Banco Macro
| Company type | Public |
|---|---|
| Industry | Banking, Financial services |
| Founded | 1988 |
| Founder | Jorge Horacio Brito |
| Headquarters | Buenos Aires , Argentina |
Area served | Argentina |
Key people | Jorge Horacio Brito (founder) |
| Products | Banking services, Financial services |
Number of employees | 7,925 |
Banco Macro ranks as the second-largest private bank owned domestically in Argentina and stands sixth in terms of deposits and lending volume. Since its establishment in 1988, the bank has developed a widespread network of branches and ATMs nationwide, catering to a diverse clientele.
Grupo Macro employs a workforce of 7,925 individuals, oversees 1,772 ATMs, operates 957 self-service kiosks, and maintains more than 500 customer service locations.
Overview
The origins of Banco Macro trace back to Financiera Macro, a brokerage firm founded in 1976 by Mario Brodersohn, José Dagnino Pastore, and Alieto Guadagni that specialized in arbitrage. In 1985, it was acquired by Jorge Horacio Brito, an arbitrage expert. The institution received authorization from the Central Bank of Argentina in 1988 to operate as a commercial bank. Initially concentrating on wholesale banking, Banco Macro was among the first to develop the Argentine corporate bonds sector. Its early operations focused on investments in the money market, trading government and corporate bonds, and providing financial services tailored to medium and large enterprises.
In 1996, Banco Macro expanded its reach by obtaining majority ownership in several privatized provincial banks: Banco Misiones (93%), Banco Salta (98%), and Banco Jujuy (100%). Additionally, it acquired Banco Noroeste C.L. and reorganized various private and cooperative banks, thereby reinforcing its presence across northern and central regions of Argentina.
During December 2001, Macro acquired a 60% stake in Banco Bansud, a prominent private bank in southern Argentina that had been impacted by the economic crisis spanning 1999 to 2002. Following the acquisition of Scotiabank Quilmes in August 2002, Macro assumed full control over Banco Bansud. The purchase of Nuevo Banco Suquía S.A. in December 2004 elevated Macro to the position of third-largest private Argentine bank by net assets, fourth by deposit volume, and fifth in private sector lending.
Subsequent acquisitions included Banco Empresario del Tucumán and Banco del Tucumán in 2005; these institutions were integrated into Macro while continuing their roles as provincial financial agents. In 2006, Nuevo Banco Bisel S.A. was also acquired. This latter transaction positioned Macro as the largest domestically-owned private bank in Argentina, with approximately 7,900 employees and a network of 440 branches. In March 2006, the bank rebranded from Macro Bansud to simply Macro and successfully listed on the New York Stock Exchange, marking it as the first Argentine company to be listed internationally since 1997.
The merger finalized in 2007 with Nuevo Banco Suquía S.A. added more than 250 branches to Macro’s portfolio, significantly broadening its coverage throughout Argentina's interior provinces. By early 2009, Macro distinguished itself as the only Argentine bank with a record of 28 consecutive profitable quarters; its pre-tax net income for 2008 reached US$288 million. As of March 2009, outstanding loans surpassed US$3 billion while deposits exceeded US$4.8 billion, securing its rank as the fifth-largest bank within Argentina.