Bank of the Province of Buenos Aires
Encyclopedia
The Bank of the Province of Buenos Aires is a publicly-owned Argentine bank and the second-largest in the nation, by value of assets and deposits.
and the ensuing chaos. Presided by his Economy Minister, Manuel José García, the meeting was convened on January 15, 1822, and resulted in the creation of the Banco de Buenos Ayres. The new institution became popularly known as the Banco de Descuentos ("Discount Bank") for its role as a source of credit to the myriad community banks in the mainly rural province of the time.
Becoming the first incorporation
in Argentine history, its shareholders included local landowners, professionals, clergy, military and government officials, as well as British, French, German and Spanish nationals. Following the advent of Constitutional rule, the bank was reorganized in 1826 as the "Bank of the United Provinces of the Río de la Plata" (as Argentina was known at the time), highlighting the new role of the institution as a national bank
when the federal government acquired a stake. The first National Mint was subsequently opened there as an annex.
The rise of Federalist
Juan Manuel de Rosas
as Governor of Buenos Aires in 1829 put the bank at odds with the strongman's agenda, however, and it was rechartered as a provincial mint in 1836. Its hitherto central role in national finances was reduced to a retail bank branch on site. Following Rosas' 1852 overthrow
, the institution was formally restored as a private incorporated bank in 1854 and in 1863, it was formally designated the Bank of the Province of Buenos Aires, while retaining its ancillary function as a national and provincial mint. The 1882 establishment of the new provincial capital of La Plata
led to the construction to a new headquarters.
The bank's headquarters, located in La Plata, were inaugurated in 1886 and designed in a Renaissance Revival style by Juan Antonio Buschiazzo
and Luis Viglione. Its main offices, however, are in the Buenos Aires financial district
, and are located in a Rationalist building completed in 1942 and designed by Gregorio Sánchez, Ernesto Lagos, and Luis de la Torre.
The federal government regained a stake in the bank in 1906, amid a socio-economic boom. Following a number of international crises, however, President Juan Perón
nationalized the bank in 1946, as part of his program of wholesale nationalizations of strategically important companies, and appointed Dr. Arturo Jauretche
director. Jauretche reoriented the bank's lending policy away from its largely agrarian portfolio, and towards import substitution industrialization; following his death in 1974, the bank's Historical Museum was renamed in honor of the nationalist intellectual.
Growing alongside the Argentine economy, the bank played an important role as a lifeline to employers and local governments during the 1980s, after the last dictatorship's economic policies
saddled the economy with a lasting foreign debt crisis and malaise. Two of its former directors, Aldo Ferrer
and Martín Lousteau
, have also served as the nation's Ministers of the Economy. The bank today operates 342 branches and is Argentina's second-largest by deposits (holding US$7 billion, or, 9% of the total) and total assets, and the sixth-largest in lending.
History
The progressive Governor of the Province of Buenos Aires, Martín Rodríguez proposed a meeting to study the feasibility of a provincial bank for the purpose of stabilizing the local economy wrecked by the Argentine War of IndependenceArgentine War of Independence
The Argentine War of Independence was fought from 1810 to 1818 by Argentine patriotic forces under Manuel Belgrano, Juan José Castelli and José de San Martín against royalist forces loyal to the Spanish crown...
and the ensuing chaos. Presided by his Economy Minister, Manuel José García, the meeting was convened on January 15, 1822, and resulted in the creation of the Banco de Buenos Ayres. The new institution became popularly known as the Banco de Descuentos ("Discount Bank") for its role as a source of credit to the myriad community banks in the mainly rural province of the time.
Becoming the first incorporation
Incorporation
Incorporation may refer to:* Incorporation , the creation of a corporation* Incorporation of a place, creation of municipal corporation such as a city or county...
in Argentine history, its shareholders included local landowners, professionals, clergy, military and government officials, as well as British, French, German and Spanish nationals. Following the advent of Constitutional rule, the bank was reorganized in 1826 as the "Bank of the United Provinces of the Río de la Plata" (as Argentina was known at the time), highlighting the new role of the institution as a national bank
National bank
In banking, the term national bank carries several meanings:* especially in developing countries, a bank owned by the state* an ordinary private bank which operates nationally...
when the federal government acquired a stake. The first National Mint was subsequently opened there as an annex.
