Municipal Bank of Rosario

Municipal Bank of Rosario (Spanish: Banco Municipal de Rosario Municipal Bank of Rosario) is a bank in Rosario, province of Santa Fe, Argentina.

The Municipal Bank was founded in 1896 to support the financial needs of citizens and small businesses in southern Santa Fe Province, especially in Rosario. At that time, Rosario had about 92,000 residents and was already the main port on the Paraná River. The idea came from Mayor Floduardo Grandoli in 1893, who was concerned about loan sharks taking advantage of people in need, especially the poor. 

The Provincial Bank only gave loans to financially stable individuals, so the city passed a bill in 1895 to create the Municipal Bank, which opened a year later. The bank moved to a new location in 1905 and officially adopted its current name on May 14, 1940. Its headquarters were relocated again in 1986.

In 2006, after some political debate, the municipality provided funds to meet new Central Bank regulations and turned the bank into a joint-stock company. The city kept 1% of the shares, with a rule ensuring this share can't be reduced, to prevent privatization.

 Other websites 
Banco Municipal: Banco Municipal 


Category:Banks of Argentina