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The Central Bank of the Argentine Republic approved the installation of a new digital bank

July 3, 2020

The Central Bank of the Argentine Republic approved the installation of a new fully digital bank. This was reported by the BCRA in a statement on July 2nd.

The BCRA’s Strategic Communication Management has one release titled “The BCRA approved the installation of a new 100% digital bank“where it was stated:

“The Central Bank Board approved today (through July 2) the installation of a new, first-degree, 100% digital commercial bank called Open Bank Argentina S.A., which presented a global business plan for $ 1,000 million.

The bank will become Open Digital Services (51%) and Banco Santander Río S.A. (49%) as shareholders and an initial capital of $ 890 million, which exceeds the minimum requirement set for their category. “

On the other hand, the Ámbito newspaper wrote in an article: “The new digital unit will be managed by Federico Procaccini, who started the project in 2018 after moving from Mercado Libre to Santander.”

The Central Bank of the Argentine Republic approved the installation of a new digital bankThe Central Bank of the Argentine Republic approved the installation of a new digital bank

In addition, they stated in this medium that The new bank would combine the agility of a fintech with the guarantee and support to meet high standards set in the central bank’s regulations.

“”Now that the banking license has been approved, Openbank will continue with the formal plans and remaining phases until business is fully operational in the first half of 2021. This division follows the established model of Openbank Spain, the largest digital bank in Europe, chosen by Forbes as the best bank of 2019 in Spain. The Iberian version has more than one million customers and enables it to operate in more than 25 markets in real time and with more than 1,000 funds and ETFs, “they said in Ámbito.

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