The Top Five Banks in Argentina based on Tier 1 Capital at the end of last year are listed below:

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Source: The Banker

Banco Macro(BMA) and BBVA Banco Frances (BFR) trade on the U.S. markets and both are up over 29% and 27% respectively YTD. Banco Macro has suspended its dividends and has not paid a dividend for the past two years. BBVA Banco Frances has also not paid a dividend since 2011.

Argentina is involved in a nasty fight with hedge fund primarily led by Elliott Management. An update at FT beyondbrics blog on this legal dispute notes that the U.S. Supreme court has not ruled on Argentina’s appeal after a lower court ruled in favor of the “vulture funds”. Meanwhile the legal saga may continue into next year.

Disclosure: Long BMA