The NSC started the inquiry after the bank paid a bigger bonus (10.7m pesos) to the vice-president of the bank, Eduardo Elsztain, than the 3.15m pesos bonus it paid to Clarisa Lifsic, the president of the bank.
Mr Elsztain is also president of IRSA, the country’s biggest property developer, and one of the most powerful businessmen in Argentina. IRSA has a controlling stake in Banco Hipotecario following a partial privatisation of the bank in 1997. The state owns the other 49%.
A source close to the ministry of economy, who did not wish to be named, said: “The government is not happy with IRSA’s management of the bank. It does not think that the bank is developing its main business, mortgage lending, enough.
“There is also a personal feud between Mr Elsztain and Guillermo Nielsen, the minister of finance.”
The NSC is also investigating the timing of the announcement of Banco Hipotecario’s interest in purchasing the Argentine operations of Banca Nazionale del Lavoro, which wants to pull out of the country. The announcement increased the value of Banco Hipotecario stock by 50% a few days before the bonuses were calculated.
In other news, Néstor Kirchner, the president of Argentina, has removed from office Ricardo Banda, one of the central bank’s two vice-presidents, after he admitted accepting bribes while he was a national senator in 2000.
He has been replaced by Luis Corsiglia, who was president of the Caja de Valores, Argentina’s central depositary.
Mr Banda said: “I committed the biggest mistake of my life by having been a participant in the crime but, in all truth, I maintain intact my good character.”
