheet and kept its financial metrics sound over the past year

Credit is expanding rapidly across the system and bad loans are relatively sparse. Yet running a bank in Argentina is no easy business.

A deteriorating economy and the government's long-running dispute with bondholders since its 2001 default have taken a toll on the sovereign's ratings. Moody's, Standard & Poor's and Fitch have all downgraded Argentina in the past 12 months, which has a knock-on effect to bank ratings.

For Fitch, the banks' ratings were already...

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