Since Q108, we have described numerically the banking business environment for each of the countries surveyed by BMI. We do this through our Commercial Banking Business Environment Rating (CBBER), a measure that ensures we capture the latest quantitative information available. It also ensures consistency across all countries and between the inputs to the CBBER and the Insurance Business Environment Rating, which is likewise now a feature of our insurance reports. Like the Business Environment Ratings calculated by BMI for all the other industries on which it reports, the CBBER takes into account the limits of potential returns and the risks to the realisation of those returns. It is weighted 70% to the former and 30% to the latter.
The evaluation of the Limits of Potential Returns includes market elements that are specific to the banking industry of the country in question and elements that relate to that country in general. Within the 70% of the CBBER that takes into account the Limits of Potential Returns, the market elements have a 60% weighting and the country elements have a 40% weighting. The evaluation of the Risks to Realisation of Returns also includes banking elements and country elements (specifically, BMI’s assessment of long-term country risk). However, within the 30% of the CBBER that takes into account the risks these elements are weighted 40% and 60% respectively.
Further details on how we calculate the CBBER are provided at the end of this report. In general, though, three aspects need to be borne in mind in interpreting the CBBERs. The first is that the market elements of the Limits of Potential Returns are by far the most heavily weighted of the four elements. They account for 60% of 70% (or 42%) of the overall CBBER. Second, if the market elements are significantly higher than the country elements of the Limits of Potential Returns, it usually implies that the banking sector is (very) large and/or developed relative to the general wealth, stability and financial infrastructure in the country. Conversely, if the market elements are significantly lower than the country elements, it usually means that the banking sector is small and/or underdeveloped relative to the general wealth, stability and financial infrastructure in the country. Third, within the Risks to Realisation of Returns category, the market elements (ie: how regulations affect the development of the sector, how regulations affect competition within it and the Moody’s ratings for local currency deposits) can be markedly different from BMI’s long-term risk rating.

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Executive Summary 5
Table: Levels (ARSbn) 5
Table: Levels (US$bn) 5
Table: Levels At April 2011 5
Table: Annual Growth Rate Projections, 2011-2015 (%) 5
Table: Ranking Out Of 59 Countries Reviewed In 2011 6
Table: Projected Levels (ARSbn) 6
Table: Projected Levels (US$bn) 6
SWOT Analysis 7
Argentina Commercial Banking SWOT 7
Argentina Political SWOT 8
Argentina Economic SWOT 8
Argentina Business Environment SWOT 9
Business Environment Outlook 10
Commercial Banking Business Environment Ratings 10
Table: Argentina’s Commercial Banking Business Environment Rating 10
Commercial Banking Business Environment Rating Methodology 11
Table: Latin America Commercial Banking Business Environment Ratings 12
Global Commercial Banking Outlook 13
Latin America Banking Sector Outlook 17
Table: Banks’ Bond Portfolios, 2009 21
Table: Latin America Commercial Banking Business Environment Ratings 21
Table: Comparison Of Loan/Deposit, Loan/Asset And Loan/GDP Ratios 22
Table: Anticipated Developments In 2011 22
Table: Comparison Of Total Assets, Client Loans And Client Deposits, 2009-2010 (US$bn) 23
Table: Comparison Of Per Capita Deposits, 2010 (US$) 23
Table: Interbank Rates And Bond Yields, 2010-2011 24
Argentina Banking Sector Outlook 25
Economic Outlook 30
Table: Argentina Economic Activity, 2008-2015 32
Competitive Landscape 33
Market Structure 33
Protagonists 33
Table: Protagonists In Argentina’s Commercial Banking Sector 33
Definition Of The Commercial Banking Universe 33
List Of Banks 34
Table: Banks Ranked By ABA 34
Company Profiles 37
Banco de la Nación Argentina 37
Table: Key Statistics For BNA, 2009-2010 (ARSbn) 38
BBVA Banco Francés 39
Table: Stock Market Indicators 40
Table: Balance Sheet (ARSmn, unless stated) 40
Table: Balance Sheet (US$mn, unless stated) 40
Table: Key Ratios (%) 41
Banco Provincia 42
Table: Key Statistics For Banco Provincia, 2009-2010 (ARSbn) 43
Banco Galicia 44
Table: Stock Market Indicators 45
Table: Balance Sheet (ARSmn, unless stated) 45
Table: Balance Sheet (US$mn, unles stated) 45
Table: Key Ratios (%) 46
Banco Macro 47
Table: Balance Sheet (ARSmn, unless stated) 48
Table: Balance Sheet (ARSmn, unless stated) 48
Table: Balance Sheet (US$mn, unless stated) 48
Table: Key Ratios (%) 49
HSBC Argentina 50
Table: Key Statistics For HSBC Bank Argentina, 2009-2010 (ARSbn) 51
Banco Credicoop 52
Table: Key Statistics For Banco Credicoop, 2008-2019 (ARSbn) 53
Banco Santander Rio 54
Table: Stock Market Indicators 55
Table: Balance Sheet (ARSmn, unless stated) 55
Table: Balance Sheet (US$mn, unless stated) 55
Table: Key Ratios (%) 56
Banco de la Ciudad de Buenos Aires 57
Table: Key Statistics For Banco de la Ciudad de Buenos Aires, 2008-2010 (ARSmn) 58
Citibank NA 59
BMI Banking Sector Methodology 60
Commercial Bank Business Environment Rating 61
Table: Commercial Banking Business Environment Indicators And Rationale. 62
Table: Weighting Of Indicators 63
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