HSBC Bank Argentina
Encyclopedia
HSBC Bank Argentina S.A. is the principal HSBC
operating company in Argentina
. The seventh-largest bank in the country, it provides a full range of banking and financial products and services, including commercial, consumer and corporate banking, to over 1.2 million customers.
company set up to draw on the experience and knowledge of HSBC Finance Corporation
. The group's product and service distribution network includes 116 retail bank branches nationwide, as well as financial and pension fund
offices. HSBC Argentina maintains deposits of around US$3 billion, and a lending portfolio of nearly US$2 billion (both around 4% of the domestic market).
purchased a stake in Banco Roberts, a subsidiary established in 1903 by the historic Anglo-South American Bank
, in 1987. HSBC Group acquired Midland in 1992. In 1997, the Group acquired the remaining shares in the Roberts Group holding company and re-named it HSBC Argentina Holdings SA.
In 2006, HSBC announced that it had signed an agreement with Banca Nazionale del Lavoro
SpA to acquire the latter's banking operations in Argentina, Banca Nazionale del Lavoro
S.A. (BNL), for US$155 million. BNL had started operating in Argentina in 1960 and had 91 branches in 18 provinces, 700,000 active personal customers and 26,700 commercial customers when the HSBC takeover was completed on 28 April 2006. HSBC rebranded the Argentine operations of BNL as "BNL en Argentina es HSBC" (BNL in Argentina is HSBC), and for two years, maintained the link to BNL, mainly for the community of 70,000 Italian Argentine
s receiving pensions from Italy
.
Simon Martin, President of HSBC Argentina, was appointed head of the mother company's group sustainability and corporate responsibility office in 2007.
The group, headquartered since 1996 in a modern, Avenida de Mayo
high-rise, relocated in 2009 to the historic, former Banco Popular Argentino headquarters. The Plateresque
building, designed by Antonio and Carlos Vilar, was completed in 1931. Located on Florida Street
, it became property of Banco Roberts upon the latter's acquisition of the Banco Popular in 1996, and was transferred to HSBC Argentina upon Roberts' merger the following year.
headquarters building against civilians that had been marching to Plaza de Mayo
to demonstrate against President Fernando de la Rúa
who resigned a day later. Gustavo Ariel Benedetto was murdered by a 9 mm
gunshot to his head in this episode. HSBC's security video recordings demonstrated later that security personnel actually opened fire while not being at any substantial risk since marchers were not able to enter the building. Additionally, carrying lethal weapons in public places by private security personnel is forbidden by law in Buenos Aires.
HSBC
HSBC Holdings plc is a global banking and financial services company headquartered in Canary Wharf, London, United Kingdom. it is the world's second-largest banking and financial services group and second-largest public company according to a composite measure by Forbes magazine...
operating company 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...
. The seventh-largest bank in the country, it provides a full range of banking and financial products and services, including commercial, consumer and corporate banking, to over 1.2 million customers.
Operations
HSBC Argentina is one of the largest financial organizations in Argentina and comprises HSBC Bank Argentina, HSBC MAXIMA AFJP, HSBC La Buenos Aires and HSBC New York Life. Proa is a local consumer financeConsumer finance
Alternative financial services in the United States refers to a particular type of financial service, namely sub-prime lending by non-bank financial institutions. This branch of the financial services industry is more extensive in the United States than in some other countries, because the major...
company set up to draw on the experience and knowledge of HSBC Finance Corporation
HSBC Finance
HSBC Finance Corporation is a financial services company and a member of the British HSBC Group. It is the sixth-largest issuer of MasterCard and Visa credit cards in the United States...
. The group's product and service distribution network includes 116 retail bank branches nationwide, as well as financial and pension fund
Pension fund
A pension fund is any plan, fund, or scheme which provides retirement income.Pension funds are important shareholders of listed and private companies. They are especially important to the stock market where large institutional investors dominate. The largest 300 pension funds collectively hold...
offices. HSBC Argentina maintains deposits of around US$3 billion, and a lending portfolio of nearly US$2 billion (both around 4% of the domestic market).
History
Midland BankMidland Bank
Midland Bank Plc was one of the Big Four banking groups in the United Kingdom for most of the 20th century. It is now part of HSBC. The bank was founded as the Birmingham and Midland Bank in Union Street, Birmingham, England in August 1836...
purchased a stake in Banco Roberts, a subsidiary established in 1903 by the historic Anglo-South American Bank
Anglo-South American Bank
The Anglo-South American Bank was a British and Argentine bank established with the acquisition of the Anglo-Argentine Bank in 1900 by the Bank of Tarapacá and London...
