Bank of the City of Buenos Aires
 | |
 Banco Ciudad headquarters | |
| Company type | Public bank |
|---|---|
| Founded | 23 May 1878 |
| Headquarters | Buenos Aires, Argentina |
Key people | Guillermo Laje (president) Fernando Jorge Elías (vice president) |
| Products | Retail Banking Business finance Trade finance Factoring Mutual funds Pension funds Insurance Mortgages Consumer Finance Credit cards |
| Revenue |  US$ 600 million (2011) |
| US$190 million (2011) | |
| Total assets | US$4.5 billion (4/2011) |
Number of employees | 3,150 (2/2010) |
| Website | www.bancociudad.com.ar |
The Bank of the City of Buenos Aires, commonly known as Banco Ciudad de Buenos Aires or simply Banco Ciudad, is a municipally owned commercial bank headquartered in Buenos Aires, Argentina. Established on May 23, 1878, originally under the name Monte de Piedad, its founding mission was to counteract usurious lending by providing loans at rates below market levels, thereby addressing social disparities amid a surge in immigration.
Overview
Banco Ciudad was initially created to serve the working-class population and commenced operations in a Montserrat district residence that once belonged to Viceroy Joaquín del Pino. It underwent nationalization in 1888 before being transferred to the jurisdiction of the City of Buenos Aires. Over time, the bank broadened its offerings to encompass personal loans, business financing, mortgage lending, and payday advances. By 1904, it had been reestablished as the Municipal Savings and Loan Bank.
The institution's expansion gained momentum during Enrique Peña’s presidency starting in 1916, emphasizing the development of an extensive branch network throughout the city to better reach customers and reduce exploitative lending practices. After the nationalist coup in 1943 and Juan Perón’s ascent to power, the bank was reconstituted in 1944 as the Municipal Bank of Buenos Aires, aiming to enhance commercial banking services within Argentina’s public sector framework.
Banco Ciudad emerged as a prominent financier for small enterprises and played a significant role in supporting public housing initiatives in underserved neighborhoods. In 1947, the city procured a key parcel on Nueve de Julio Avenue designated for municipal offices; following completion in 1961, a major branch was established there. The headquarters relocated to a refurbished building on Florida Street in 1968, facilitating growth in commercial lending activities. Facing competition from the Bank of the Province of Buenos Aires, the institution adopted its current name in 1972.
By February 2010, Banco Ciudad ranked ninth nationwide based on deposit volume with US$3.6 billion—capturing approximately 3.6% of the market—and was eighth by loan portfolio size at US$2.8 billion. The bank maintained a network of 61 branches and employed more than 3,000 personnel.
Board of Directors of the Bank of Buenos Aires
The Board is composed of president Guillermo Laje, vice president Fernando Jorge Elías, and general manager Gustavo Jorge Cardoni.
Board Members
The members serving as directors include Delfina Rossi, Nicolás Massot, Gastón Rossi, and Franco Moccia.
Trustee Syndic
Paula Beatriz Villalba holds the position of syndic of trustee.
Branches within Buenos Aires City
The bank maintains approximately fifty branches throughout Buenos Aires. Many of these locations were constructed during a significant expansion in the 1960s, featuring designs by MSGSSS studio. The branches are characterized by their unique style, incorporating blue-tinted glass panels, metallic accents, and predominantly white interiors. Some still preserve original architectural details such as glass brick facades.
Headquarters
The present headquarters, created by MSGSSS in 1968 and opened in 1969, represents the bank’s commitment to innovation. Distinguished by its extensive use of glass bricks and custom-designed furnishings, it departs from conventional enclosed bank structures by promoting transparency along Florida Street.
Situated in a former "A la Ciudad de México" department store at the intersection of Florida and Sarmiento Streets, the interior was completely renovated to include display cases and marquees that exhibit auction items and bank operations visible to pedestrians.
Between 1977 and 1981, an annex known as the "Centre Branch" was constructed at 630 Sarmiento Street. Designed by architects Aslan and Ezcurra, this extension features a glazed tower supported by metal beams, consisting of seven underground floors, a ground level, and eighteen stories above.
In August 2016, the headquarters underwent a contemporary renovation that respected its original architectural vision. This refurbishment was initiated in 2008 under the leadership of Central Bank president Federico Sturzenegger.
Esmeralda Complex
The Esmeralda complex (also called the Sales Building), located at 660 Esmeralda Street, has served as the site for public auctions since the 1930s. It was remodeled in 1969 by MSGSSS to include ramps and extensive counters designed for displaying auction items.
