Industry Research Report on the Banking in Argentina.

Value Chain outline

Identification and description of each step in the value chain

Based on the activities and services offered by the major players in the Argentine banking and financial services industry, the value chain can be broadly outlined with the following key steps:

• Deposit Taking / Funding: This step involves the collection of funds from individuals, businesses, and other entities. It is the primary source of funding for banking operations, enabling institutions to lend and invest.
• Lending / Credit Granting: This step involves the provision of funds to borrowers, generating interest income for the financial institution. This includes various types of loans tailored to different customer needs and risk profiles.
• Payment Services: This step focuses on facilitating transactions and money movement between parties. It encompasses traditional payment methods and increasingly, digital payment solutions.
• Investment Services: This step involves offering products and services that allow customers to invest their funds, aiming to grow their wealth.
• Ancillary Financial Services: This includes a range of other financial products and services that complement the core banking functions, such as insurance, treasury services, and trade finance.

Identification and description of segments for each step of the value chain.

Within each value chain step, different segments are served, reflecting diverse customer needs and operational approaches.

• Deposit Taking / Funding:
  • Retail Deposits: Collecting deposits from individual customers through savings accounts, checking accounts, and time deposits.
  • Corporate Deposits: Collecting deposits from businesses and institutional clients.
  • Digital/Fintech Accounts: Deposits held in digital wallets and non-traditional financial accounts.
• Lending / Credit Granting:
  • Retail Loans: Providing loans to individuals, including personal loans, mortgage loans, and auto loans.
  • SME Loans: Providing financing solutions to small and medium-sized enterprises.
  • Corporate Loans: Extending credit facilities to large corporations and institutional clients.
• Payment Services:
  • Traditional Payments: Services like checks, wire transfers, and point-of-sale (POS) transactions via cards.
  • Digital Payments: Facilitating transactions through digital wallets, mobile payments, and online platforms. This also includes card issuance (credit and debit).
• Investment Services:
  • Retail Investments: Offering investment products accessible to individual investors, such as mutual funds, stocks, and bonds.
  • Corporate/Institutional Investments: Providing investment and asset management services to businesses and institutions.
• Ancillary Financial Services:
  • Insurance: Offering various insurance products (life, property, etc.).
  • Treasury Services: Managing liquidity, foreign exchange, and other financial risks for corporate clients.
  • Trade Finance: Providing financing for international trade transactions.

List of types of players in each segment

The Argentine banking industry includes a mix of player types:

• Public Banks: Owned and operated by the state or provincial governments.
• Private Banks: Owned by private entities, both domestic and foreign.
• Fintech Companies: Technology-driven companies offering financial services, often focusing on digital platforms and specific niches.
• Credit Unions/Cooperatives: Member-owned financial institutions. (Not explicitly detailed in provided context, but a general type).
• Other Financial Institutions: Non-bank entities offering specific financial services (e.g., payment processors, asset managers).

Detailed description of the main activities within each segment.

• Deposit Taking / Funding:
  • Retail Deposits: Account opening and management, receiving deposits (cash, transfers), processing withdrawals, managing interest payments, offering related services like online banking and mobile apps.
  • Corporate Deposits: Managing business accounts, handling large volume transactions, offering treasury management services, providing online platforms for corporate finance.
  • Digital/Fintech Accounts: Onboarding users digitally, facilitating instant transfers, linking accounts to digital wallets or cards, offering simple interfaces for managing funds.
• Lending / Credit Granting:
  • Retail Loans: Loan application processing, credit scoring and assessment, loan disbursement, collecting repayments, managing delinquent accounts.
  • SME Loans: Assessing business viability and creditworthiness, structuring loan terms, providing working capital loans, equipment financing, and business expansion loans.
  • Corporate Loans: Underwriting large credit facilities, structuring complex financing deals, managing corporate debt, project finance.
• Payment Services:
  • Traditional Payments: Operating branch networks for cash handling, processing checks, managing ATM networks, facilitating interbank transfers.
  • Digital Payments: Issuing and managing credit and debit cards (physical and virtual), developing and operating mobile payment apps and digital wallets, processing online transactions, enabling peer-to-peer (P2P) transfers, developing merchant acquiring solutions (e.g., QR code payments).
• Investment Services:
  • Retail Investments: Offering access to investment products through online platforms or advisors, providing investment guidance, managing customer portfolios.
  • Corporate/Institutional Investments: Providing tailored investment strategies, managing large asset portfolios, offering brokerage and trading services, assisting with capital markets activities.
• Ancillary Financial Services:
  • Insurance: Selling various insurance policies (e.g., life, health, property, auto), processing claims.
  • Treasury Services: Managing foreign exchange risk, interest rate risk, and liquidity; executing money market transactions.
  • Trade Finance: Providing letters of credit, trade guarantees, export/import financing.

