The president of Banco Macro reviewed the growth of the entity, the role of the interior in the development of the country and the challenge of competing in equal conditions with the Fintech.
The president of Banco Macro, Jorge Britoanalyzed the challenges of the Argentine economy, the future of the financial system and the role of regional economies in the development of the country. He did it in an extensive interview with The podcast factoryin which he also talked about his personal life, his passion for sport as president of River Plate and the milestones that marked the growth of the banking entity that heads.
The 2001 crisis and macro growth
One of the most remembered passages of the conversation was the 2001 crisis and the announcement of the “Corralito” by Domingo Cavallo. “It was a Friday, going to the inauguration of a hotel in Cachi, and I heard it on Radio. I said: ‘This is serious.’ At the bank nothing had happened,” he said.
Brito stressed that the information came more slowly to the interior of the country, which allowed Banco Macro to cross the crisis with less volatility than other entities. “We wanted an interior bank. We had many atomized deposits and that allowed us to reach that moment with a very healthy and very liquid bank,” he said.
That fortress allowed Macro to specify a strategic operation in full corralito: The purchase of Bansud Bank. “We negotiated in December 2001 and we closed in January 2002. We pass just over 60 to 150 branches and operate in four provinces to be present in 23,” he recalled. The second great milestone was the IPO in New York and Buenos Aires in 2006, which consolidated the Macro as the second private bank in the countrywith more than 7,500 collaborators, high levels of capitalization and liquidity.
Advantages of the interior and potential of the regions
Brito stressed that the bank’s location in the interior gave it greater stability in times of crisis: “When there is departure of deposits or purchase of dollars, the interior looks in another way. People are wiser, they have a long -term vision that in Buenos Aires is often missing.”
He also claimed his father’s vision about the development of regional economies and highlighted the leading role they will have in the future of Argentina. “The country is living something very strong and the interior will be a great protagonist: Vaca Muerta, lithium and copper mining, renewable energies … Today growth is much more diversified,” he said.
Competition with free market
Brito talked about the impact of digitalization on the banking business and requested equal conditions to compete with Fintech companies as Mercado Libre. “They play on the same court with different rules. From Adeba we want the same regulatory rules, the same tax framework and the same union obligations. After that, the best wins, ”he said.
On the juncture, he said that the credit of credit cards is “green with yellow signs” and that rejected checks are in “yellow”, with notorious increases between June and August, although without critical levels.
An optimistic look
Despite the difficulties, Brito conveyed optimism about the country’s future: “I am convinced that Argentina has an immense future. It depends on us, listening to us and agreeing. I do not think it is to or b, but what a and what b feel at the same table. We need a clear path for the next twenty years.”
In a more intimate section of the talk, Brito talked about the relationship between money, success and happiness. “Having money does not mean having inner peace. Success does not come one day, you have to look for it every day. I am very critical every day with myself “he confessed.
Finally, he reflected on the importance of learning to tolerate frustration. “We have all frustration. Parents want our children not to suffer, but that generates a problem: today the boys have very little tolerance to frustration,” he concluded.
Source: Ambito
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