Banco Santiago del Estero
 | |
| Company type | Privately held company |
|---|---|
| Founded | December 18, 1911 as "Banco Comercial y Edificador de Santiago del Estero" |
| Headquarters | Av. Belgrano 529, Santiago del Estero, Argentina |
Key people | Gustavo Eduardo Ick, President |
| Products | Retail Banking Business finance Trade finance Factoring Mutual funds Pension funds Insurance Mortgages Consumer Finance Credit cards |
Number of employees | 1,000 |
| Website | bse.com.ar |
Banco Santiago del Estero stands as the foremost financial institution within Santiago del Estero Province, focusing primarily on retail banking services and functioning as the principal fiscal representative for the provincial administration.
Its main office is situated at Avenida Belgrano 529 in Santiago del Estero city. The bank maintains an extensive network of branches and payment offices throughout the province, alongside additional locations in Buenos Aires, Córdoba, Catamarca, Tucumán, Salta, and Jujuy.
Early years
Established on December 18, 1911, under the name “Banco Comercial y Edificador de Santiago del Estero,” the institution was founded by entrepreneur Luis Suárez together with regional investors. The initial capital amounted to m$n 500,000, which was soon elevated to m$n 1 million. Suárez, supported by prominent local leaders, spearheaded the bank’s expansion.
By 1923, with Suárez at the helm and accountant Andrés Pereda providing key oversight, the bank’s annual cash transactions reached m$n 35 million (approximately $10 million USD). It predominantly extended long-term credit for private residential construction projects duly recorded in property registries since its inception.
Post-war crisis
While Banco Edificador endured the economic challenges following World War I, the severe financial depression of 1929–1930 compelled its private shareholders to consent to government participation in 1932 under Governor Juan Castro. This shift converted it from a privately owned entity into a mixed-ownership institution renamed Banco de la Provincia de Santiago del Estero, with starting capital of m$n 3 million (equivalent to over $600,000 today).
In that same year, the Bank played a crucial role in issuing m$n 12 million worth of provincial public debt bonds. By 1936, its capital had surged to m$n 185 million annually—roughly $47 million in current terms—driven by cash flow activities including checking accounts, discounts, and drafts.
The board was led by Chairman Alfredo Ricci and included members such as Edverto de la Vega and Ramón de la Rúa. The establishment of Argentina’s Central Bank in 1935 restructured an impaired banking system following this crisis.
Nationalization
During Governor Francisco Javier González’s administration and coinciding with Santiago del Estero’s four-century anniversary in 1953, provincial legislation number 2,939 redefined the Bank as an autonomous entity under local government control named "Bank of the Province of Santiago del Estero." Transitioning into a fully public institution, it celebrated its Golden Jubilee in 1961 with capital close to m$n 200 million (around $47 million), half of which was contributed by Argentina’s Central Bank.
Despite its public ownership status during this era, inflationary pressures effectively kept the Bank’s capital static from 1936 through 1961.
Initial Branch Expansion
The Bank extended its presence by establishing branches along major provincial railway routes, including locations such as La Banda, Añatuya, Suncho Corral, Frías, Sumampa, Quimilí, Selva, Bandera, and Tintina, the latter functioning as mobile agencies. Additional branches were inaugurated in Termas de Río Hondo, Pinto, Loreto, Ojo de Agua, Monte Quemado, and Nueva Esperanza.
In 1961, during Governor Eduardo Miguel's administration, a premier branch was launched on Florida Street in Buenos Aires. By 1971, the Bank employed 340 staff members and operated 20 interior branches—among them Fernández, Clodomira, Colonia Dora, and Los Juríes—and had authorized loans exceeding m$n 9,100 million (equivalent to ARL 91 million pesos ley).
Privatization and Consolidation
Following a national and international tender process on September 2, 1996, control of the insolvent Banco de la Provincia de Santiago del Estero was transferred to Grupo Ick and Banco Florencia S.A. The institution was rebranded as Banco de Santiago del Estero S.A. (BSE) but encountered difficulties stemming from the province’s economic downturn after the 1993 Santiagueñazo social unrest and subsequent Federal Intervention.
Banco de Santiago del Estero later incorporated Banco Florencia as part of the privatization strategy. The Central Bank of Argentina authorized this acquisition contingent upon the merger of both entities. Established in 1978 and predominantly owned by the Brunet family (holding over 83%), Banco Florencia ceased its independent operations following the merger. Prior to consolidation, Banco Florencia owned 71.25% of Banco Santiago’s capital stock valued at $6 million, with plans to increase capital until total assets surpassed $22 million.
Recent Developments
Banco de Santiago del Estero was led by Mr. Jorge González alongside Dr. Néstor Carlos Ick † (1937–2023), who served as president of the board and member of the executive committee. Currently, leadership has passed to Mr. Gustavo Eduardo Ick, his son, who presides over BSE.
The bank has steadily expanded its regional footprint and now maintains branches and a network of 140 ATMs across seven provinces in Argentina: Santiago del Estero, Tucumán, Buenos Aires (Autonomous City), Córdoba, Catamarca, Salta, and Jujuy.