Santander to pump US$1bn into Argentina unit

Tuesday, February 13, 2018

Argentine lender Santander Rio said it would invest 20.2bn pesos (US$1.01bn) over the next three years in technology, a branch modernization scheme and new corporate headquarters.

The tech funding will be pumped into hardware, software and systems, as the bank sharpens its focus on online banking.

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The bank, local paper Clarín reported, forecasts lending to double, citing a strengthening economy and growing confidence among consumers.

In November, Santander announced it would pump US$500mn into hardware and software at its Argentine unit.

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At the end of September, Santander Rio - a unit of Spanish giant Santander - was Argentina's biggest commercial bank by loans and assets, according to data from regulator the central bank. The biggest player overall is state behemoth Banco Nación.

Juan Cerruti, public affairs chief at Santander Rio, told the paper steady growth was already been observed in the areas of mortgage lending and investment funds.