Icbc = Standard

[2GuysInPM]

I dont know if you have spend Some time in puerto madero in the last 6 months, but there have been a explosion of chinese residents, this might not be related but I doubt it is

Hmm... this is incorrect. There is an increase of Korean executives (not Chinese) in PM mainly because over the last few years Samsung has invested a lot in AR and not long ago opened their corporate offices in Puerto Madero and Catalinas. LG also has corporate offices here, though they have been established here longer. A lof of those executives are here for temporary assignments, and come and go.

Standard bank had their corp offices in PM as well, and they are now being converted to ICBC (they are installing logos now on the tower), so we may see a similar effect (with actual Chinese executives) in the coming months, but I would not call this and "explosion" of any kind.

 

[sleslie23]

Hmm... this is incorrect. There is an increase of Korean executives (not Chinese) in PM mainly because over the last few years Samsung has invested a lot in AR and not long ago opened their corporate offices in Puerto Madero and Catalinas.

To a xenophobe, all "THOSE" people look the same.

 

[El Cipayo]

Hmm... this is incorrect. There is an increase of Korean executives (not Chinese) in PM mainly because over the last few years Samsung has invested a lot in AR and not long ago opened their corporate offices in Puerto Madero and Catalinas. LG also has corporate offices here, though they have been established here longer. A lof of those executives are here for temporary assignments, and come and go.

Standard bank had their corp offices in PM as well, and they are now being converted to ICBC (they are installing logos now on the tower), so we may see a similar effect (with actual Chinese executives) in the coming months, but I would not call this and "explosion" of any kind.

How Much time have you spend living in pm the last 6 months?

 

[cbonanni]

ICBC bought 80% of the stocks of Standard Bank (South Africa), Cristina didn't force them to do it (unless you think she can convince the chinese to buy a bank owned by other people). As far as everyone knowns, this was a private purchase without the government being involved in the initial transaction as they don't own Standard Bank, the south african investors do.

Having a Bank here wont change much things. They don't have special immigrations benefits. HSBC (Hongkong and Shanghai Banking Corporation) are not bringing people here nor replacing the workforce because they want to, nor Citibank (USA) are able to bring people from their country because they want to. Besides, as many people here know, coming to argentina is not exactly a problem. Even if you overstay by a couple of years, they won't make you a problem coming back.

Furthermore, even if the new owners are from China, Germany, or Russia, this wont allow them to avoid the restrictions imposed by the Central Bank because the owners don't create the law, they need to abide to the country they are in. Period. They are not going to be sending money "back home" even if they want to unless the BCRA lifts the restrictions and even then, this is heavily regulated..

Besides, this was done back in 2011, is not news. They just changed the name now because the whole process takes a lot of time.

Thank you for making clear what the OP was talking about. And why he is obviously xenophobic. I could not figure it out.

 

[El Cipayo]

Argentina can veto a sale of a bank who is operating in Argentina. And the way Cristina runs Argentina she is defenitly involved

 

[2GuysInPM]

How Much time have you spend living in pm the last 6 months?

I've been here since 2005.

 

[mariposa]

In Germany it was the Jews. In Myanmar it's the Moslems. And here....Hey, let's just break all the windows of all Chinese-owned businesses and beat them to a pulp! And if they are actually Koreans - who cares, they are all the same yellow peril!

 

[Inferno.]

Argentina can veto a sale of a bank who is operating in Argentina. And the way Cristina runs Argentina she is defenitly involved

Maybe the have veto power because that's how the financial world works? A Bank is not a kiosko. The Central Bank needs to oversees the operation and approve it if things look Ok, if not it could cause serious economic problems. This happens all around the world, not only in Argentina. For example:

USA - Federal Reserve of US approves merge of RBC Bank with PNC
http://www.bizjourna...c-purchase.html

Nepal - Central Bank approves merger of six financial institutions
http://www.nepaldisp...l-institutions/

Brazil - Central bank approves Itau-Unibanco merger
http://www.ibtimes.c...o-merger-234297

A merger needs the approval of the Central Bank and this doesn't mean the President or the government made a move for this to happen in the first place. They are just involved in the end as the process dictates. Again, Standard Bank belongs to South Africa and ICBC is from China. She has a limited amount of power. Thank God for that.

 

[El Cipayo]

I would argue.......

Nobody says That argentines are kicked out straight away, this will be gradual, contracts not renewed, monotribitutistas kicked out, no job openings for Argentines, etc. Even If Argentine government limits the visas for Chinese, they have a 120.000 big base in argentina already.

Even if they play within the BCRA regulations, they still have plenty of room to move, like giving out loans at preferential rates and finance outside of Argentina. This Will be à lot easier with à big Chinese (semi) State owned bank in Argentina

Its also the main reason why first world dont want to allow Chinese IPO companies within there boundaries, especially in a industry as critical as banking

 

[El Cipayo]

Maybe the have veto power because that's how the financial world works? A Bank is not a kiosko. The Central Bank needs to oversees the operation and approve it if things look Ok, if not it could cause serious economic problems. This happens all around the world, not only in Argentina. For example:

Thanks for making my point and there is no way in hell Cristina is not involved in this process