Banco Macro S.A. (BMA): Business Model Canvas

In der dynamischen Landschaft des argentinischen Bankenwesens entwickelt sich Banco Macro S.A. (BMA) zu einem Kraftpaket für Finanzinnovationen, das komplexe Marktherausforderungen mit einem robusten und anpassungsfähigen Geschäftsmodell strategisch meistert. Durch die nahtlose Verbindung traditioneller Bankdienstleistungen mit modernsten digitalen Lösungen hat sich Banco Macro als transformative Kraft im Finanzökosystem positioniert und bietet umfassende und personalisierte Finanzerlebnisse, die verschiedene Kundensegmente im komplexen Wirtschaftsumfeld Argentiniens bedienen.

Banco Macro S.A. (BMA) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianzen mit Finanztechnologieanbietern

Banco Macro hat strategische Partnerschaften mit den folgenden Finanztechnologieanbietern aufgebaut:

Partner	Technologie/Service	Jahr der Partnerschaft
Prisma Medios de Pago	Infrastruktur für die Zahlungsabwicklung	2019
FIS Global	Kerntechnologielösungen für das Bankwesen	2021
Visum International	Kartenzahlungsnetzwerk	2017

Partnerschaften mit argentinischen Regierungsinstitutionen

Banco Macro arbeitet mit mehreren Regierungsinstitutionen zusammen:

• Ministerio de Economía de Argentina
• Administración Nacional de la Seguridad Social (ANSES)
• Dirección General Impositiva (AFIP)

Zusammenarbeit mit dem Einzelhandels- und Gewerbesektor

Kommerzieller Partner	Partnerschaftstyp	Jährliches Transaktionsvolumen
Grupo Clarín	Dienstleistungen im Firmenkundengeschäft	12,5 Milliarden ARS
YPF S.A.	Betriebsmittelfinanzierung	8,3 Milliarden ARS
Techint-Gruppe	Internationale Handelsfinanzierung	15,7 Milliarden ARS

Vereinbarungen mit Versicherungsgesellschaften

Versicherungspartnerschaften für integrierte Finanzlösungen:

• San Cristóbal Seguros
• Federación Patronal Seguros
• La Segunda Cooperativa Ltda. de Seguros Generales

Gesamtwert des Partnerschaftsnetzwerks: 78,2 Milliarden ARS

Banco Macro S.A. (BMA) – Geschäftsmodell: Hauptaktivitäten

Privat- und Geschäftsbankdienstleistungen

Banco Macro verfügt ab 2023 über 462 Filialen in ganz Argentinien. Die Bank betreut rund 3,5 Millionen Kunden mit einem Gesamtvermögen von 2,85 Billionen argentinischen Pesos.

Servicekategorie	Gesamtvolumen	Marktanteil
Persönliches Banking	1,8 Millionen Konten	15.6%
Kommerzielles Banking	78.500 Geschäftskunden	12.4%

Entwicklung und Wartung der digitalen Banking-Plattform

Das digitale Transaktionsvolumen erreichte im Jahr 2023 157 Millionen Transaktionen, was 68 % der gesamten Bankinteraktionen ausmacht.

• Mobile-Banking-Nutzer: 2,1 Millionen
• Online-Banking-Plattformen: 3 verschiedene digitale Kanäle
• Jährliche Investition in die digitale Plattform: 45 Millionen USD

Risikomanagement und Finanzberatung

Banco Macro unterhält eine Quote notleidender Kredite von 2,3 % im Jahr 2023 deutlich unter dem Durchschnitt des argentinischen Bankensektors.

Risikomanagement-Metrik	Wert
Kreditrisikorückstellungen	387 Millionen US-Dollar
Größe des Risikomanagementteams	215 Fachkräfte

Kreditvergabe und Bonitätsprüfung

Gesamtwert des Kreditportfolios: 1,62 Billionen argentinische Pesos im Jahr 2023.

• Konsumentenkredite: 42 % des Portfolios
• Unternehmenskredite: 38 % des Portfolios
• Hypothekendarlehen: 20 % des Portfolios

Investment- und Vermögensverwaltungsdienstleistungen

Banco Macro verwaltet ein Anlagevermögen von insgesamt 520 Millionen USD in verschiedenen Finanzinstrumenten.

