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.
BLOOMBERG Fintech Ualá launches cryptocurrency trading in Argentina 05-11-2022 08:36 Fintech firm Ualá ventured into crypto for the first time Friday, allowing customers to buy and sell Bitcoin and Ether with pesos through its app.