The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

In Latin America, a changing of the guard

The whole of Latin America, not just Mexico, faces an uncertain relationship with the US.

Visitors to this year’s Felaban conference in Buenos Aires might have been surprised by the overall upbeat tone. For, despite all the positivity surrounding the new, business-focused administration of president Mauricio Macri, Argentina’s banks still have to contend with a stringent and punitive regulatory environment.

Some of Cristina Kirchner’s basic rules have gone (interest rate caps and floors) but others, such as directed lending regulations to channel subsidised credits to SMEs, have been extended and increased. Other negative regulation is new – such as the proposed cut in credit and debit card fees that will hit many banks’ revenues. And the high tax rates – effective rates of around 35% – remain.

Furthermore, as delegates dispersed back to their offices around the region, they were facing up to a dramatic change in the region’s influential neighbour to the north. Donald Trump will ride into Washington on the back of a campaign that whipped up anti-establishment fervour and criticism of Wall Street.

But it didn’t take long for the markets to make the (probably correct) assessment that the swamp wouldn’t be drained after all. Rather, US banking regulation looks set to be repealed and corporate and tax rates slashed in a boon for the financial services industry.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree