Banco Macro |
Banco Macro S.A is the second-largest domestically-owned private bank in Argentina, and the fifth-largest by deposits and lending. It was formerly known as Banco Macro Bansud S.A. and changed its name to Banco Macro in 2006. In the same year, it was listed in the New York Stock Exchange, becoming the first Argentine company to be listed abroad since 1997. The Bank offers a range of standard products, which are available to both its retail and corporate customers. The group's bank brands - Banco Macro, Nuevo Banco Suquía, Nuevo Banco Bisel, and Banco del Tucumán - operate more than 400 branches across the country. Other subsidiaries include offshore financial institution Macro Bank Limited and asset management business Macro Valores. In 2010, Banco Macro acquired rival Banco Privado de Inversiones. Macro is the only Bank that may show 32 consecutive quarters with profit, which profit increased by 14%, amounting to ARS 752 million in 2009. Key Statistics:
Head office address: Banco Macro HistoryBanco Macro starts operating as a non-banking financial institution in 1985, through the purchase of Macro Financiera. In 1988, it was granted the authorization to operate as a Commercial Bank by the Central Bank of Argentina. As a consequence of the banking crisis generated by the "Mexican crisis", it makes a substantial change in its business strategy, focusing on the retail banking. Following this course, in January 1996, it starts acquiring the capital stock of privatized provincial banks: Banco Misiones, Banco Salta and Banco Jujuy. Given the success achieved by such investment, it decided to strengthen the new "regional retail bank" strategy, through the purchase of the assets and liabilities of Banco Noroeste. Afterwards, it participated in the restructuring of the following Banks: Almafuerte Coop. Ltdo., Mayo S.A., Israelita de Córdoba S.A. and Mendoza S.A., incorporating branches in the northern and central areas of Argentina. In December 2001, the Bank extended its national presence through the purchase of 59.58% of the capital stock of Banco Bansud. This entity was a leader private bank in the southern part of Argentina, with significant background in its area of influence and a large branch network. Finally, in August 2002, it purchases 36 branches of Scotiabank Quilmes. Afterwards, the shareholders of Banco Macro and Banco Bansud decided to merge both financial institutions with the strategic objective of creating an institution with presence in the whole territory of Argentina. In December 2004, Macro Bansud acquired Nuevo Banco Suquía, thus becoming the third private bank in terms of Net Worth, the fourth in terms of Deposits and the fifth in terms of Credits to the Private Sector. This is how we made up the greatest private branch network in Argentina and the one with the highest coverage in the interior of the country. In 2005, Macro acquired Banco Empresario del Tucumán and Banco del Tucumán. These two institutions were made a part of the Macro Group, maintaining Banco del Tucumán as financial agent for the province and incorporating the branches of Banco Empresario del Tucumán to Macro. In 2006, the Macro Group acquired Banco Bisel and with this acquisition, it has over 7,900 employees and a structure made up of 440 branches. At present, it is the Private Bank with the largest branch network in Argentina. In March 2006, it changed its corporate name from Macro Bansud to Macro, and, at the same time, it started to be listed in the New York Stock Exchange (NYSE), where it was able to make its debut with rising prices for its shares, being the first company to be listed abroad since 1997. In October 2007, the merger with Nuevo Banco Suquía S.A. was performed. This enabled to increase presence in the argentinian provinces, with over 250 branches, and to be the number one bank in terms of deposits. In 2009, the merger with Nuevo Banco Bisel S.A. was realized, incorporating more than 150 branches. In September 2010, Grupo Macro acquired Banco Privado de Inversiones with the aim of reinforcing the strategy in Buenos Aires since 95% of BPI’s customer portfolio was distributed in the City of Buenos Aires and Great Buenos Aires and with the certainty that this was a fundamental step to consolidate the bank´s position, provide better quality of service and offer more and better products to customers. |
