BBVA Banco Francés
Encyclopedia
BBVA Banco Francés is a financial institution in Argentina
.
as Banco Francés del Río de la Plata (French Bank of the Silver River), it is the oldest private bank
in Argentina. Morgan Guaranty Trust acquired a 50% share in the bank in 1968, though the New York
-based bank sold most of these to Alpargatas, a leading local industrial firm, a decade later.
Despite the nation's economic woes during the 1980s, the Banco Francés expanded from 15 branches to 62 during the decade, and had entered into a joint venture with Bankers Trust Company in 1986. Alpargatas sold its stake to local developer Eduardo Constantini
in 1991, and entered into a second joint venture with Merrill Lynch
in 1992.
In December 1996, Spain
's Banco Bilbao Vizcaya (now Banco Bilbao Vizcaya Argentaria
) acquired the 99.9% of the common shares of Otar S.R.L., which was a major shareholder of Sud América Inversiones S.A., and holder of over 30% of the capital of Banco Francés, hence the BBVA in its name.
BBVA is the third-largest bank in Argentina, with deposts of US$5 billion and a lending porfolio of US$3.5 billion (a roughly 7% domestic share in both areas). It maintains 630 branches in Argentina and employs around 4,300 staff.
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...
.
History
Founded on October 14, 1886, in 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...
as Banco Francés del Río de la Plata (French Bank of the Silver River), it is the oldest private bank
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. Morgan Guaranty Trust acquired a 50% share in the bank in 1968, though the New York
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
-based bank sold most of these to Alpargatas, a leading local industrial firm, a decade later.
Despite the nation's economic woes during the 1980s, the Banco Francés expanded from 15 branches to 62 during the decade, and had entered into a joint venture with Bankers Trust Company in 1986. Alpargatas sold its stake to local developer Eduardo Constantini
Eduardo Constantini
Eduardo Francisco Costantini is an Argentine real estate developer, businessman, philanthropist and head of the venture capital firm Consultatio, based in Buenos Aires.-Life and times:...
in 1991, and entered into a second joint venture with Merrill Lynch
Merrill Lynch
Merrill Lynch is the wealth management division of Bank of America. With over 15,000 financial advisors and $2.2 trillion in client assets it is the world's largest brokerage. Formerly known as Merrill Lynch & Co., Inc., prior to 2009 the firm was publicly owned and traded on the New York...
in 1992.
In December 1996, Spain
Spain
Spain , officially the Kingdom of Spain languages]] under the European Charter for Regional or Minority Languages. In each of these, Spain's official name is as follows:;;;;;;), is a country and member state of the European Union located in southwestern Europe on the Iberian Peninsula...
's Banco Bilbao Vizcaya (now Banco Bilbao Vizcaya Argentaria
Banco Bilbao Vizcaya Argentaria
Banco Bilbao Vizcaya Argentaria, S.A. is a multinational Spanish banking group. It was formed in 1999 from the merger of Banco Bilbao Vizcaya and Argentaria, both of which in turn had previously amalgamated three important banks in Spain, namely Banco de Bilbao, Banco de Vizcaya, Banco Exterior de...
) acquired the 99.9% of the common shares of Otar S.R.L., which was a major shareholder of Sud América Inversiones S.A., and holder of over 30% of the capital of Banco Francés, hence the BBVA in its name.
BBVA is the third-largest bank in Argentina, with deposts of US$5 billion and a lending porfolio of US$3.5 billion (a roughly 7% domestic share in both areas). It maintains 630 branches in Argentina and employs around 4,300 staff.