Ghost Banks Limp Along in Argentina, Staying Open as Costly ATMs – Bloomberg Law

Jan. 10, 2023, 2:00 PM

On a weekday afternoon in Buenos Aires, a guard stands watch outside an empty bank. It’s not just devoid of customers: Though the lights are on and Banco Santander’s signature red-and-white decor remains, there isn’t a single employee inside.

Ghost branches like this one — no longer serving clients who require anything beyond an ATM, but not technically closed — have become a common sight in Argentina. As customers increasingly do their banking via smartphone apps and online, Santanderand Argentine rivals including BBVA Argentina, Grupo Financiero Galicia and Grupo Supervielle, like their global peers, are pushing to close physical …

Ignacio Olivera Doll

Bloomberg News

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