List examples of key players with detailed profiles.

Key players in the Argentine banking and financial services industry, as described in the provided context, include:

• Grupo Financiero Galicia: A leading private financial group, with Banco Galicia as its core. Involved in traditional banking (deposits, loans), and owns Naranja X, a significant digital financial services provider covering digital accounts, cards, loans, and investments. Expanded significantly by acquiring HSBC Argentina's operations.
• Banco Macro: A major private bank with extensive nationwide presence. Strong in traditional banking (deposits, loans, branches). Expanded through the acquisition of Itaú Argentina. Also developing digital services like operations via WhatsApp (BancoChat).
• Banco Santander Argentina: The Argentine subsidiary of the global Santander group. A significant private bank focusing on retail and corporate banking with an increasing emphasis on digital services.
• BBVA Argentina: The Argentine subsidiary of the global BBVA group. A leading private bank since 1886, serving individuals, SMEs, and large companies. Strategic focus on digital expansion and cross-selling. Strong presence in private sector loans and deposits.
• Banco de la Nación Argentina (BNA): The largest state-owned bank in Argentina. Plays a crucial role in financial inclusion and government initiatives, particularly through its BNA+ digital wallet. Dominant player across total assets, loans to the private sector, and deposits. Historically involved in financing government deficits.
• Banco Provincia: A public bank backed by the government of the Province of Buenos Aires. The fourth largest bank by assets. Actively promotes financial inclusion through its digital wallet Cuenta DNI.
• Naranja X: The fintech entity of Grupo Financiero Galicia. Focuses on digital financial services, including credit cards, personal loans, insurance, accounts, and investment products. Strong customer growth through its digital platform.
• Ualá: A leading Argentine fintech providing a digital financial platform. Offers prepaid cards, personal loans, and bill payment via a mobile app. Targets younger and underbanked consumers. Expanding through acquisitions (e.g., Wilobank into Uilo Bank). Focus on financial inclusion and enabling investments.
• ICBC Argentina: The Argentine subsidiary of the Industrial and Commercial Bank of China. A significant private bank leveraging its global network. Involved in traditional banking (loans, deposits) and globally, focuses on commodities and financial markets solutions.
• Banco Ciudad: A public bank historically focused on assisting residents with limited resources and operating as a pawnshop. Now offers traditional banking products, mortgage loans, and conducts online auctions for the tax authority. Ranked among the top public banks.

Show estimates of volumes and sizes of each step in the value chain.

Estimates of volumes and sizes are primarily available at the player level, giving an indication of their activity across various steps, particularly deposits, loans, and digital accounts/users. Aggregated data for each specific step of the value chain across the entire industry is not uniformly available in the provided context, but player-specific data gives insight into market shares and overall activity.

