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Argentina: “There is no competition” in the banking system: Galperín

 |  December 4, 2017

Marcos Galperín, founder of online retailer Mercado Libre, strongly criticized the Argentine banking system, which he described as “absolutely anachronistic and inefficient,” stated that “there is no competition,” and said that “there exists a very powerful cartelization.”

“When a network of networks did not exist, the bankers generated something super valuable: they connected all the bank accounts with all the businesses, now that has no value, because there is a network of networks that connects all the businesses with all the networks of banks, with all individuals, whether they have a bank account or not, all over the world, but they continue to earn fortunes, which is inefficient, unfair and unsustainable. ”

Galperín created his successful company in 1999 and today is worth more than state oil company YPF. This year it began to grant credits to its users, in what promises to be Mercado Libre’s first steps towards joining the financial system.

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