Santander relocates a branch in La Matanza due to high municipal taxes

Santander Argentina announced the relocation of its branch located in La Tablada, within the municipality of La Matanza, moving its operations to Caseros, in the district of Tres de Febrero.

The decision is due to the high tax costs faced by the entity in the locality governed by the Kirchnerist Fernando Espinoza, particularly the Security and Hygiene tax, which amounts to 7.5%.

A tax scheme that impacts competitiveness

The municipality of La Matanza imposes a considerably higher tax burden compared to other jurisdictions, which affects the profitability of banking operations. In 2024, Santander allocated 3.7 billion pesos solely to the payment of the Security and Hygiene tax in this locality.

Fernando Bautista, Head of Channels and Commercial Distribution at Santander Argentina, highlighted:
"Our commitment is to ensure the long-term sustainability of the business, ensuring that our customers access the best possible conditions. To achieve this, we continuously analyze the impact of operating costs on our structure, as these directly affect the competitiveness of our products and services. Currently, Santander allocated 3.7 billion pesos in 2024 solely to the Security and Hygiene tax in La Matanza, an amount equivalent to financing 12,000 personal or secured loans of 3 million pesos each, or more than 300 mortgage loans. We are convinced that this decision allows us to optimize resources and continue offering accessible and efficient solutions for our customers, without affecting our presence in the community."

Presence in La Matanza and commitment to digitalization

Despite this relocation, Santander Argentina will maintain its presence in La Matanza through five branches, including the one in La Juanita, in Gregorio de Laferrere. This branch plays a key role in financial inclusion and access to banking services for the most vulnerable sectors. However, it is also affected by the same 7.5% Security and Hygiene tax.

In line with its digital transformation strategy, the bank reinforces its commitment to online banking, providing secure and agile tools that allow customers to operate from anywhere, at any time. Digitalization is an essential pillar for Santander, which continues to innovate on its platforms to offer an efficient and modern banking experience.