• Deposit Taking / Funding:
  • Total deposits in the banking system are significant. As of August 2024, Banco de la Nación Argentina held 24.32% of total deposits. [Argentine Banking Sector: A comprehensive financial overview - Ranking - rankingslatam] Banco Galicia was second in deposits with a significant share as of August 2024. [Argentine Banking Sector: A comprehensive financial overview - Ranking - rankingslatam] BBVA Argentina's consolidated market share of private deposits reached 8.72% as of 4Q24. [Banco BBVA Argentina S.A. Announces Fourth Quarter & Fiscal Year 2024 Results, Banco BBVA Argentina S.A. Announces Fourth Quarter & Fiscal Year 2024 Results] Banco Macro's total deposits were Ps. 8.1 trillion in 3Q24. [Grupo Supervielle Reports 3Q24 and 9M24 Results] Naranja X held 5.2% of private sector deposits via fintech accounts by November 2024. [Presentación de PowerPoint] Ualá serves over 9 million users as of March 2025, with deposit accounts held by Naranja X numbering 6,474 thousand as of 3Q24. [Uala - 2025 Company Profile, Funding & Competitors - Tracxn, Grupo Supervielle Reports 3Q24 and 9M24 Results]
• Lending / Credit Granting:
  • Total loans to the private sector are a key metric. As of August 2024, Banco de la Nación Argentina led with a 20.71% share of the loan portfolio. [Argentine Banking Sector: A comprehensive financial overview - Ranking - rankingslatam] Banco Santander Argentina held 11.67% and Banco Galicia held 10.36% as of August 2024. [Argentine Banking Sector: A comprehensive financial overview - Ranking - rankingslatam] BBVA Argentina reached 11.31% consolidated market share of private sector loans as of 4Q24. [Banco BBVA Argentina S.A. Announces Fourth Quarter & Fiscal Year 2024 Results, Banco BBVA Argentina S.A. Announces Fourth Quarter & Fiscal Year 2024 Results] Banco Macro's market share over private sector loans was 9.2% as of 3Q24. [Grupo Supervielle Reports 3Q24 and 9M24 Results] BBVA's total consolidated financing to the private sector in 4Q24 totaled $7.6 trillion (ARS). [Banco BBVA Argentina S.A. Announces Fourth Quarter & Fiscal Year 2024 Results, Banco BBVA Argentina S.A. Announces Fourth Quarter & Fiscal Year 2024 Results] Grupo Supervielle's total loans surged 343.9% YoY in nominal terms to ARS 2,211.2 billion in FY2024. [Grupo Supervielle Reports 4Q24 and FY24 Results] Ualá issued over 7 million loans by November 2024. [Uala - 2025 Company Profile, Funding & Competitors - Tracxn]
• Payment Services:
  • Activity is indicated by digital wallet usage and card numbers. BNA+ has a 12.2% market share and Cuenta DNI has a 14.4% market share among digital wallets. [Presentación de PowerPoint] Naranja X has 10,003 thousand credit cards as of 3Q24. [Grupo Supervielle Reports 3Q24 and 9M24 Results] Ualá serves over 9 million users and recorded a 55% increase in Total Payment Volume (TPV) for merchant acquiring over the past year by November 2024. [Uala - 2025 Company Profile, Funding & Competitors - Tracxn, Uala's Competitors, Revenue, Number of Employees, Funding, Acquisitions & News - Owler]
• Investment Services:
  • Activity is suggested by users enabling investments. Ualá enabled 2.7 million users to invest by November 2024. [Uala - 2025 Company Profile, Funding & Competitors - Tracxn]
• Ancillary Financial Services:
  • Specific volume data for insurance, treasury, or trade finance is not available in the provided context, though players like Grupo Financiero Galicia (insurance) and ICBC (global focus) indicate activity in these areas.

