Banco Santander has seen the expansion and success of its FX business extend into Argentina over the review period. Significant developments include its developing non-deliverable forwards (NDF) currency solutions, enabling clients to trade Latam currencies offshore while maintaining onshore delivery. This expansion is driven by growing trade corridors between Asia and Latam and currency rebalancing trends.
In Argentina, the bank played a key role following a significant currency devaluation in December 2023. The Argentine authorities introduced a market-based exchange rate regime focused on reserve accumulation and simplified import access. To manage commercial debt, the Central Bank of Argentina issued BOPREALs – USD-denominated instruments settled in Euroclear – which Santander Argentina and Santander NY Branch have actively traded. These instruments helped its corporate clients preserve market access for ongoing imports.
Banco Santander has been committed to enhancing its FX infrastructure and global capabilities through increased investment and strategic partnerships. During the review period the bank upgraded its FX platform, made significant improvements in price formation and distribution, and enhanced data intelligence for integrated decision-making.