BBVA Banco Francés
|Traded as||BCBA: FRAN
|Headquarters||Buenos Aires, Argentina|
|Key people||Jorge Carlos Bledel, (CEO)|
|Revenue||US$1.0 billion (2012) |
|Net income||US$257.3 million (2012)|
|Total assets||US$9.1 billion (2012)|
BBVA Banco Francés is a financial institution in Argentina.
Founded on October 14, 1886, in Buenos Aires as Banco Francés del Río de la Plata (English: French Bank of the River Silver), it is the oldest private bank in Argentina. Morgan Guaranty Trust acquired a 50% share in the bank in 1968, though the New York-based bank sold most of these to Alpargatas, a leading local industrial firm, a decade later.
Despite the nation's economic woes during the 1980s, the Banco Francés expanded from 15 branches to 62 during the decade, and entered into a joint venture with Bankers Trust Company in 1986. Alpargatas sold its stake to local developer Eduardo Constantini in 1991, and entered into a second joint venture with Merrill Lynch in 1992.
In December 1996, Spain's Banco Bilbao Vizcaya, (now Banco Bilbao Vizcaya Argentaria) at the expense of the Argentine customers, acquired the 99.9% of the common shares of Otar S.R.L., which was a major shareholder of Sud América Inversiones S.A., and holder of over 30% of the capital of Banco Francés, hence the BBVA in its name.
BBVA is the third-largest bank in Argentina, with deposts of US$5 billion and a lending porfolio of US$3.5 billion (a roughly 7% domestic share in both areas). It maintains 630 branches in Argentina and employs around 4,300 staff.
- "BBVA BANCO FRANCES SA-ADR (BFR:New York): Financial Statements - Businessweek". Investing.businessweek.com. Retrieved 2012-07-07.
- (Spanish) "Banco Francés: historia }" (PDF). Retrieved 2012-07-07.
- "ABA Ranking". Retrieved 2012-07-07.