News of banks

Banks face liquidity crunch as peso yields soar

Yesterday 17:42 Interest rates on peso notes are soaring across the board, piling pressure on banks amid a liquidity crunch caused by government efforts to defend the local currency.

FINANCE & BANKING

Court halts transformation of Banco Nación into limited company

26-02-2025 18:06 Judge suspends implementation of decree from President Javier Milei seeking to transform state-owned Banco Nación into a limited company.

REPURCHASE AGREEMENT

Milei scores win with US$1-billion repo from five top banks

05-01-2025 09:47 Milei administration announces US$1-billion repurchase agreement with five international lenders that will help replenish foreign reserves at its Central Bank.

POLITICS & ECONOMY

Argentina seeks US$2.7-billion line to cover debt maturities

23-10-2024 20:39 Argentina’s government is in talks with several banks to obtain a loan agreement of around US$2.7 billion for about three years in order to meet its principal debt obligations next January.

'Shock Therapy'

Clamour for pesos leads banks to tap repo market

23-10-2024 12:47 A surge in demand for local currency in recent months has left Argentina's commercial banks needing access to pesos.

BUSINESS & BANKING

Mercado Libre denounces Argentina's banks for ‘cartelisation’

27-08-2024 11:13 Giant fintech and e-commerce firm files complaint with CNDC competition watchdog accusing 36 banks of acting like a “cartel” with its MODO digital wallet service.

FINANCES & BANKING

Mercado Libre hits back at Argentina's banks for ‘cartel’ tactics

26-08-2024 14:57 Mercado Libre accuses Argentine banks of “illegally concentrating” under one payments platform as an anti-competitive tactic against the company’s fintech arm, Mercado Pago.

SEARCH FOR FUNDS

Argentina discusses raising US$1 billion through Santander

07-08-2024 19:34 President Javier Milei’s government in talks with Banco Santander for potential loan ahead of debt payment.

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.

MONETARY POLICY

Central Bank to hold talks over risks from bond puts

14-06-2024 17:18 Argentina’s Central Bank is in talks with executives at commercial banks to reduce the overhang of puts on sovereign peso debts.

MORTGAGE MARKET MOVES

Argentines flock to banks as Milei awakens mortgage market

14-05-2024 15:06 Argentines are rushing to banks to apply for mortgages as interest-rate reductions begin to wake the home-loan market.

BANKS PROBED

Argentina questions three banks on puts, bond transactions

13-05-2024 20:36 Argentina’s Central Bank and regulators are looking into at least three of the nation’s banks – Galicia, BBVA, Banco Supervielle – for potential irregularities in transactions with government bonds and put options.

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.

MARKETS

Argentina seeks breathing room with peso swap worth US$65 billion

11-03-2024 11:46 Government starting a record swap of peso-denominated debt Monday in a bid to roll over almost all of its 2024 maturities into the next four years.

Inflation

Banks warn against inflation bonds as price hikes cool

27-02-2024 11:36 Recession forecasts and a shrinking amount of money in circulation, as well as a narrowing gap between Argentina’s exchange rates and cooling inflation expectations, are driving investors to ease off inflation bonds.

DEBT SWAP OFFER

Government proposes peso debt swap that may top US$71 billion

05-01-2024 14:30 Argentina’s government is proposing a debt swap to banks in the country that could top US$71 billion for peso notes due this year with the aim of postponing maturities and reducing the financial deficit to zero.

NEW GOVERNMENT

Argentina restricts dollar access until Milei unveils policies

11-12-2023 13:59 Argentina’s Central Bank restricts access to dollars at the official exchange rate until President Javier Milei’s administration announces the first measures of a promised shock-therapy programme.

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.