Value Chain Summary Table

Value Chain Step	Key Segments	Main Activities (Examples)	Types of Players Represented in Context	Examples of Key Players (from list)	Estimates of Volumes/Sizes (from context)
Deposit Taking / Funding	Retail Deposits, Corporate Deposits, Digital Accounts	Account management, Cash handling, Transfers, Online banking, Digital onboarding	Public Banks, Private Banks, Fintechs	BNA, Banco Provincia, Grupo Galicia, Banco Macro, Santander, BBVA, ICBC, Banco Ciudad, Naranja X, Ualá	BNA: 24.32% total deposits (Aug 2024). BBVA: 8.72% private deposits (4Q24). Banco Macro: Ps. 8.1T deposits (3Q24). Naranja X: 5.2% fintech deposits (Nov 2024), 6.47M accounts (3Q24).
Lending / Credit Granting	Retail Loans, SME Loans, Corporate Loans	Loan application/assessment, Disbursement, Collection, Credit scoring, Structuring finance	Public Banks, Private Banks, Fintechs	BNA, Banco Provincia, Grupo Galicia, Banco Macro, Santander, BBVA, ICBC, Banco Ciudad, Ualá, Naranja X	BNA: 20.71% private loans (Aug 2024). Santander: 11.67% loans (Aug 2024). BBVA: 11.31% private loans (4Q24), $7.6T ARS private financing (4Q24). Banco Macro: 9.2% private loans (3Q24). Ualá: >7M loans issued (Nov 2024).
Payment Services	Traditional Payments, Digital Payments	Card issuance (credit/debit), Digital wallets, Online/Mobile payments, Merchant acquiring	Public Banks, Private Banks, Fintechs	BNA, Banco Provincia, Grupo Galicia, Banco Macro, Santander, BBVA, ICBC, Banco Ciudad, Naranja X, Ualá	BNA+: 12.2% digital wallet market share. Cuenta DNI: 14.4% digital wallet market share. Naranja X: 10.0M credit cards (3Q24). Ualá: >9M users (Mar 2025), 55% increase in TPV (Nov 2024).
Investment Services	Retail Investments, Corporate Investments	Offering investment products, Asset management, Portfolio management, Enabling investments	Private Banks, Fintechs	Grupo Galicia, Naranja X, Ualá	Ualá: 2.7M users enabled to invest (Nov 2024).
Ancillary Financial Services	Insurance, Treasury Services, Trade Finance	Selling policies, Risk management, Trade financing	Private Banks	Grupo Galicia, ICBC	Specific volumes not available in context.

Examples of Main Players

Detailed profiles and relevant context for some of the most relevant players:

• Grupo Financiero Galicia: A dominant force in the private sector. Its core is Banco Galicia, a leading traditional bank. The strategic acquisition of HSBC Argentina in 2024 significantly expanded its footprint, integrating HSBC's banking, asset management, and insurance operations. [Grupo Financiero Galicia] This acquisition absorbed the ninth largest private entity by assets as of April 2024, bolstering Galicia's already strong position in loans and deposits. [Grupo Financiero Galicia] Furthermore, its ownership of Naranja X places it at the forefront of digital finance, covering a wide range of digital services and reaching millions of customers. [Grupo Financiero Galicia, Naranja X]
• Banco Macro: Another major player, particularly after completing the acquisition of Itaú Argentina in November 2023. [Banco Macro] This expanded its branch network and customer base, solidifying its position with over 6 million clients and hundreds of branches nationwide as of March 2024. [Banco Macro] Macro is a significant holder of private sector loans and deposits, aiming to be the most important private bank in the country. [Banco Macro] It is also investing in digital channels like BancoChat for customer operations via WhatsApp. [Banco Macro]
• Banco de la Nación Argentina (BNA): As the largest state-owned bank, BNA holds a unique and dominant position. [Banco de la Nación Argentina] It leads the sector in total assets (24.44% market share as of August 2024), private sector loans (20.71%), and total deposits (24.32%). [Argentine Banking Sector: A comprehensive financial overview - Ranking - rankingslatam] Beyond traditional banking, BNA plays a key policy role, promoting financial inclusion through its BNA+ digital wallet, which has a 12.2% market share. [Banco de la Nación Argentina, Presentación de PowerPoint] While profitable in 2023, its lending policies have been influenced by government financing needs. [Banco de la Nación Argentina, El Banco Nación en 2023 redujo los créditos a pymes y familias para financiar el déficit fiscal de Massa - Clarin.com]
• BBVA Argentina: A long-standing private bank with a strong focus on both retail and corporate clients. [BBVA Argentina] It has shown significant market share gains in both private sector loans (11.31% as of 4Q24) and deposits (8.72% as of 4Q24), positioning itself as the second largest local private bank by private loans by November 2024. [Banco BBVA Argentina S.A. Announces Fourth Quarter & Fiscal Year 2024 Results, Banco BBVA Argentina S.A. Announces Fourth Quarter & Fiscal Year 2024 Results, Document - SEC.gov] BBVA's strategy emphasizes digital expansion and cross-selling to its customer base. [BBVA Argentina]
• Ualá: A leading example of the impact of fintechs. Ualá has rapidly grown its user base, exceeding 9 million by March 2025 and reaching a significant portion of the adult population. [Uala - 2025 Company Profile, Funding & Competitors - Tracxn, Uala's Competitors, Revenue, Number of Employees, Funding, Acquisitions & News - Owler] It focuses on digital access to financial services, particularly for the underbanked, offering prepaid cards, loans, and payment services. [Ualá] Ualá is also actively expanding its offerings and market presence through acquisitions, including moving into banking with Uilo Bank and enabling investment access for millions of users. [Ualá, Uala - 2025 Company Profile, Funding & Competitors - Tracxn] Its high valuation reflects its disruptive potential. [Uala's Competitors, Revenue, Number of Employees, Funding, Acquisitions & News - Owler]