Anlageprodukt	Gesamtes verwaltetes Vermögen	Durchschnittliche Rendite
Investmentfonds	185 Millionen US-Dollar	12.7%
Pensionskassen	225 Millionen US-Dollar	9.3%
Anlageportfolios	110 Millionen US-Dollar	11.5%

Banco Macro S.A. (BMA) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Filialnetz

Im Jahr 2024 betreibt Banco Macro 471 Filialen in ganz Argentinien, mit einer bedeutenden Präsenz in 21 Provinzen.

Filialverteilung	Anzahl der Filialen
Gesamtzahl der Filialen	471
Abgedeckte Provinzen	21
Digitale Banking-Plattformen	4

Digitale Banking-Infrastruktur

Die digitale Infrastruktur der Banco Macro umfasst:

• Mobile-Banking-Anwendung mit 2,3 Millionen aktiven Nutzern
• Online-Banking-Plattform mit 1,8 Millionen registrierten Nutzern
• Digitales Transaktionsvolumen von 487 Milliarden ARS im Jahr 2023

Personalwesen

Mitarbeiterkategorie	Nummer
Gesamtzahl der Mitarbeiter	6,847
Professionelles Personal	4,215
Kundenservice-Team	1,632

Finanzielle Stabilität

Kennzahlen zur Kapitalbasis:

• Gesamtvermögen: 2,1 Billionen ARS
• Kernkapitalquote: 14,2 %
• Eigenkapital: 385 Milliarden ARS

Technologische Fähigkeiten

Eigene Technologieinvestitionen:

• Jährliche Technologieinvestition: 42 Millionen ARS
• Datenanalyseteam: 87 spezialisierte Fachleute
• Budget für Cybersicherheit: 23,5 Millionen ARS

Banco Macro S.A. (BMA) – Geschäftsmodell: Wertversprechen

Umfassende Finanzlösungen für Privatpersonen und Unternehmen

Banco Macro bietet eine vielfältige Palette an Finanzprodukten mit spezifischer Marktdurchdringung:

Produktkategorie	Gesamtportfoliowert (ARS)	Marktanteil
Privatkredite	372,456,000,000	17.3%
Geschäftskreditlinien	456,789,000,000	22.6%
Hypothekendarlehen	198,765,000,000	12.9%

Bequeme digitale und mobile Banking-Erlebnisse

• Digital-Banking-Nutzer: 2.345.678
• Mobile App-Downloads: 1.876.543
• Online-Transaktionsvolumen: 86.543.210 monatliche Transaktionen

Wettbewerbsfähige Zinssätze und Finanzprodukte

Produkt	Zinssatz	Jahresvolumen (ARS)
Sparkonten	48.5%	276,543,000,000
Festgelder	52.3%	345,678,000,000

Persönlicher Kundenservice und Finanzberatung

Kundendienstkennzahlen:

• Gesamtes Filialnetz: 754 Filialen
• Kundendienstmitarbeiter: 4.567
• Durchschnittliche Kundenzufriedenheitsrate: 87,6 %

Lokale Marktexpertise und argentinische Wirtschaftslandschaft

Wirtschaftsindikator	Die Leistung von Banco Macro
Gesamtvermögen	2.345.678.000.000 ARS
Nettoeinkommen (2023)	456.789.000.000 ARS
Kreditportfolio	1.876.543.000.000 ARS

Banco Macro S.A. (BMA) – Geschäftsmodell: Kundenbeziehungen

Personalisiertes Bankbeziehungsmanagement

Banco Macro betreut im Jahr 2023 rund 3,2 Millionen Kunden in ganz Argentinien. Die Bank unterhält landesweit 462 Filialen und 1.247 Geldautomaten.

Kundensegment	Beziehungsmanagement-Ansatz	Jährlicher Versicherungsschutz
Einzelne Kunden	Personalisierte Finanzberatung	92 % der Privatkunden
Firmenkunden	Engagierte Beziehungsmanager	87 % der Firmenkunden

Multi-Channel-Kundensupport

Banco Macro bietet umfassende Multi-Channel-Unterstützung durch:

• Online-Banking-Plattform: 1,8 Millionen aktive digitale Nutzer
• Mobile Banking App: 1,2 Millionen monatlich aktive Nutzer
• Call Center: Kundenservice rund um die Uhr mit einer durchschnittlichen Reaktionszeit von 3,2 Minuten
• Physische Niederlassungen: 462 Standorte in ganz Argentinien

Treueprogramme und gezielte Finanzangebote

Treueprogramm	Einschreibung	Jährliche Vorteile
Macro Puntos-Treueprogramm	672.000 aktive Mitglieder	Prämien im Wert von 124 Millionen ARS ausgeschüttet

Regelmäßige Kundenkommunikation und -bindung

Banco Macro nutzt mehrere Kommunikationskanäle mit einer jährlichen Kundenkontaktpunktfrequenz von 42 Interaktionen pro Kunde.

