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By: Charlie Devereux
Argentina’s financial system will triple outstanding loans over the next four years as President Mauricio Macri dismantles 12 years of protectionist policies, according to Gabriel Martino, chief executive officer of HSBC’s local unit.
The bank is considering offering 10-year loans, Martino, 51, said in an interview at a conference in Mar del Plata, as the central bank moves toward inflation-targeting. Clients have already snapped up half of a 100 million peso ($6.6 million) credit line of 48-month fixed-rate loans offered last week, he said. While HSBC sold its unit in Brazil, the bank plans to stay in Argentina, Martino said.
“In the past years we developed through deposits,” Martino said. “From now on we’ll develop through loans.”
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