New Branch Project
In February 2010, the bank announced an architectural competition for a new corporate headquarters situated in Parque Patricios within Buenos Aires’ Technological District.
The bank secured an entire city block bordered by Uspallata, Atuel, Los Patos, and Iguazú streets—a property formerly belonging to the City Institute of Housing. Participants were required to collaborate with construction firms when submitting their proposals.
Norman Foster and Partners won the competition in August 2010, partnering with Argentine designers Berdichevsky-Cherny, Edgardo Minond, and CRIBA constructions. The project had a budget allocation of 200 million pesos with an expected construction period of 22 months.
Other significant contenders included Argentine firms Aisenson (second place), Richter-Dahl Rocha (third place), MSGSSS, Mario Roberto Álvarez and Associates, Antonini-Schön-Zemborain, Hampton-Rivoira, B4FS, Dujovne-Hirsch, Urgell-Penedo-Urgell, as well as Uruguayan architect Rafael Viñoly.
Construction commenced in late 2010. The building received recognition from the American Planning Association with its 3rd Annual Award for Excellence in Sustainability under the category "Sustainable Building Project."
Municipal Savings and Loans Bank
During its inaugural board meeting on July 10, the institution declared its mission to support "the working community, which is most in need." The bank initially operated from a residence in the Monserrat Ward, previously owned by Viceroy Joaquin del Pino. It experienced rapid expansion and underwent six renamings before adopting its present title. In 1888, following the federalization of Buenos Aires, the bank was nationalized and placed under the authority of the City of Buenos Aires. By September 30, 1904, under legislation number 4351, it officially became known as the "Municipal Savings and Loans Bank."
A move to the financial district accompanied an increase in capital, allowing the bank to provide a range of services including personal and business loans, mortgage financing, and payday advances. Additionally, it managed pension funds and played a significant role as an underwriter for IPOs on the Buenos Aires Stock Exchange, government securities, and foreign trade transactions. Importantly, it was granted permission to collect public deposits through Savings Accounts.
The initial performance was underwhelming, which led to expanded investments in branches and agencies that spurred growth—particularly during Enrique Peña’s presidency starting in 1916. Peña focused on combating usury by broadening branch access across the city to better serve customers.
Municipal Bank of Buenos Aires
After a nationalist coup in 1943 brought Col. Juan Perón to prominence as chief policymaker, the institution was rechartered in 1944 as the Municipal Bank of Buenos Aires. This change aligned with government initiatives aimed at curbing banking price exploitation and broadening public sector commercial banking services within Argentina.
The social movements of the post-1940s era integrated urban European immigrants and rural laborers into an industrial society, increasing demand for contemporary financial products. The bank extended its offerings beyond limited social loans to cater to professionals and salaried workers seeking home financing, as well as salesmen and small industrial entrepreneurs requiring capital to expand during a thriving domestic market.
The Municipal Bank emerged as a frontrunner in small business lending and supported public housing projects in disadvantaged neighborhoods. In 1947, the city acquired a downtown site on Nueve de Julio Avenue for municipal offices; following completion of the building in 1961, an important branch was established there.
First House B.A Credits
The First House B.A credit program, jointly provided by the Bank of the City of Buenos Aires and the Instituto de Vivienda de la Ciudad, aims to mitigate the city’s housing deficit by offering mortgage loans at some of the lowest rates available in the market. This initiative allows applicants to purchase homes through a transparent and objective scoring mechanism.
Candidates who meet the required score are notified via email and invited to present their documentation at the Institute of Housing. Those who do not qualify receive notification and are encouraged to reapply on a monthly basis.
Purchase Conditions
- The property must be a single-family home intended for permanent residence. - The maximum property value allowed is $1,100,000 for applicants without children and $1,300,000 for those with children. - Property prices cannot exceed $27,000 per square meter according to appraisals conducted by the Bank. - Eligible properties must be located within Buenos Aires city limits or within a 100-kilometer radius in Greater Buenos Aires.
Bank of the City of Buenos Aires
After moving its main offices in 1968 to a renovated facility located at the intersection of Sarmiento and Florida Streets, the bank broadened its commercial lending activities and updated its corporate image with contemporary logos and office interiors.
In 1972, facing rivalry from the Bank of the Province of Buenos Aires, it adopted the name it uses today. Although privatization threats emerged during the 1990s, strong political backing combined with employee efforts ensured it remained a government-owned entity. Recent initiatives aimed at modernization have strengthened its longstanding social mission within Buenos Aires' financial landscape.