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BEST BANK: Banco Macro Bansud

Argentina’s banking landscape has undergone tremendous change following the 2001/02 financial crisis. The departure of foreign institutions, such as Scotiabank, has allowed some local players to take advantage and enhance their position. Banks that were previously considered second tier are now competing with stalwarts such as Banco Río, BBV Banco Francés and Banco Galicia. One such bank is Banco Macro Bansud. Founded in 1995 as Banco Bansud, the bank has aggressively grown through a series of acquisitions, including a merger with Banco Macro in the heart of the crisis in January 2002. The bank, which continued to generate profits throughout the crisis, targets SMEs and middle- to lower-class consumers throughout the country, not just Buenos Aires.

In March, Macro Bansud became the first Argentine company since 1997 to make an international equity offering on the NYSE, which was seven times oversubscribed.

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