Banco Argentaria

   Argentaria is one of the largest and most successful of the newer banks, with 1,600 branches in Spain, shareholders" funds of 741,453m pesetas, clients" funds of 6,230m2 pesetas, and pre-tax profits of 74,200m pesetas in 1995. Set up by the government in 1991 with a majority state shareholding and incorporating a number of state credit agencies such as the Caja Postal (Post Office Savings Bank), the Banco Exterior (Export Bank), Banco de Crédito Local (Municipal Credit Bank), Banco Hipotecario (Mortgage Bank) and Banco de Crédito Agrícola (Agricultural Bank), Argentaria quickly achieved a strong group identity. Its direct banking subsidiary, Banco Directo Argentaria, has established itself as the leading telephone bank in Spain. With some 3.5 million cards up to 1995, Argentaria is also the largest issuer of Visa Cards in Spain. The bulk of the share capital is now in the hands of institutional investors.

   C. A. LONGHURST