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Banking in Argentina Market Players Analysis

Products and Services

This report details the top 10 market players in the banking industry in Argentina, outlining their main products and services and evaluating available information on volume and revenue growth or decline, primarily focusing on data from 2024 and 2025.

Grupo Financiero Galicia Grupo Financiero Galicia is a leading private financial group whose main asset is Banco Galicia. Its product and service portfolio is extensive, covering traditional banking services such as checking and savings accounts, loans (personal, commercial, mortgage), credit and debit cards, and investment products. The acquisition of HSBC Argentina's operations in 2024 significantly expanded its presence and included HSBC's banking, asset management, and insurance businesses. The group also owns Naranja X, a major digital financial services provider, offering credit cards, personal loans, insurance, accounts, and investment products, with a focus on accessibility and simple digital tools.

Regarding volume, Grupo Financiero Galicia is ranked among the top private banks by assets and holds significant shares of the loan and deposit markets. Banco Galicia specifically held 10.36% of the loan portfolio and was second in deposits as of August 2024. The acquisition of HSBC Argentina added assets that were the ninth largest among private entities as of April 2024. Precise consolidated volume data for Galicia post-acquisition is not explicitly available in the provided search results, but the acquisition itself represents a significant volume increase. Revenue for the twelve months ending September 30, 2024, was reported as $3.622 billion USD, showing a 63.75% decline year-over-year. However, annual revenue for 2023 was $24.986 billion USD, and Fiscal Year End Dec 31, 2024 Revenue was 6,905.13B ARS, a -4.29% change. The reported USD revenue decline might be influenced by currency fluctuations or specific accounting treatments, while the ARS figure shows a more moderate decline.

Banco Macro Banco Macro is a major private bank with a nationwide presence, offering a wide range of banking products and services for individuals and companies, including accounts, loans, credit cards, and investment options. It completed the acquisition of Itaú Argentina in November 2023, which expanded its branch network, customer base, and workforce, aiming to consolidate its position as the most important private bank in Argentina. They have also focused on digital innovation, launching BancoChat for operations via WhatsApp.

In terms of volume, as of 3Q24, Banco Macro held a 9.2% market share of private sector loans. Total financing increased by 17% QoQ to Ps. 4.55 trillion in 3Q24, and total deposits were Ps. 8.1 trillion in 3Q24, a 7% QoQ increase. As of August 2024, it held 7.65% of the banking system's equity. They reported over 6 million clients and 567 branches as of March 2024. Revenue for the twelve months ending September 30, 2024, was $16.974 billion USD, a significant 114% increase year-over-year. Annual revenue for 2023 was $17.288 billion USD. Trailing Twelve Months (TTM) Revenue as of 2024 was $5.49 billion USD. The reported USD revenue figures show substantial growth year-over-year for the period ending September 2024.

Banco Santander Argentina Banco Santander Argentina is the local subsidiary of the global Banco Santander group. It offers a comprehensive suite of financial products and services, including retail banking, corporate banking, wealth management, and insurance. The bank is focused on a simpler, more digital, and integrated model.

Banco Santander Argentina is ranked among the top banks in Argentina by assets, loans, and deposits. As of August 2024, it held a significant 11.67% share of the loan portfolio and was among the leading banks in deposits. For revenue, the net income for the full year ended December 31, 2024, was ARS 921,340.74 million. Being part of the global Santander group, which had a global revenue of €65.9 billion in 2024, indicates the scale and financial backing of the institution.

BBVA Argentina BBVA Argentina is the Argentine subsidiary of the global BBVA group and a leading private financial institution. Its services cater to individuals, SMEs, and large companies, encompassing retail and corporate banking products. Strategic priorities include digital expansion and cross-selling.

In terms of volume, BBVA Argentina's consolidated market share of private sector loans reached 11.31% as of 4Q24, gaining 146 bps in the year. Their consolidated market share of private deposits reached 8.72% as of 4Q24, gaining 193 bps in the year. Total consolidated financing to the private sector in 4Q24 totaled $7.6 trillion (ARS), and total consolidated deposits in 4Q24 totaled $9.9 trillion (ARS). The bank rose to the 2nd position among local private banks in terms of private loans at a consolidated level as of November 2024. Accumulated operating income in 2024 was $1.9 trillion (ARS), and inflation-adjusted accumulated net income for 2024 was $357.7 billion (ARS). Fiscal Year End Dec 31, 2024 Revenue was 3,547.17B ARS, an -17.95% change. Trailing Twelve Months (TTM) Revenue was $3.84 billion USD. While ARS revenue showed a decline, volume metrics like market share and total financing/deposits in ARS indicate growth in real terms or market positioning in 2024.