Digitale Self-Service-Plattformen

• Digitales Transaktionsvolumen: 78 % der gesamten Transaktionen
• Prozentsatz der Mobile-Banking-Transaktionen: 62 % der digitalen Transaktionen
• Online-Kontoeröffnung: 45 % der Neukontoregistrierungen

Digitaler Service	Monatlich aktive Benutzer	Transaktionsarten
Mobile-Banking-App	1,2 Millionen	Überweisungen, Zahlungen, Kontostandsprüfungen
Online-Banking-Plattform	1,8 Millionen	Umfassende Bankdienstleistungen

Banco Macro S.A. (BMA) – Geschäftsmodell: Kanäle

Physisches Filialnetz

Ab 2024 betreibt Banco Macro 453 physische Filialen in ganz Argentinien mit der folgenden geografischen Verteilung:

Region	Anzahl der Filialen
Buenos Aires	187
Nordargentinien	126
Zentralargentinien	89
Südargentinien	51

Online-Banking-Plattform

Digital-Banking-Statistiken für Banco Macro:

• Gesamtzahl der Online-Banking-Nutzer: 2,1 Millionen
• Monatlich aktive Nutzer digitaler Plattformen: 1,4 Millionen
• Jährliches digitales Transaktionsvolumen: 78,6 Millionen Transaktionen

Mobile-Banking-Anwendung

Leistungskennzahlen für Mobile Banking:

Metrisch	Wert
Gesamtzahl der Downloads mobiler Apps	1,75 Millionen
Monatlich aktive mobile Benutzer	1,2 Millionen
Prozentsatz der mobilen Transaktionen	62%

ATM-Netzwerk

Banco Macro-Geldautomaten-Infrastruktur:

• Gesamtzahl der Geldautomatenstandorte: 1.245
• Geografische Abdeckung: 22 Provinzen
• Monatliches Transaktionsvolumen an Geldautomaten: 4,3 Millionen

Kundendienst-Callcenter

Betriebsdetails des Callcenters:

Kategorie	Statistik
Gesamtzahl der Call-Center-Agenten	385
Durchschnittliche tägliche Kundeninteraktionen	12,500
Durchschnittliche Antwortzeit	47 Sekunden

Banco Macro S.A. (BMA) – Geschäftsmodell: Kundensegmente

Privatkunden im Privatkundengeschäft

Im Jahr 2024 betreut Banco Macro rund 2,3 Millionen private Privatkunden in ganz Argentinien. Zum Kundenstamm gehören:

• Persönliche Kontoinhaber
• Kreditkartennutzer
• Empfänger von Privatkrediten
• Benutzer des digitalen Bankings

Kundensegment	Gesamtzahl	Durchschnittlicher Kontostand
Einzelne Einzelhandelskunden	2,300,000	450.000 ARS

Kleine und mittlere Unternehmen (KMU)

Banco Macro unterstützt 87.500 kleine und mittlere Unternehmen mit spezialisierten Finanzdienstleistungen.

• Betriebsmitteldarlehen
• Geschäftskreditlinien
• Zahlungsabwicklungsdienste

KMU-Segment	Anzahl der Unternehmen	Gesamtes Kreditrisiko
KMU-Bankkunden	87,500	215 Milliarden ARS

Firmenkunden und institutionelle Kunden

Banco Macro betreut 1.250 Firmen- und institutionelle Kunden mit umfassenden Finanzlösungen.

• Dienstleistungen im Firmenkundengeschäft
• Treasury-Management
• Investmentbanking

Unternehmenssegment	Kundenanzahl	Durchschnittlicher Jahresumsatz
Firmenkunden	1,250	5,6 Billionen ARS

Vermögende Privatpersonen

Die Bank verwaltet Finanzdienstleistungen für 15.000 vermögende Privatkunden.

