Awards for Excellence 2009: Argentina
Best Bank: BBVA Banco Francés
The second half of 2008 was not easy for banks in Argentina. Uncertainty reigned as the Argentine pension system was taken into public hands and the international global crisis saw Argentine risk soar. As a result there was a sharp slowdown in the economy, with growth falling from 7% in early 2008 to 4.9% in the fourth quarter.
In addition, after congressional elections were expedited to June, speculation over another debt default and currency devaluation grew. The benchmark discount bond dropped 32.7% and the Argentine peso shed 8%.
However, despite the pressures, BBVA Banco Francés ended its fiscal year 2008 with a profit of $321.5