Banco de la Nación Argentina (BNA) Banco de la Nación Argentina is the largest state-owned bank in the country by assets. It offers a wide array of banking services to individuals, businesses, and the public sector. BNA plays a key role in government initiatives, such as promoting electronic payments and financial inclusion through its digital wallet, BNA+. Historically, the bank reduced credits to SMEs and families in 2023 to finance the fiscal deficit.

BNA dominates the sector in terms of volume metrics, holding a 24.44% market share of total assets, a 20.71% share of the loan portfolio to the private sector, and a 24.32% share of total deposits as of August 2024. It also holds a leading 30.41% share of the system's equity. The BNA+ digital wallet has a 12.2% market share. Financial income increased by 15% in 2023 compared to the previous year, and other operating income tripled in 2023 due to commissions from transfers and payment orders. BNA reported a profit of US$ 2 billion in 2023, largely from investments in government bonds. While 2024 specific revenue growth figures are not provided, the 2023 performance shows positive income trends.

Banco Provincia Banco de la Provincia de Buenos Aires, also known as Banco Provincia, is a public bank and the fourth largest in Argentina by assets, backed by the government of the Province of Buenos Aires. It provides traditional banking services and actively promotes financial inclusion through its digital wallet, Cuenta DNI.

Banco Provincia is the fourth largest bank by assets and holds a significant share of the banking sector's assets. Its digital wallet, Cuenta DNI, has a 14.4% market share. Specific revenue figures for 2024 are not readily available in the provided sources, but it reported growth in income and net income in 2023.

Naranja X Naranja X is the fintech entity of Grupo Financiero Galicia, specializing in digital financial services. Its main products include credit cards, personal loans, insurance products, accounts, and investment products. It focuses on creating easily accessible technological solutions for personal and business finances, leveraging its strong brand legacy.

Volume-wise, Naranja X served 4.63 million customers as of September 2024, an 84% YoY growth between 2023 and 2024. It had 6,474 thousand deposit accounts and 10,003 thousand credit cards as of 3Q24. By November 2024, it held 5.2% of private sector deposits via fintech accounts. Estimated annual revenue is in the $100-$500 million USD range. Net fee income for the fiscal year ended December 31, 2024, was Ps. 465,648 million, a 15% increase from 2023. Interest income amounted to Ps. 1,088,676 million for the nine-month period ended September 30, 2024, a 24% increase compared to the same period in 2023. Revenues (net financial income + net fee income – turnover tax) amounted to AR$196.2 billion in 3Q24. Naranja X shows strong growth in customer volume and positive trends in key revenue components.

Ualá Ualá is a leading Argentine fintech company offering a digital financial platform aimed at promoting financial inclusion, particularly for younger and underbanked consumers. Its main products include prepaid cards, personal loans, and bill payment services accessed via a mobile app. Ualá has expanded its offerings through acquisitions, including acquiring and rebranding Wilobank to Uilo Bank and acquiring Empretienda and Ceibo Créditos.

Ualá has shown significant volume growth, serving over 9 million users as of March 2025, with over 8 million by November 2024. This reached 17% of Argentina's adult population by November 2024. It issued over 7 million loans and enabled 2.7 million users to invest by November 2024. Ualá recorded a 55% increase in Total Payment Volume (TPV) for merchant acquiring over the past year by November 2024. Estimated annual revenue is currently $280.2 million USD per year. Valuation was $2.75 billion USD in November 2024. While an older revenue figure (2020) is noted, the estimated current annual revenue suggests a significant scale, and the volume metrics clearly indicate substantial growth.

ICBC Argentina Industrial and Commercial Bank of China (Argentina) S.A.U. is the Argentine subsidiary of the large Chinese bank, ICBC. It leverages its global network and strength, with a focus on commodities and financial markets solutions globally.

As of September 2024, ICBC Argentina was ranked sixth among private banks in terms of loans (3.3% of total system) and fifth in terms of deposits (3.3% of total system). Its loan stock increased by 6.5% in real terms compared to the end of 2023. Loans represented 28.3% of assets as of September 2024. Specific revenue figures for 2024 are not readily available in the provided sources in a comparable format.

