Latin Finance - November/December 2012 - 65
Argentina banking sector
other administrative and legal 10% in September but its data Dropping off measures that may affect is disputed. (The University Financial intermediation in Argentina (y-o-y % change) banks’ pricing of risk and their of Buenos Aires issued a 60 risk appetite,” the agency says. blistering report in 2010 that Deposits from the Consolidated Credit to the private sector and net assets private sector “These policies, together destroyed any possible notion 50 with the change in the central of a credible INDEC). bank’s bylaws, raise questions Independent economists regarding the predictability and consumer groups estimate 40 of government policies. This inflation running at 20%-25%. uncertainty has weakened the This would mean banks are 30 confidence in the financial being forced to lend at heavily system as demonstrated by negative real interest rates. 20 the severe foreign currency This in part prompted deposit outflows experienced Moody’s to revise its outlook 10 in the last year,” Moody’s says. on 30 Argentine financial Argentina’s economy institutions in September from 0 minister Hernán Lorenzino stable to negative. August-08 August-09 August-10 August-11 August-12 lashed out at the agency. “The The agency says its *Note includes domestic and foreign currency Source: BCRA ratings agencies go hand in decision incorporated “the hand with speculators,” he risks related to increasing “Such mechanisms include the said. “They issue terrorist government intervention application of ever tighter foreign reports that, without changing the rating, through mechanisms unfavorable to the exchange controls, the enforcement of scare investors. They want to lower bond earnings generation, funding dynamics, interest rate caps on credit cards, the prices one day before the interest payment and financial flexibility of financial compulsory sector lending measures and to make a profit – an old pirate’s trick.” institutions.
PUENTE, creating value in the capital markets.
PUENTE offers integral services with the highest added value within the financial and capital markets in Argentina since 1915. Our core businesses are Asset Management, Investment Banking, Trading and Execution, and Private Banking services. PUENTE’s business continues to cultivate its authentic leadership in the local Argentine capital markets and creates value through its efficient operations. We achieve these goals by being sensitive and flexible to swings in the markets and building trust with our clients. Over the past 10 years PUENTE has consolidated its growth strategy to develop and establish attractive new business areas. The Investment Banking area has become the principal underwriter of primary provincial debt in Argentina. Incorporating key projects to generate value for our clients and our firm, diversifying our assets and business lines, has strengthened PUENTE’s position in the global financial sector. PUENTE’s strategic plan for 2013-2018 is based on two primary pillars: 1) high growth through three core businesses (asset management, investment banking and brokerage), combining both organic growth and strategic acquisitions, and 2) PUENTE’s continuous financial strength. “This, coupled with added cash flow resulting from divestitures from non-strategic assets, puts PUENTE in a solid position to self-finance all necessary and strategic investments in the coming years—even in the most adverse scenarios,” comments the firm’s Managing Director.
Managing Director Marcos Wentzel
PUENTE firmly creates value from understanding globalization, finance and the different idiosyncrasies of each market. As companies’ horizons expand, so have the ways in which you can gain significant international exposure. Our ability to accurately comprehend the Argentine and Latin-American markets has made PUENTE a world-class company.
Sarmiento 440 2 Piso C1041AAJ - CABA - Argentina Tel. (+54)11 4329 0020 www.puentenet.com @PUENTEtweets
Corporate Statement
November/December 2012
LatinFinance 65
http://www.puentenet.com
http://www.puentenet.com
Latin Finance - November/December 2012
Table of Contents for the Digital Edition of Latin Finance - November/December 2012
Latin Finance - November/December 2012
Contents
The big easy
Rules of the game
Terms of endearment
Rise of the redback
Good buys
Winning streak
Awards in full
Staying the course
Revolutionary road
Latin Finance - November/December 2012 - Latin Finance - November/December 2012
Latin Finance - November/December 2012 - Cover2
Latin Finance - November/December 2012 - Contents
Latin Finance - November/December 2012 - 2
Latin Finance - November/December 2012 - 3
Latin Finance - November/December 2012 - 4
Latin Finance - November/December 2012 - 5
Latin Finance - November/December 2012 - 6
Latin Finance - November/December 2012 - 7
Latin Finance - November/December 2012 - 8
Latin Finance - November/December 2012 - 9
Latin Finance - November/December 2012 - 10
Latin Finance - November/December 2012 - 11
Latin Finance - November/December 2012 - The big easy
Latin Finance - November/December 2012 - 13
Latin Finance - November/December 2012 - 14
Latin Finance - November/December 2012 - 15
Latin Finance - November/December 2012 - Rules of the game
Latin Finance - November/December 2012 - 17
Latin Finance - November/December 2012 - 18
Latin Finance - November/December 2012 - 19
Latin Finance - November/December 2012 - 20
Latin Finance - November/December 2012 - 21
Latin Finance - November/December 2012 - Terms of endearment
Latin Finance - November/December 2012 - 23
Latin Finance - November/December 2012 - 24
Latin Finance - November/December 2012 - 25
Latin Finance - November/December 2012 - 26
Latin Finance - November/December 2012 - 27
Latin Finance - November/December 2012 - Rise of the redback
Latin Finance - November/December 2012 - 29
Latin Finance - November/December 2012 - 30
Latin Finance - November/December 2012 - 31
Latin Finance - November/December 2012 - Good buys
Latin Finance - November/December 2012 - 33
Latin Finance - November/December 2012 - 34
Latin Finance - November/December 2012 - 35
Latin Finance - November/December 2012 - Winning streak
Latin Finance - November/December 2012 - 37
Latin Finance - November/December 2012 - Awards in full
Latin Finance - November/December 2012 - 39
Latin Finance - November/December 2012 - 40
Latin Finance - November/December 2012 - 41
Latin Finance - November/December 2012 - 42
Latin Finance - November/December 2012 - 43
Latin Finance - November/December 2012 - 44
Latin Finance - November/December 2012 - 45
Latin Finance - November/December 2012 - 46
Latin Finance - November/December 2012 - 47
Latin Finance - November/December 2012 - 48
Latin Finance - November/December 2012 - 49
Latin Finance - November/December 2012 - 50
Latin Finance - November/December 2012 - 51
Latin Finance - November/December 2012 - 52
Latin Finance - November/December 2012 - 53
Latin Finance - November/December 2012 - 54
Latin Finance - November/December 2012 - 55
Latin Finance - November/December 2012 - 56
Latin Finance - November/December 2012 - 57
Latin Finance - November/December 2012 - 58
Latin Finance - November/December 2012 - 59
Latin Finance - November/December 2012 - 60
Latin Finance - November/December 2012 - 61
Latin Finance - November/December 2012 - 62
Latin Finance - November/December 2012 - 63
Latin Finance - November/December 2012 - Staying the course
Latin Finance - November/December 2012 - 65
Latin Finance - November/December 2012 - 66
Latin Finance - November/December 2012 - 67
Latin Finance - November/December 2012 - 68
Latin Finance - November/December 2012 - 69
Latin Finance - November/December 2012 - 70
Latin Finance - November/December 2012 - 71
Latin Finance - November/December 2012 - Revolutionary road
Latin Finance - November/December 2012 - Cover3
Latin Finance - November/December 2012 - Cover4
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