Banco Macro Bansud
Due to the severe economic and financial crisis that erupted in Argentina at the end of 2001, The Banker elected not to give an award last year. This year, however, The Banker is pleased to announce Banco Macro Bansud (Macro) as the winner for the award; Macro has bounced back strongly since the crisis.
After posting a hefty loss for 2001, Macro ended 2002 with net profit of 609m pesos ($210m). It also achieved a remarkable ROE of 53.8% and posted large gains in Tier 1 capital and assets. Even more remarkable was its decision to expand its operations during the worst stages of the crisis. In January 2002, it acquired Banco Bansud from Mexico’s Banamex, which has a considerable presence in southern Argentina. Macro followed this with the purchase of a 35% stake in ScotiaBank Quilmes, which has a big share of the market in the Argentine capital, Buenos Aires.
While the fortunes of Argentina’s economy are still shaky, the bank expects considerable synergies from the acquisitions in terms of products and services, and solvency and efficiency.