Banco Ciudad Banco de la Ciudad de Buenos Aires is a public bank founded in 1878, primarily focused on assisting residents with limited resources. Historically an official pawnshop, it now offers mortgage loans and other banking products and services. It also conducts online auctions for the federal tax authority (AFIP).

Banco Ciudad is ranked among the top public banks in Argentina by assets. Its loan stock increased by 5% in real terms as of September 2024 compared to the end of 2023. Loans represented 24.4% of assets in September 2024. The bank exhibited a non-performing loan ratio of 3.6% as of June 2024. Specific revenue figures for 2024 are not readily available in the provided sources in a comparable format, but it reported a return on inflation-adjusted equity of 32% for the 12 months ending June 2024 and had significant income in 2023.

Comparative Table Showing Growth/Decline in Volume and Revenue

Player Main Products/Services Volume Growth/Decline (2024/2025 focus) Revenue Growth/Decline (2024/2025 focus)
Grupo Financiero Galicia Banking, Asset Management, Insurance, Digital Wallets, Cards, Loans, Investments Significant increase due to HSBC acquisition; Holds ~10.4% of loans, high deposit share (Aug 2024). USD revenue declined 63.75% YoY (Sep 2024); ARS revenue declined 4.29% (FY 2024).
Banco Macro Banking, Cards, Loans, Investments, WhatsApp Banking Total financing +17% QoQ (3Q24); Total deposits +7% QoQ (3Q24); 9.2% private sector loans share (3Q24); Over 6M clients. USD revenue increased 114% YoY (Sep 2024); ARS revenue declined 26.03% (FY 2024).
Banco Santander Argentina Banking, Wealth Management, Insurance Significant share of loan portfolio (~11.7% Aug 2024); Leading in deposits. Net income ARS 921.3B (FY 2024). Global group revenue growth (Santander).
BBVA Argentina Retail Banking, Corporate Banking, Digital Services Private sector loans market share +146 bps (FY24); Private deposits market share +193 bps (FY24); Rose to 2nd in private loans (Nov 2024); Total financing/deposits strong in ARS. Accumulated operating income strong in ARS (2024); Inflation-adjusted net income strong in ARS (2024); ARS revenue declined 17.95% (FY 2024).
Banco de la Nación Argentina Banking, Digital Wallet (BNA+), Public Sector Services Dominant market share (assets ~24.4%, loans ~20.7%, deposits ~24.3% Aug 2024); BNA+ 12.2% market share. Financial income +15% (2023 vs 2022); Other operating income tripled (2023 vs 2022); Profit US$ 2 billion (2023). (2024 revenue trend not explicitly provided)
Banco Provincia Banking, Digital Wallet (Cuenta DNI) 4th largest by assets; Cuenta DNI 14.4% market share. Growth in income and net income (2023). (2024 revenue trend not explicitly provided)
Naranja X Digital Wallet, Cards, Loans, Insurance, Investments Customers +84% YoY (Sep 2024); High number of accounts/cards (3Q24); 5.2% fintech deposit share (Nov 2024). Net fee income +15% (FY 2024 vs 2023); Interest income +24% (9M 2024 vs 9M 2023); Strong revenues in ARS (3Q24).
Ualá Digital Financial Platform, Prepaid Cards, Loans, Bill Pay Over 9M users (Mar 2025); Reached 17% of adult population (Nov 2024); Over 7M loans issued (Nov 2024); TPV +55% over past year (Nov 2024). Estimated annual revenue $280.2M USD. (Specific 2024/2025 growth vs prior year not explicitly provided for this estimate, but overall trajectory suggests growth).
ICBC Argentina Banking, Commodities & Financial Markets Solutions 6th in private loans (~3.3% Sep 2024); 5th in private deposits (~3.3% Sep 2024); Loan stock +6.5% real terms (Sep 2024 vs end 2023). Specific 2024 revenue trend not explicitly provided.
Banco Ciudad Banking, Mortgage Loans, Online Auctions Among top public banks by assets; Loan stock +5% real terms (Sep 2024 vs end 2023). Return on inflation-adjusted equity 32% (12M to Jun 2024); Significant income (2023). (Specific 2024 revenue trend not explicitly provided)

References

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ng-366-million/66143/ * Uala Stock Price, Funding, Valuation, Revenue & Financial Statements - CB Insights. https://www.cbinsights.com/company/uala