In mid March, when the market rumours that Banco Galicia was planning to buy HSBC Argentina became deafening, I called some senior bankers in Buenos Aires. They focused on the swift revival of Argentine banks’ M&A appetite under new president Javier Milei. The locals told me they thought that Galicia’s strategy made sense – adding scale to one of the country’s biggest banks – but that it was the timing that was the interesting variable: the swiftness of this risk-on signal was validation of a renewed confidence in the new administration.
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