Former Minister Hernán Lacunza Joins Board of Banco Córdoba

Hernán Lacunza, who served as Minister of Hacienda during Mauricio Macri's administration, is set to join the board of directors at Banco Córdoba (Bancor), the provincial state-owned bank. He is scheduled to meet with Governor Martín Llaryora, who will also welcome industrial dairy businessman Ércole Felippa to the institution's board.

Lacunza's previous roles include Minister of Economy for the Province of Buenos Aires. He currently heads the consulting firm Empiria, which recently published a report analyzing the economic impact of Javier Milei's policies on Argentine provinces. The report identified Buenos Aires City and Neuquén as potential beneficiaries, while Formosa and La Rioja were flagged as likely to face the most significant productive challenges.

Bancor is currently led by President Raúl Paolasso, who has a long-standing relationship with Lacunza. Paolasso is overseeing an institutional modernization program focused on agility, efficiency, and technological sovereignty. This initiative involves a thorough review of internal structures and the adoption of more flexible operational models aimed at enhancing customer experience, including the implementation of a "zero-based organizational chart" to optimize functions and professionalize management.

Officials from Governor Llaryora's administration view these appointments as a signal to the economic establishment, bringing in an "expert in finance" and a "productivist." Felippa, a former president of the Industrial Union of Córdoba, has a history of confronting national governments over economic policies and previously served on the board of the state-owned aircraft manufacturer Fadea during the Macri administration.

Financially, Bancor reported a net profit of $9.176 billion in the first quarter of the year. This marks a substantial recovery from a loss of $14.071 billion in the same period of the previous year. The bank's interest income reached $377.807 billion, with interest expenses at $235.968 billion, resulting in a net interest margin of $141.839 billion. The bank's non-performing loan ratio stood at 8.54%, an increase of nearly 1.5 percentage points compared to the previous year.