The rise of Federalist
Federales (Argentina)
Federales was the name under which the supporters of federalism in Argentina were known, opposing the Unitarios that claimed a centralised government of Buenos Aires Province, with no participation of the other provinces of the custom taxes benefits of the Buenos Aires port...
Juan Manuel de Rosas
Juan Manuel de Rosas
Juan Manuel de Rosas , was an argentine militar and politician, who was elected governor of the province of Buenos Aires in 1829 to 1835, and then of the Argentine Confederation from 1835 until 1852...
as Governor of Buenos Aires in 1829 put the bank at odds with the strongman's agenda, however, and it was rechartered as a provincial mint in 1836. Its hitherto central role in national finances was reduced to a retail bank branch on site. Following Rosas' 1852 overthrow
Battle of Caseros
The Battle of Caseros was fought near the town of Caseros, more precisely between the present-day train stations of Caseros and Palomar in Buenos Aires Province, Argentina, on 3 February 1852, between the Army of Buenos Aires commanded by Juan Manuel de Rosas...
, the institution was formally restored as a private incorporated bank in 1854 and in 1863, it was formally designated the Bank of the Province of Buenos Aires, while retaining its ancillary function as a national and provincial mint. The 1882 establishment of the new provincial capital of La Plata
La Plata
La Plata is the capital city of the Province of Buenos Aires, Argentina, and of La Plata partido. According to the , the city proper has a population of 574,369 and its metropolitan area has 694,253 inhabitants....
led to the construction to a new headquarters.
The bank's headquarters, located in La Plata, were inaugurated in 1886 and designed in a Renaissance Revival style by Juan Antonio Buschiazzo
Juan Antonio Buschiazzo
Juan Antonio Buschiazzo was an Italian architect and engineer who contributed to the modernisation of Buenos Aires, Argentina in the 1880s and to the construction of the city of La Plata, the new capital of the Buenos Aires Province.Born in 1845 in Pontinvrea, Province of Savona, Liguria,...
and Luis Viglione. Its main offices, however, are in the Buenos Aires financial district
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...
, and are located in a Rationalist building completed in 1942 and designed by Gregorio Sánchez, Ernesto Lagos, and Luis de la Torre.
The federal government regained a stake in the bank in 1906, amid a socio-economic boom. Following a number of international crises, however, President Juan Perón
Juan Perón
Juan Domingo Perón was an Argentine military officer, and politician. Perón was three times elected as President of Argentina though he only managed to serve one full term, after serving in several government positions, including the Secretary of Labor and the Vice Presidency...
nationalized the bank in 1946, as part of his program of wholesale nationalizations of strategically important companies, and appointed Dr. Arturo Jauretche
Arturo Jauretche
Arturo Martín Jauretche was an Argentine writer, politician, and philosopher.-Early years:...
director. Jauretche reoriented the bank's lending policy away from its largely agrarian portfolio, and towards import substitution industrialization; following his death in 1974, the bank's Historical Museum was renamed in honor of the nationalist intellectual.
Growing alongside the Argentine economy, the bank played an important role as a lifeline to employers and local governments during the 1980s, after the last dictatorship's economic policies
José Alfredo Martínez de Hoz
José Alfredo Martínez de Hoz was an Argentine executive and policy maker. He served as Minister of the Economy under de facto President Jorge Rafael Videla between 1976 and 1981, and shaped economic policy during the self-styled National Reorganization Process military dictatorship.-Early...
saddled the economy with a lasting foreign debt crisis and malaise. Two of its former directors, Aldo Ferrer
Aldo Ferrer
Aldo Ferrer is a prominent Argentine economist and policy maker.-Early career:Aldo Ferrer was born in Buenos Aires in 1927, and enrolled at the University of Buenos Aires School of Economics, where he received a Doctorate in 1949...
and Martín Lousteau
Martín Lousteau
Martín Lousteau was the Minister of Economy and Production of Argentina under the administration of President Cristina Fernández de Kirchner, from December 10, 2007, until April 24, 2008...
, have also served as the nation's Ministers of the Economy. The bank today operates 342 branches and is Argentina's second-largest by deposits (holding US$7 billion, or, 9% of the total) and total assets, and the sixth-largest in lending.