
Banco Santiago del Estero was founded in 1906 in Santiago del Estero, Argentina.
The bank initially focused on serving the local community, offering basic banking services such as deposits and loans.
Its early years were marked by a strong commitment to the region's economic development.
Banco Santiago del Estero played a crucial role in financing local infrastructure projects, such as roads and bridges.
History of Banco Santiago del Estero
Banco Santiago del Estero's early years were marked by rapid growth and innovation. The bank was founded in 1911 by Luis Suárez, a young entrepreneur from Santiago, with an initial capital of m$n 500,000.
Luis Suárez was joined by a group of neighbors, including Baltasar Olaechea y Alcorta, Pablo and Jaime Verdaguer, and Dr. David García, among others, in creating the bank. They faced challenges, such as the existence of a rooster arena just a block from the main square.
By 1923, the bank's cash flow had grown to m$n 35 million annually, with Luis Suárez at the helm, supported by accountant Andrés Pereda. This was a remarkable achievement, with the bank granting credits of 5 to 25 years for private construction of homes.
Early Years

In 1910, the first Spanish Bank of the Río de la Plata marked the beginning of the province's incorporation into the Argentine banking system.
Luis Suárez, a 37-year-old entrepreneur from Santiago, founded the Commercial and Edifier Bank of Santiago del Estero with a group of neighbors and an initial capital of m$n 500,000.
The bank's creation was a response to the need for financial services in the region, and it quickly gained popularity.
The governor at the time, Manuel Argañaraz, created the departmental political headquarters, but the presence of a rooster arena just a block away from the main square posed a challenge.
Luis Suárez was accompanied by influential personalities such as Baltasar Olaechea y Alcorta, Pablo and Jaime Verdaguer, and Dr. David García in the creation of the bank.
By 1923, the bank's cash flow had reached m$n 35 million annually, approximately 10 million current dollars, under the management of Luis Suárez and the accountant Andrés Pereda.
The bank granted credits of 5 to 25 years, mainly for private home construction, which appeared in the Property Registry in the name of the landowner.
This marked a significant milestone in the bank's evolution, demonstrating its growth and impact on the local economy.
Nationalization
In 1961, Banco Santiago del Estero celebrated its Golden Anniversary, marking 50 years of continuous operational life.
The bank's capital had grown to nearly $200 million, with a 50% contribution provided by the BCRA.
During the period of 1936-1961, the bank's capital remained constant due to the effects of the inflation tax under mixed and public management.
The bank's autonomy as a local government entity allowed it to operate independently, calling itself "Bank of the Province of Santiago del Estero".
Branch Expansion
The Banco Santiago del Estero has been expanding its reach through the establishment of new branches in various locations. The bank started opening its first branches in the interior of the province, following major railway lines, such as La Banda, Añatuya, and Suncho Corral.
In 1961, the bank opened a first-class branch in the heart of Buenos Aires, on Florida Street. This move marked a significant milestone in the bank's expansion strategy.
By 1971, the bank had established 20 branches in the interior, employing 340 people.
Privatization and Merger
In 1996, Grupo Ick and Banco Florencia S.A. were awarded control of the entity, which was then bankrupt, after a national and international public bidding process.
The entity was renamed Banco de Santiago del Estero S.A., currently known by its acronym BSE.
The bank was previously known as Banco de la Provincia de Santiago del Estero, and the name change occurred after the privatization process.
Banco de Santiago del Estero absorbed Banco Florencia, completing the privatization process that began two years earlier.
The Central Bank of Argentina approved the transfer of the provincial entity to its private owners, making the merger of both banks a condition for approval.
Banco Florencia was a finance company that began its business in 1978 and transformed into a bank six years later.
The Brunet family, former owners of Algas, owned more than 83% of Banco Florencia's shares.
The merger involved the cessation of activities of Florencia, which was owned by the Brunet family.
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Inaugura sucursal en Salta
Banco Santiago del Estero is expanding its reach by inaugurating a new branch in Salta. The branch will be located on Calle España, in the heart of the financial district.
This new branch will have a total built-up area of approximately 2,400 square meters. It will feature 28 operational counters, in addition to the Tarjeta Sol service, three ATMs, and 300 safety deposit boxes.
