Posted 4/9/2024, 9:45:59 PM
Banco Galicia Bets on Argentina Recovery, Acquires HSBC Assets for $500 Million Despite Economic Struggles
- Banco Galicia is acquiring HSBC's local assets in Argentina for nearly $500 million
- The bank's CEO believes new President Javier Milei's fiscal policies will reduce high inflation and interest rates
- This should spur lending growth as the economy stabilizes after years of crisis
- However, Argentina is currently seeing rising poverty and economic contraction from tighter conditions
- The bank aims to gain market share from the HSBC deal by investing in technology