Volumes and Sizes

Estimates of volumes and sizes, where available from the provided context, highlight the scale of key players and market activity:

• Total Assets: Banco de la Nación Argentina dominates with a 24.44% market share of total assets as of August 2024. [Argentine Banking Sector: A comprehensive financial overview - Ranking - rankingslatam] Grupo Financiero Galicia and Banco Santander Argentina are also ranked among the top private banks by assets. [Grupo Financiero Galicia, Banco Santander Argentina] Banco Provincia is the fourth largest bank by assets. [Banco Provincia]
• Loans: BNA leads in loans to the private sector with 20.71% of the portfolio (August 2024). [Argentine Banking Sector: A comprehensive financial overview - Ranking - rankingslatam] Among private banks, Santander (11.67%), BBVA (11.31% consolidated 4Q24), Banco Galicia (10.36%), and Banco Macro (9.2% 3Q24) hold significant shares. [Argentine Banking Sector: A comprehensive financial overview - Ranking - rankingslatam, Banco BBVA Argentina S.A. Announces Fourth Quarter & Fiscal Year 2024 Results, Banco BBVA Argentina S.A. Announces Fourth Quarter & Fiscal Year 2024 Results, Grupo Supervielle Reports 3Q24 and 9M24 Results] BBVA's total private sector financing was $7.6 trillion ARS in 4Q24. [Banco BBVA Argentina S.A. Announces Fourth Quarter & Fiscal Year 2024 Results, Banco BBVA Argentina S.A. Announces Fourth Quarter & Fiscal Year 2024 Results] Grupo Supervielle saw loans surge to ARS 2,211.2 billion in FY2024 (nominal). [Grupo Supervielle Reports 4Q24 and FY24 Results] Ualá has issued over 7 million loans. [Uala - 2025 Company Profile, Funding & Competitors - Tracxn]
• Deposits: BNA holds the largest share at 24.32% (August 2024), followed by Banco Galicia. [Argentine Banking Sector: A comprehensive financial overview - Ranking - rankingslatam] BBVA's private deposit share was 8.72% (4Q24). [Banco BBVA Argentina S.A. Announces Fourth Quarter & Fiscal Year 2024 Results, Banco BBVA Argentina S.A. Announces Fourth Quarter & Fiscal Year 2024 Results] Banco Macro's total deposits were Ps. 8.1 trillion (3Q24). [Grupo Supervielle Reports 3Q24 and 9M24 Results] Naranja X held 5.2% of private sector fintech deposits (Nov 2024). [Presentación de PowerPoint]
• Customers/Users: Banco Macro has over 6 million clients. [Banco Macro] Naranja X serves 4.63 million customers (Sept 2024). [Naranja X's Competitors, Revenue, Number of Employees, Funding, Acquisitions & News - Owler Company Profile] Ualá serves over 9 million users (Mar 2025). [Uala - 2025 Company Profile, Funding & Competitors - Tracxn]
• Digital Wallets: Cuenta DNI has a 14.4% market share and BNA+ has a 12.2% market share. [Presentación de PowerPoint]
• Credit Cards: Naranja X has 10,003 thousand credit cards (3Q24). [Grupo Supervielle Reports 3Q24 and 9M24 Results]
• Revenue: Available revenue figures provide scale but are affected by inflation and exchange rates. Grupo Financiero Galicia's annual revenue for 2023 was $24.986 billion USD, with a decline in revenue ending Sept 2024 ($3.622 billion USD). [Grupo Financiero Galicia (GGAL) Revenue 2015-2024 - Stock Analysis, Grupo Financiero Galicia S.A Revenue 2010-2024 | GGAL - Macrotrends] Banco Macro's annual revenue for 2023 was $17.288 billion USD, with TTM revenue (2024) at $5.49 billion USD. [Banco Macro (BMA) Revenue 2015-2024 - Stock Analysis, Macro Bank Revenue 2010-2024 | BMA - Macrotrends, Banco Macro (BASE:BMA) - Earnings & Revenue Performance - Simply Wall St.] BBVA Argentina's TTM Revenue was $3.84 billion USD, with accumulated operating income in 2024 at $1.9 trillion ARS. [Banco BBVA Argentina (BBAR) Revenue 2015-2024 - Stock Analysis, Banco BBVA Argentina (BBAR) - Revenue - Companies Market Cap, Banco BBVA Argentina S.A. Announces Fourth Quarter & Fiscal Year 2024 Results, Banco BBVA Argentina S.A. Announces Fourth Quarter & Fiscal Year 2024 Results] Santander's global revenue was €65.9 billion in 2024, with Argentina contributing to this. [Santander Financial Report 2024, Santander reports profit of €12,574 million (up 14%) in 2024, exceeding all targets for the year] Ualá's estimated annual revenue is $280.2 million USD. [Uala's Competitors, Revenue, Number of Employees, Funding, Acquisitions & News - Owler, Uala Stock Price, Funding, Valuation, Revenue & Financial Statements - CB Insights]