, in 1987. HSBC Group acquired Midland in 1992. In 1997, the Group acquired the remaining shares in the Roberts Group holding company and re-named it HSBC Argentina Holdings SA.
In 2006, HSBC announced that it had signed an agreement with Banca Nazionale del Lavoro
Banca Nazionale del Lavoro
Banca Nazionale del Lavoro SpA is an Italian banking firm. Founded in 1913 as Istituto di Credito per la Cooperazione, it was nationalized in 1929. It was re-privatized and listed on the Milan Stock Exchange in 1998, before being acquired by French banking group BNP Paribas in 2006...
SpA to acquire the latter's banking operations in Argentina, Banca Nazionale del Lavoro
Banca Nazionale del Lavoro
Banca Nazionale del Lavoro SpA is an Italian banking firm. Founded in 1913 as Istituto di Credito per la Cooperazione, it was nationalized in 1929. It was re-privatized and listed on the Milan Stock Exchange in 1998, before being acquired by French banking group BNP Paribas in 2006...
S.A. (BNL), for US$155 million. BNL had started operating in Argentina in 1960 and had 91 branches in 18 provinces, 700,000 active personal customers and 26,700 commercial customers when the HSBC takeover was completed on 28 April 2006. HSBC rebranded the Argentine operations of BNL as "BNL en Argentina es HSBC" (BNL in Argentina is HSBC), and for two years, maintained the link to BNL, mainly for the community of 70,000 Italian Argentine
Italian Argentine
An Italian Argentine is a person born in Argentina of Italian ancestry. It is estimated up to 25 million Argentines have some degree of Italian descent...
s receiving pensions from Italy
Italy
Italy , officially the Italian Republic languages]] under the European Charter for Regional or Minority Languages. In each of these, Italy's official name is as follows:;;;;;;;;), is a unitary parliamentary republic in South-Central Europe. To the north it borders France, Switzerland, Austria and...
.
Simon Martin, President of HSBC Argentina, was appointed head of the mother company's group sustainability and corporate responsibility office in 2007.
The group, headquartered since 1996 in a modern, Avenida de Mayo
Avenida de Mayo
Avenida de Mayo , is an avenue in Buenos Aires, capital of Argentina. It connects the Plaza de Mayo with Congressional Plaza, and extends in a west-east direction before merging into Avenida Rivadavia.-History and overview:...
high-rise, relocated in 2009 to the historic, former Banco Popular Argentino headquarters. The Plateresque
Plateresque
Plateresque, meaning "in the manner of a silversmith" , was an artistic movement, especially architectural, traditionally held to be exclusive to Spain and its territories, which appeared between the late Gothic and early Renaissance in the late 15th century, and spread over the next two centuries...
building, designed by Antonio and Carlos Vilar, was completed in 1931. Located on Florida Street
Florida Street
Florida Street is an elegant shopping street in Downtown Buenos Aires, Argentina. A pedestrian street since 1971, some stretches have been pedestrianized since 1913....
, it became property of Banco Roberts upon the latter's acquisition of the Banco Popular in 1996, and was transferred to HSBC Argentina upon Roberts' merger the following year.
December 20, 2001, incident
On December 20, 2001, at the height of the December 2001 riots in Argentina, HSBC security personnel opened fire from inside the HSBC Buenos AiresBuenos Aires
Buenos Aires is the capital and largest city of Argentina, and the second-largest metropolitan area in South America, after São Paulo. It is located on the western shore of the estuary of the Río de la Plata, on the southeastern coast of the South American continent...
headquarters building against civilians that had been marching to Plaza de Mayo
Plaza de Mayo
The Plaza de Mayo is the main square in downtown Buenos Aires, Argentina. It is flanked by Hipólito Yrigoyen, Balcarce, Rivadavia and Bolívar streets....
to demonstrate against President Fernando de la Rúa
Fernando de la Rúa
Fernando de la Rúa is an Argentine politician. He was president of the country from December 10, 1999 to December 21, 2001 for the Alliance for Work, Justice and Education ....
who resigned a day later. Gustavo Ariel Benedetto was murdered by a 9 mm
9 mm Luger Parabellum
The 9×19mm Parabellum cartridge was designed by Georg Luger and introduced in 1902 by the German weapons manufacturer Deutsche Waffen- und Munitionsfabriken for their Luger semi-automatic pistol...
gunshot to his head in this episode. HSBC's security video recordings demonstrated later that security personnel actually opened fire while not being at any substantial risk since marchers were not able to enter the building. Additionally, carrying lethal weapons in public places by private security personnel is forbidden by law in Buenos Aires.