Banco de la Nación Argentina
Encyclopedia
Banco de la Nación Argentina (Bank of the Argentine Nation) is a state-owned bank
in Argentina
, and the largest in the country's banking sector.
by way of stabilizing the nation's finances following the Panic of 1890
; its first director was Vicente Casares. It became a leading source of finance for agricultural smallholders in its early decades, and later for commercial and industrial businesses, as well as handling an array of public sector transactions. The bank's reputation suffered after it was revealed that bribes had been received by the board of directors in 1994 when contacting IBM
for the supply of computers, software, and communication equipment, becoming a prominent political scandal at the time.
Long a significant supplier of domestic lending in a credit-tight economy, the National Bank attempted, with only partial success, to revive the local credit market during the tenure of Gabriela Ciganotto, who stated the main goal of the BNA in her inauguration speech in 2006 as "putting [the bank] at the service of production, especially small and medium businesses, and not of speculation."
Its headquarters in the San Nicolás
section of Buenos Aires, designed by local architect Alejandro Bustillo
in 1938, were built in a revivalist French neoclassical
style, and inaugurated in 1952 on a site previously occupied by the first building to house the Teatro Colón. The headquarters is also home to the Alejandro Bustillo Art Gallery, established in 1971, as well as a Historic and Numismatic Museum.
The bank maintains 624 branches throughout Argentina, and overseas branches in around 15 countries (Santa Cruz de la Sierra, Bolivia; Rio de Janeiro
and São Paulo, Brazil; Georgetown, Cayman Islands; Santiago, Chile
; Paris
; Tokyo
; Panama City
; Asunción, Paraguay; Madrid
; London
; New York City
and Miami; Montevideo, Uruguay; and Caracas, Venezuela), along with a representative office in Porto Alegre
, Brazil. It employs over 16,000 people in Argentina, and more than 200 abroad.
The bank in 2006 ranked 278th in the world in terms of tier one capital (US$ 1.623 billion) according to The Banker
global survey of top 1000 world banks, a Financial Times publication. Domestically, however, it has long been Argentina's largest bank, and as of February 2010, it maintained around US$19 billion in deposits (a quarter of the domestic total) and a loan portfolio of US$10 billion (22% of the domestic total).
Its director, Mercedes Marcó del Pont
, was named president of the Central Bank of Argentina on February 3, 2010, and was succeeded by Juan Carlos Fabrega.
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
in Argentina
Argentina
Argentina , officially the Argentine Republic , is the second largest country in South America by land area, after Brazil. It is constituted as a federation of 23 provinces and an autonomous city, Buenos Aires...
, and the largest in the country's banking sector.
Overview
The bank was founded on October 18, 1891, by President Carlos PellegriniCarlos Pellegrini
Carlos Enrique José Pellegrini Bevans was President of Argentina from 6 August 1890 to 12 October 1892....
by way of stabilizing the nation's finances following the Panic of 1890
Panic of 1890
The Panic of 1890 was an acute depression, although less serious than other panics of the era. It was precipitated by the near insolvency of Barings Bank in London. Barings, led by Edward Baring, 1st Baron Revelstoke, faced bankruptcy in November 1890 due mainly to excessive risk-taking on poor...
; its first director was Vicente Casares. It became a leading source of finance for agricultural smallholders in its early decades, and later for commercial and industrial businesses, as well as handling an array of public sector transactions. The bank's reputation suffered after it was revealed that bribes had been received by the board of directors in 1994 when contacting IBM
IBM
International Business Machines Corporation or IBM is an American multinational technology and consulting corporation headquartered in Armonk, New York, United States. IBM manufactures and sells computer hardware and software, and it offers infrastructure, hosting and consulting services in areas...
for the supply of computers, software, and communication equipment, becoming a prominent political scandal at the time.
Long a significant supplier of domestic lending in a credit-tight economy, the National Bank attempted, with only partial success, to revive the local credit market during the tenure of Gabriela Ciganotto, who stated the main goal of the BNA in her inauguration speech in 2006 as "putting [the bank] at the service of production, especially small and medium businesses, and not of speculation."