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• Santander Financial Report 2024. https://www.santander.com/en/shareholders-and-investors/financial-and-economic-information/quarterly-results
• Santander reports attributable profit of €11,076 million for 2023, meets all 2023 targets. https://www.santander.com/en/press-room/press-releases/2024/01/santander-reports-attributable-profit-of-eur-11076-million-for-2023-meets-all-2023-targets
• Santander reports profit of €12,574 million (up 14%) in 2024, exceeding all targets for the year. https://www.santander.com/en/press-room/press-releases/2025/02/santander-reports-profit-of-eur-12574-million-up-14-in-2024-exceeding-all-targets-for-the-year
• Santander increases profit by 19% to €3402 million and earnings per share by 26% in Q1, reaffirms 2025 targets. https://www.santander.com/en/press-room/press-releases/2025/04/santander-increases-profit-by-19-to-eur3402-million-and-earnings-per-share-by-26-in-q1-reaffirms-2025-targets
• Uala - 2025 Company Profile, Funding & Competitors - Tracxn. https://tracxn.com/d/companies/uala/__i1_S37v2eP0v8y200G82X6r7w
• Ualá Adds $66 Million to Series E Fundraising, Reaching $366 Million. https://fintechnews.ch/fintech/uala-adds-66-million-to-series-e-fundraising-reaching-366-million/66143/
• Uala Stock Price, Funding, Valuation, Revenue & Financial Statements - CB Insights. https://www.cbinsights.com/company/uala
• Uala's Competitors, Revenue, Number of Employees, Funding, Acquisitions & News - Owler. https://www.owler.com/company/uala