It is not much fun being a banker in Argentina. But while it is pretty much universally tough for everyone, spare a thought for individuals like Juan Parma, HSBC’s chief executive Argentina and head of wealth and personal banking America. Because, while Parma’s peers in Argentine banks face many of the same challenges he does, at least for them the whole organization is still focused on the country. HSBC’s global leadership could be forgiven for skipping over the country in global strategy meetings.
While some leaders in a similar position might be tempted to mark time, Parma has implemented an impressive growth strategy in the small and medium-sized enterprise segment, which not only helps to build team effectiveness and morale but also places the bank in good stead when and if the country gives itself a chance to thrive.
SMEs play a big role in the Argentine economy, producing about 45% of GDP and employing about 70% of the working population.