The branch will officially open on Monday, the 29th, and a special inauguration event will be held for authorities and invited guests the previous Friday. This is a significant development for the city, which will not only create new job opportunities but also provide essential banking services to the community.
By establishing a presence in Salta, Banco Santiago del Estero is consolidating its strategy to expand its reach in the region. The bank already has branches in Buenos Aires, Córdoba, La Rioja, Catamarca, and Jujuy, where it recently opened a modern branch.
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Security and Operations
Banco Santiago del Estero has a robust security system in place to protect its customers' financial information.
The bank uses advanced encryption methods to secure online transactions, making it difficult for hackers to access sensitive data.
Its state-of-the-art security software is updated regularly to stay ahead of emerging threats.
Banco Santiago del Estero's operations are also designed with efficiency in mind, with a streamlined process for handling customer inquiries and complaints.
The bank's customer service team is available 24/7 to assist with any issues that may arise.
This level of support allows customers to feel confident and secure when banking with Banco Santiago del Estero.
The bank's operations are also subject to regular audits and reviews to ensure compliance with industry regulations.
These audits help maintain the bank's high standards of security and customer service.
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Current Status
Banco Santiago del Estero is currently operating in a challenging environment due to the economic crisis in Argentina.
The bank has experienced significant financial losses, with a net loss of $43 million in 2020.
Santiago del Estero's economy is heavily reliant on agriculture, which has been impacted by the droughts and floods in the region.
The bank's assets have decreased by 15% in the past year, reaching $1.3 billion.
Banco Santiago del Estero has a large presence in the province of Santiago del Estero, with 50 branches and over 100 ATMs.
The bank's management has been working to improve its financial situation, implementing cost-cutting measures and restructuring its debt.
The province of Santiago del Estero has a population of around 900,000 people, providing a significant customer base for the bank.
Banco Santiago del Estero has a long history in the region, dating back to 1905, and has played a crucial role in the economic development of the province.
Controversies and Issues
The Banco Santiago del Estero has been dealing with a series of scandals involving the misuse of deceased individuals' benefits.
Many family members or trusted individuals of beneficiaries who have passed away continue to make withdrawals from ATMs, despite the person's death. This is considered a serious issue.
The bank has identified several cases where beneficiaries' families have been collecting their deceased loved ones' pensions and benefits, which is against the law. These actions are considered a crime.
The bank has taken legal action against those responsible, filing lawsuits in various provinces, including Tucumán, Córdoba, Catamarca, Jujuy, and Salta. The cases are currently under investigation.
The bank has invited those responsible to come forward and agree to return the money they've wrongly collected, either in full or in installments, to avoid further legal action.
Frequently Asked Questions
¿Cómo comunicarse con el Banco Santiago del Estero?
Llame al 0800-888-5465 o 011-43195465, disponibles las 24 horas, todos los días del año. Conecte con el Banco Santiago del Estero en cualquier momento.
¿Cómo saber si tengo dinero en el Banco Santiago del Estero?
To check your account balance, go to "Operar" and select "Saldos" or "Movimientos" to view your current balance or transaction history.
¿Cómo se llama la aplicación del Banco Santiago del Estero?
La aplicación se llama App BSE. Es la herramienta de Home Banking 3.0 del Banco Santiago del Estero.
¿Qué pasó con el Banco Santiago?
El Banco Santiago desapareció después de fusionarse con el Banco Santander-Chile en 1982. Sus operaciones pasaron a Banco París hasta su cierre en 2016
Sources
- https://es.wikipedia.org/wiki/Banco_Santiago_del_Estero
- https://en.wikipedia.org/wiki/Banco_Santiago_del_Estero
- https://www.diariopanorama.com/noticia/352772/banco-santiago-estero-como-operar-traves-home-banking
- https://www.eltribuno.com/nota/2011-8-20-22-5-0-banco-santiago-del-estero-inaugura-sucursal-en-salta
- https://eltribunodejujuy.com/nota/2018-4-26-12-40-0-estafas-al-banco-santiago-del-estero-cobraban-beneficios-de-titulares-fallecidos
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