New Bank of Santa Fe


The New Bank of Santa Fe is a bank in Santa Fe Province, Argentina.

Overview

Originally named Provincial Bank of Santa Fe, it was established as a mixed state/private bank on 5 June 1874, based on an initiative of governor Servando Bayo, justified in the need to provide credit for the blossoming productive sector of the province. At the time, Argentina was starting to grow demographically and economically.
The bank's first Provisional Direction was composed of Carlos Casado del Alisal, Benjamín Ledesma, Manuel Carlés and Evaristo Machain, elected by vote, and Melitón Ibarlucea and Mariano Alvarado as representatives of the provincial government. Its capital was divided in 20,000 stocks: 10,000 for the government, 4,000 for the founders, and 6,000 to be freely acquired by the private business of Rosario, a major port city on the Paraná River. The bank opened simultaneously in Rosario and the provincial capital Santa Fe City on 1 September 1874.
On 12 July 1991 the Provincial Bank of Santa Fe became a joint stock company with its majority share owned by the provincial state, and changed its name to Banco de Santa Fe SAPEM. The process was highly controversial and more than 5 years were needed for the privatization law to be voted successfully; the bank was finally privatized as Nuevo Banco de Santa Fe S.A. in 1997, and left under the control of the Banca General de Negocios, a financial group with participation of important international banks, managed by the brothers Carlos and José Rohm. The Rohms were accused of money laundering in 2002, for which Carlos was arrested as he tried to flee the country, while his brother escaped.
The NBSF has its central offices and 8 branches in Rosario, 8 branches in Santa Fe City, and others in every department of Santa Fe Province. It also has offices in the Autonomous City of Buenos Aires and in Córdoba, Río Cuarto and Villa María.