Riding the Growth Wave

Riding the Growth Wave

Bonds Structured Finance Argentina Corporate & Sovereign Strategy

With loan-to-GDP penetration still very low compared to the rest of Latin America, Argentina’s banking system has a lot of room to grow, and this is exactly what has been happening. Santander Río has been at the forefront of such growth, and remains the most profitable bank in the country’s banking system. “Argentina is still catching up in terms of loan growth, but in June annual growth was around 45% in nominal terms and that is high,” says Valeria Azconegui, an analyst at Moody’s financial institutions group. Consumers have seen wages start to catch up with rapidly rising prices and have been investing in home appliances and other goods to a hedge against

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