San Nicolás, Buenos Aires
San Nicolás is one of the neighbourhoods of the city of Buenos Aires, Argentina, sharing most of the city and national government structure with neighboring Montserrat and home to much of Buenos Aires' financial sector...
section of Buenos Aires, designed by local architect Alejandro Bustillo
Alejandro Bustillo
Alejandro Bustillo was an Argentine painter and architect who left his mark in various tourist destinations in Argentina, especially in the Andean region of the Patagonia....
in 1938, were built in a revivalist French neoclassical
French architecture
The history of French architecture runs in parallel with its neighbouring countries in Europe, with France being home to both some of the earliest pioneers in many architectural styles, and also containing some of the finest architectural creations of the continent.-Roman:The architecture of...
style, and inaugurated in 1952 on a site previously occupied by the first building to house the Teatro Colón. The headquarters is also home to the Alejandro Bustillo Art Gallery, established in 1971, as well as a Historic and Numismatic Museum.
The bank maintains 624 branches throughout Argentina, and overseas branches in around 15 countries (Santa Cruz de la Sierra, Bolivia; Rio de Janeiro
Rio de Janeiro
Rio de Janeiro , commonly referred to simply as Rio, is the capital city of the State of Rio de Janeiro, the second largest city of Brazil, and the third largest metropolitan area and agglomeration in South America, boasting approximately 6.3 million people within the city proper, making it the 6th...
and São Paulo, Brazil; Georgetown, Cayman Islands; Santiago, Chile
Santiago, Chile
Santiago , also known as Santiago de Chile, is the capital and largest city of Chile, and the center of its largest conurbation . It is located in the country's central valley, at an elevation of above mean sea level...
; Paris
Paris
Paris is the capital and largest city in France, situated on the river Seine, in northern France, at the heart of the Île-de-France region...
; Tokyo
Tokyo
, ; officially , is one of the 47 prefectures of Japan. Tokyo is the capital of Japan, the center of the Greater Tokyo Area, and the largest metropolitan area of Japan. It is the seat of the Japanese government and the Imperial Palace, and the home of the Japanese Imperial Family...
; Panama City
Panama City
Panama is the capital and largest city of the Republic of Panama. It has a population of 880,691, with a total metro population of 1,272,672, and it is located at the Pacific entrance of the Panama Canal, in the province of the same name. The city is the political and administrative center of the...
; Asunción, Paraguay; Madrid
Madrid
Madrid is the capital and largest city of Spain. The population of the city is roughly 3.3 million and the entire population of the Madrid metropolitan area is calculated to be 6.271 million. It is the third largest city in the European Union, after London and Berlin, and its metropolitan...
; London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
; New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
and Miami; Montevideo, Uruguay; and Caracas, Venezuela), along with a representative office in Porto Alegre
Porto Alegre
Porto Alegre is the tenth most populous municipality in Brazil, with 1,409,939 inhabitants, and the centre of Brazil's fourth largest metropolitan area . It is also the capital city of the southernmost Brazilian state of Rio Grande do Sul. The city is the southernmost capital city of a Brazilian...
, Brazil. It employs over 16,000 people in Argentina, and more than 200 abroad.
The bank in 2006 ranked 278th in the world in terms of tier one capital (US$ 1.623 billion) according to The Banker
The Banker
The Banker is an English-language monthly international financial affairs publication owned by The Financial Times Ltd. and edited in London...
global survey of top 1000 world banks, a Financial Times publication. Domestically, however, it has long been Argentina's largest bank, and as of February 2010, it maintained around US$19 billion in deposits (a quarter of the domestic total) and a loan portfolio of US$10 billion (22% of the domestic total).
Its director, Mercedes Marcó del Pont
Mercedes Marcó del Pont
Mercedes Marcó del Pont is an Argentine economist and lawmaker appointed President of the Central Bank of Argentina on February 3, 2010.-Life and times:...
, was named president of the Central Bank of Argentina on February 3, 2010, and was succeeded by Juan Carlos Fabrega.