“The Argentine financial system is solid”

Along the same lines, Butti stated that “in recent years, the Argentine financial system has acted as a buffer, and not as a propagator, of the periods of volatility through which the country passed. Transmitting confidence, certainty and solidity ”.

Also to counteract the climate of uncertainty that circulated in recent days, the CEO of Santander remarked that “the financial system of Argentina today is solid, with good levels of capitalization, together with a relatively low level of delinquency and liquidity in dollars. which is at all-time highs, above 80%. There is no currency mismatch. Unlike other moments in history. Today dollars are only lent to those who generate dollars ”.

However, he warned that credit continues at low levels in relation to GDP, due to the lack of development of a long-term currency, and the high tax and regulatory pressure on the sector. “More deposits are more credit for SMEs, companies and families. And that is more investment, the only variable capable of generating long-term sustainable growth and development, which Argentina requires to stimulate employment and reduce poverty, ”Butti recalled.

The CEO of the largest private bank in Argentina by volume of deposits, emphasized that the pandemic generated very relevant behavioral and cultural changes among customers. “In 2022 we will continue to build the best open platform for financial services in Argentina. We will continue to shape our ecosystem. We have already launched Getnet, Superdigital and Santander Consumer. Next year, Openbank, Santander’s 100% digital bank, will be fully launched on the market. In the last year and a half, we registered 5 new companies in Argentina, more than in the last 15 years ”, highlighted Butti. He also recalled that Santander plans to invest 225 million dollars in technological developments in Argentina in the next 3 years.