Executive Summary . 5
Table: Levels (ARSbn) ... 5
Table: Levels (US$bn) ... 5
Table: Levels At January 2012 .. 5
Table: Annual Growth Rate Projections 2012-2016 (%) ... 6
Table: Ranking Out Of 59 Countries Reviewed In 2011 6
Table: Projected Levels (ARSbn) ... 6
Table: Projected Levels (US$bn) ... 6
SWOT Analysis . 7
Argentina Commercial Banking SWOT . 7
Argentina Republic Political SWOT .. 8
Argentina Republic Economic SWOT 9
Argentina Republic Business Environment SWOT ... 10
Business Environment Outlook 11
Commercial Banking Business Environment Rating 11
Table: Commercial Banking Business Environment Ratings ... 11
Commercial Banking Business Environment Rating Methodology .. 12
Table: Latin America Commercial Banking Business Environment Ratings 13
Global Commercial Banking Outlook ... 14
Latin America Banking Sector Outlook ... 19
Few Threats To Banking Sector From Eurozone Woes . 19
Table: Commercial Banking Sector – Asset & Loan Growth,2008-2013 . 21
Regional Banking Sector Outlook 23
Latin America Banking Sector Forecast Overview ... 23
Table: Banks' Bond Portfolios 2011 23
Table: Latin America Commercial Banking Business Environment Ratings 23
Table: Comparison of Loan/Deposit & Loan/Asset & Loan/GDP ratios . 24
Table: Anticipated Developments in 2012 ... 24
Table: Comparison of Total Assets & Client Loans & Client Deposits (US$bn) . 25
Table: Comparison of US$ Per Capita Deposits (2011) .. 25
Table: Interbank Rates and Bond Yields .. 26
Argentina Banking Sector Outlook .. 27
Macroeconomic And Political Risks Still Key ... 27
Economic Outlook .. 31
Table: Argentina – Economic Activity . 32
Competitive Landscape . 33
Market Structure .. 33
Protagonists . 33
Table: Protagonists In Argentina's Commercial Banking Sector . 33
Definition Of The Commercial Banking Universe 33
List Of Banks ... 34
Table: Banks Ranked By ABA .. 34
Company Profiles ... 37
Banco de la Nación Argentina . 37
Table: Key Statistics For BNA, 2009-2010 (ARSmn) ... 38
BBVA Banco Francés .. 39
Table: Stock Market Indicators, 2006-July 2011 . 40
Table: Balance Sheet, 2006-2010 (ARSmn, unless stated) ... 40
Table: Balance Sheet, 2006-2010 (US$mn, unless stated) ... 41
Table: Key Ratios, 2006-2010 (%) ... 41
Banco Provincia .. 42
Table: Key Statistics For Banco Provincia, 2009-2010 (ARSmn) 43
Banco Galicia .. 44
Table: Stock Market Indicators, 2006-July 2011 . 45
Table: Balance Sheet, 2006-2010 (ARSmn, unless stated) ... 45
Table: Balance Sheet, 2006-2010 (US$mn, unless stated) ... 46
Table: Key Ratios, 2006-2010 (%) ... 46
Banco Macro ... 47
Table: Stock Market Indicators, 2006-July 2011 . 48
Table: Balance Sheet, 2006-2010 (ARSmn, unless stated) ... 48
Table: Balance Sheet, 2006-2010 (US$mn, unless stated) ... 49
Table: Key Ratios, 2006-2010 (%) ... 49
HSBC Bank Argentina . 50
Table: Key Statistics For HSBC Bank Argentina, 2009-2010 (ARSmn) ... 51
Banco Credicoop . 52
Table: Key Statistics For Banco Credicoop, 2008-2010 (ARSmn) ... 53
Banco Santander Rio ... 54
Table: Stock Market Indicators, 2006-July 2011 . 55
Table: Balance Sheet, 2006-2010 (ARSmn, unless stated) ... 55
Table: Balance Sheet, 2006-2010 (US$mn, unless stated) ... 56
Table: Key Ratios, 2006-2010 (%) ... 56
Banco de la Ciudad de Buenos Aires ... 57
Table: Key Statistics For Banco Ciudad, 2008-2010 (ARSmn) 58
Citibank ... 59
BMI Banking Sector Methodology 60
Table: Commercial Banking Business Environment Indicators And Rationale 62
Table: Weighting Of Indicators ... 63Table: Levels (ARSbn) . 5
Table: Levels (US$bn) . 5
Table: Levels At January 2012 . 5
Table: Annual Growth Rate Projections 2012-2016 (%) . 6
Table: Ranking Out Of 59 Countries Reviewed In 2011 . 6
Table: Projected Levels (ARSbn) . 6
Table: Projected Levels (US$bn) . 6
Table: Commercial Banking Business Environment Ratings . 11
Table: Latin America Commercial Banking Business Environment Ratings . 13
Table: Commercial Banking Sector – Asset & Loan Growth,2008-2013 . 21
Table: Banks' Bond Portfolios 2011 . 23
Table: Latin America Commercial Banking Business Environment Ratings . 23
Table: Comparison of Loan/Deposit & Loan/Asset & Loan/GDP ratios . 24
Table: Anticipated Developments in 2012 . 24
Table: Comparison of Total Assets & Client Loans & Client Deposits (US$bn) . 25
Table: Comparison of US$ Per Capita Deposits (2011) . 25
Table: Interbank Rates and Bond Yields . 26
Table: Argentina – Economic Activity . 32
Table: Protagonists In Argentina's Commercial Banking Sector . 33
Table: Banks Ranked By ABA . 34
Table: Key Statistics For BNA, 2009-2010 (ARSmn) . 38
Table: Stock Market Indicators, 2006-July 2011 . 40
Table: Balance Sheet, 2006-2010 (ARSmn, unless stated) . 40
Table: Balance Sheet, 2006-2010 (US$mn, unless stated) . 41
Table: Key Ratios, 2006-2010 (%) . 41
Table: Key Statistics For Banco Provincia, 2009-2010 (ARSmn) . 43
Table: Stock Market Indicators, 2006-July 2011 . 45
Table: Balance Sheet, 2006-2010 (ARSmn, unless stated) . 45
Table: Balance Sheet, 2006-2010 (US$mn, unless stated) . 46
Table: Key Ratios, 2006-2010 (%) . 46
Table: Stock Market Indicators, 2006-July 2011 . 48
Table: Balance Sheet, 2006-2010 (ARSmn, unless stated) . 48
Table: Balance Sheet, 2006-2010 (US$mn, unless stated) . 49
Table: Key Ratios, 2006-2010 (%) . 49
Table: Key Statistics For HSBC Bank Argentina, 2009-2010 (ARSmn) . 51
Table: Key Statistics For Banco Credicoop, 2008-2010 (ARSmn) . 53
Table: Stock Market Indicators, 2006-July 2011 . 55
Table: Balance Sheet, 2006-2010 (ARSmn, unless stated) . 55
Table: Balance Sheet, 2006-2010 (US$mn, unless stated) . 56
Table: Key Ratios, 2006-2010 (%) . 56
Table: Key Statistics For Banco Ciudad, 2008-2010 (ARSmn) . 58
Table: Commercial Banking Business Environment Indicators And Rationale. 62
Table: Weighting Of Indicators . 63"