MercoPress. South Atlantic News Agency

BBVA planning to leave Argentina?

Successive economic hardships have affected profits in the banking industry; hence BBVA is said to have lost interest in Argentina

Buenos Aires' financial circles are preparing for yet another departure of a banking giant from the South American country, according to leading economics reporter Mariano Gorodisch who hinted that BBVA would follow in HSBC's footsteps.

“There is a Spanish bank that is not Santander that is wanting to leave Argentina and another very strong Argentine group that has banks in the south is looking at what to buy,” Gorodisch admitted.

“The Petersen group is looking at what to buy. There are still negotiations... It is the Petersen Group that is interested in buying BBVA, but negotiations are very green,” Gorodisch admitted. After that, market investors and analysts look for further clues as to what may happen.

The Petersen Group currently owns Banco San Juan, Banco Entre Ríos, Banco Santa Cruz, and Banco Santa Fe, founded and formerly handled by each province's government.

The recent buyovers of HSBC's Argentine operations by the local Banco Galicia and of Brazil's Itaú by the also local Banco Macro would render BBVA's no isolated case if these rumors are confirmed.

BBVA Argentina is present nationwide with 247 branches and over 1.9 million active digital customers, making it one of the largest in the country, where successive economic hardships have also affected profits in the banking industry.

At any rate, Gorodisch reckoned that Argentina's financial sector was in full transformation.