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Illustration: Pete Ellis |
The view from the top of Banco Galicia’s tower is changing, but only slowly. Much of what can be seen has been the same for decades, but there are pockets of obviously recent development.
The tower where Galicia’s chairman Sergio Grinenco sits dates from the turn of the millennium, when stringent dividend regulation favoured capital investment strategies. Now the forecast is for more orthodox investment that will drive new economic growth. Some investment has begun, but game-changing levels of it have yet to materialize.
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