Santander was at the centre of Argentina’s rapidly changing FX market in 2025. As restrictions on individuals buying dollars were removed and controls on companies gradually eased, the bank utilised its large domestic franchise and international capabilities to generate strong growth across every principal client segment.
During the review period, corporate FX volume rose by more than 50% year-on-year, while SME spot volumes rose by more than 60%. The revival of retail FX was equally striking: Santander served approximately 780,000 individual clients and processed nearly $5 billion following liberalisation of domestic restrictions.
Its handling of two significant public sector transactions demonstrated capabilities beyond everyday flows
The bank had already prepared its infrastructure for the increase in activity. Retail customers can buy and sell currencies, operate dollar accounts and make eligible international transfers through mobile and online banking. Corporate documentation and approvals were digitised, and Santander introduced extended FX operating hours, from 9am to 8pm, well beyond the local market session.
Its handling of two significant public sector transactions demonstrated capabilities beyond everyday flows. When the Argentine government launched the Bonte 2030 international bond transaction, Santander built an operating framework that allowed offshore investors to access the official FX market without opening local accounts. It completed the preparatory work within three days, drawing on customer information and accounts held elsewhere in the group.
Santander was also selected for a US Treasury Exchange Stabilization Fund peso transaction. It was the only non-US bank among the three participants, contributing advice on local market structure and execution, and completing the FX transaction during a period of heightened volatility.
