Banco RIO – Grupo Santander
Following restructuring, Banco Rio, Grupo Santander’s Argentina subsidiary, has recovered profitability after the crisis that hit Argentina and its banking system in 2002.
This outstanding turnaround was achieved by a strong focus on commercial growth, improved cost efficiencies and a significant reduction of non-performing loans. As part of its strategy to revive retail banking activities, Banco Rio engaged in a policy to relaunch lending through mortgage loans with increased maturities. It also reduced interest rates and implemented discounts programmes to drive transactions.
“Banco Rio is a unique franchise that is leading the rebuilding of the Argentine financial system and the return to borrowing,” says chief executive officer, Enrique Cristofani. “Since 2003, the bank has been recouping business lost during the crisis and gaining market share in all segments. We have been registering operating profit for one year, and have carried out a significant upgrade in the quality of the balance sheet. The goal is to grow in the private sector, with particular focus on consumer credit and small and medium-sized enterprises.”
