Banks/Banking in Argentina
Argentina’s Central Bank stands as the main organization and its motto is in preserving the value of currency, and it offers complete information on private and public houses, financial and exchange houses and nationwide trust funds. Owing to its exemplary qualities this bank is considered to be the top-notch Banks in Argentina.
Argentina’s National Bank deals with public banking that supports and promotes foreign trade, especially favors argentine goods, technology and services. BICE is one of the top level public banks in Argentina offering mid as well as long-term loans focused at foreign trade and productive investments.
The top banks in Argentina are ABN AMRO- the network bank, Banco de Galicia y Buenos Aires- the largest private bank, Banque National de Paris- French bank offering best services, products and banking module, Banco Patagonia, Banque Rio de la Plata- the leader of financial services sector.
The largest state-owned banks in Argentina carrying high reputation is Banco de la Nacion. It has 624 branches in Argentina and also in 15 more overseas countries namely, Brazil, Rio de Janeiro, Panama City, London, Miami, Uruguay, New York City, and more. Domestically, this bank is the largest bank and as on February 2010, it shows deposits of around US$19 billion, accounting as one quarter of its domestic capital.
It also shows a loan file of US$10 billion accounting to 22% of its domestic total.
Banking in Argentina
The recession of 1998 brought a slower rate. In mid-2001 the total deposits were around $80,000 million. However, foreign controlled banks total deposits were over 40% and the banking in Argentina showed that 10 commercial banks on the top were held by European and American financial institutions.
The second dip after early 2001 made banking in Argentina tough resulting in freeze in deposits, currency devaluation and devaluation of deposits and loans. The banks had to collect loans at lower rates than the dollar deposits and this made the financial system weak.
The leaner operations are apparent owing to massive layoffs. However, the Central Bank reports showed that in 2005, the Banco de la Nacion, the largest state-owned bank showed profits to 1958 million pesos (Over $650 million). However, after 2004, banks gained strength and in February 2006, they had $44,000 deposits.