Argentina was bankrupted by HSBC

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HSBC Argentina ousts CEO after Macri’s downfall in the primaries
A close adviser to the President, Gabriel Martino was a minister in everything but the title. His old disputes with the Kirchner administration might also be behind his exit.

The unexpected results of Argentina’s presidential primaries might take its first victim of the corporate world. After a strong bet to the reelection of President Mauricio Macri, HSBC is considering moving its CEO for Argentina Gabriel Martino to decompress the relationship with Peronist candidate Alberto Fernández.

The Argentinian banker was practically a minister in everything but name, who acted as presidential advisor and had direct access to both the Quinta de Olivos presidential residence and Macri’s private ranch Los Abrojos.

His closeness to the President was such that he was the only banker willing to bet on Macri’s failed PPP infrastructure financing project, an idea that was ultimately banned by HSBC’s regional director. Martino was also behind the election of Pichetto as vice president for the October election and he even helped in the organization of the reelection launching rally.

But what frustrated an elegant exit for Martino was his old disputes with Kirchnerism.



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