Argentina's largest bank plans major expansions: CEO

Source: Reuters
By: Jorge Otaola

Banco Galicia, Argentina's largest domestic private bank by loans and deposits, plans to double its investments this year amid an expected reduction in inflation and return to economic growth, its top executive said.

The company will spend more than 2.5 billion pesos ($182 million) in 2016 to open branches, move its headquarters and incorporate new technology, compared to 1.3 billion pesos invested last year, Chief Executive Fabian Kon said in an interview.

Argentina's business community has praised President Mauricio Macri's efforts to cut spending and end the country's isolation from capital markets, but he is still struggling with one of the world's highest inflation rates and negative growth seven months into his term.


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