Bank of the City of Buenos Aires
 |
|
| State enterprise | |
| Founded | 1878 |
| Headquarters | Buenos Aires, Argentina |
|
Key people
|
Javier Ortíz Batalla, President; Fernando Jorge Elías, Vicepresident; Gustavo Jorge Cardoni, general manager |
| 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 (Banco Ciudad de Buenos Aires) is a publicly owned, municipal commercial bank in Buenos Aires, Argentina. It was founded on May 23, 1878, under the name Monte de Piedad (Piety Mount), with the purpose of fighting usury in the city (mostly targeting the growing wave of immigration in Argentina) by giving loans at a below-market interest, in order to reduce social inequalities.
The bank was chartered on May 23, 1878, as the Monte de Piedad (Piety Mount) in a measure against the prevalence of usury in Buenos Aires (mostly targeting the growing wave of immigration in Argentina). The board of directors' first meeting on July 10 outlined the goal of "serving the working community, which is in the greatest need of such an institution." Opening its doors in a Montserrat ward residence formerly belonging to Viceroy Joaquín del Pino (1801–04), the bank grew quickly; in 1888, it was nationalized and transferred to the City of Buenos Aires.
Its new headquarters in the financial district was accompanied by new market capitalization, allowing it provide personal, business and mortgage loans and payday advances. It soon began to administer pension funds and became a leading local source for underwriting of initial public offering activity on the , government bonds, and foreign trade, as well. The institution was rechartered officially as the Municipal Savings and Loan Bank in 1904.
Following initially disappointing results, increased investment in bank branches, agencies and other forms of representation led to the institution's renewed growth, particularly during the tenure of bank president Enrique Peña, who in 1916 committed the institution to "combat usury in the most effective possible way – making branches readily available throughout the city so as to lessen inconvenience to those who need our services."
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Wikipedia