Ana Botín, number one at Banco Santander, highlighted Argentina’s improvements, but warned: “The important thing is to translate macro policy into micro”

Botín stood out this Wednesday the role of “strategic partners” that Santander has with the Government in the exploitation of Vaca Muertawhere an investment of US$ 50,000 million was announced. He also assured that the trend of the Argentine economy “is going to improve and is positive”, but warned that “Macro policies have to be accompanied by micro policies.”

Botín participated in a press conference with media from across the region this Wednesday in the financial city that the entity developed in Bobadilla del Monte, on the outskirts of Madrid, within the framework of the 23rd annual meeting of Santander in Latin America.

Three years ago, in this same place, the executive had said that when she was asked about Argentina, she used to answer that she was “an optimist who cared a lot about things” and in the case of this country he cared “much more”. However, by the end of 2026, the diagnosis seems to have improved a lot.

Economists at Banco Santander project “a more robust macroeconomy for the next stage” cWith a growth of 2.7% in Argentina’s GDP by 2027. Along these lines, the Spanish banker highlighted the consistency of public policies and stated that “It is key that they continue as before.”

“There were many imbalances and Making changes takes years to see results. This consistency in macro policies, in the fiscal part and in the reforms, is key to ensuring that inflation continues to fall, which is what most affects the most vulnerable, and to make the country grow more.”

One of the central points that Botín highlighted about the change in the Argentine cycle is the diversification of its economic matrix and the growing weight of the non-agricultural sector. “For me, The great news about Argentina is that it no longer depends only on the agricultural industry. Today in Vaca Muerta, for example, there is a projection of one million barrels per day by 2027. That is spectacular,” he stated.

Along these lines, he ratified the leading role that the financial entity seeks to play in the development of the Neuquén formation: Santander operates as one of the two main advisory banks in Vaca Muerta, within a program that plans to mobilize close to US$ 50,000 million of global investment in infrastructure, gas, energy and renewables. This is the loan that, together with JP Morgan, is being structured for the Argentina NLG project led by YPF, together with the Italian ENI and the Arab XRG.

Botín reaffirmed his objective of “double the bank” in the next year, both in loan portfolio and in number of clients. Santander has 180 million customers in the region and nearly 5 million in Argentina.

The executive described the Argentine financial system as “very solid“, and highlighted that it operates with capitalization levels equivalent to three times the regulatory minimum, which provides sufficient support to expand credit. And while he acknowledged the volatility and ups and downs in credit cycles, he maintained that The potential for credit growth in the country “remains enormous.”

In that sense, he remarked: “There are many other sectors that have to continue growing. I think that Macro policies have to be accompanied by micro policies. And each country, just like each company, has to bet on those areas in which it has a competitive advantage. “Argentina is doing it.”

Asked about the recent country risk jump and the fears that are associated with a new electoral period, Botín confirmed his optimistic reading. “Markets take time to see results, consistency to give you a lower cost of credit, to give you more investment,” he said and added: “Beyond having our house in order, which is something that applies to everyone, what countries and companies must have is consistency, a vision, a strategy and then execute it. And that is where I think Argentina has made a lot of progress in recent years and we hope it continues in that direction.”