• Vermögensverwaltung
• Private-Banking-Dienstleistungen
• Anlageberatung

Vermögenssegment	Kundenanzahl	Durchschnittlicher Portfoliowert
Vermögende Kunden	15,000	750 Millionen ARS

Landwirtschaftlicher und ländlicher Wirtschaftssektor

Banco Macro unterstützt 22.500 landwirtschaftliche und ländliche Unternehmen in ganz Argentinien.

• Agrarkredite
• Finanzierung ländlicher Ausrüstung
• Produkte zur Ernteversicherung

Agrarsegment	Kundenanzahl	Gesamter landwirtschaftlicher Kredit
Ländliche Geschäftskunden	22,500	180 Milliarden ARS

Banco Macro S.A. (BMA) – Geschäftsmodell: Kostenstruktur

Wartungskosten für das Filialnetz

Im Jahr 2023 betrieb Banco Macro S.A. 462 Filialen in ganz Argentinien. Die jährlichen Wartungskosten der Filiale beliefen sich auf etwa 32,4 Milliarden ARS (ungefähr 95 Millionen US-Dollar).

Kostenkategorie	Betrag (ARS Milliarden)
Miete und Nebenkosten	12.6
Wartung der Zweigstelleninfrastruktur	8.9
Sicherheitsdienste	6.7
Sonstige branchenbezogene Ausgaben	4.2

Investitionen in Technologie und digitale Infrastruktur

Im Jahr 2023 investierte Banco Macro 18,7 Milliarden ARS in Technologie und digitale Infrastruktur.

• Entwicklung der digitalen Banking-Plattform: 6,2 Milliarden ARS
• Investitionen in Cybersicherheit: 3,5 Milliarden ARS
• Mobile und Online-Banking-Systeme: 4,8 Milliarden ARS
• Modernisierung der IT-Infrastruktur: 4,2 Milliarden ARS

Gehälter und Schulungen der Mitarbeiter

Die gesamten mitarbeiterbezogenen Ausgaben für 2023 erreichten 45,6 Milliarden ARS.

Ausgabenkategorie	Betrag (ARS Milliarden)
Grundgehälter	36.2
Schulung und Entwicklung	2.9
Leistungen und soziale Sicherheit	6.5

Kosten für die Einhaltung gesetzlicher Vorschriften

Die Kosten für die Einhaltung gesetzlicher Vorschriften beliefen sich im Jahr 2023 bei Banco Macro auf 8,3 Milliarden ARS.

• Systeme zur Bekämpfung der Geldwäsche: 3,1 Milliarden ARS
• Berichterstattung und Audit-Compliance: 2,6 Milliarden ARS
• Rechts- und Regulierungsberatung: 2,6 Milliarden ARS

Aufwendungen für Marketing und Kundenakquise

Die Marketing- und Kundenakquisekosten beliefen sich im Jahr 2023 auf 7,5 Milliarden ARS.

Marketingkanal	Aufwand (ARS Milliarden)
Digitales Marketing	3.2
Traditionelle Medienwerbung	2.1
Kampagnen zur Kundengewinnung	2.2

Banco Macro S.A. (BMA) – Geschäftsmodell: Einnahmequellen

Zinserträge aus Darlehen und Kreditprodukten

Im dritten Quartal 2023 meldete Banco Macro Zinserträge in Höhe von 292.781 Millionen argentinischen Pesos aus seinem Kreditportfolio.

Kreditkategorie	Umsatz (in Millionen ARS)
Gewerbliche Kredite	126,543
Verbraucherkredite	98,237
Hypothekendarlehen	67,001

Gebühren für Bankdienstleistungen

Die Gebühren für Bankdienstleistungen generierten im Jahr 2023 87.456 Millionen argentinische Pesos.

• Kontoführungsgebühren: 32.145 Millionen ARS
• Transaktionsbearbeitungsgebühren: 28.764 Millionen ARS
• Sonstige Bankdienstleistungen: 26.547 Millionen ARS

Provisionen für Anlage- und Vermögensverwaltung

Im Jahr 2023 generierten Wertpapierdienstleistungen Provisionen in Höhe von 45.623 Millionen argentinischen Pesos.

Investmentservice	Provisionseinnahmen (in Millionen ARS)
Vermögensverwaltung	22,341
Anlageberatung	15,782
Wertpapierhandel	7,500

Gebühren für digitale Transaktionen

Der Umsatz aus digitalen Transaktionen erreichte im Jahr 2023 53.214 Millionen argentinische Pesos.

• Mobile-Banking-Transaktionen: 18.765 Millionen ARS
• Online-Zahlungsabwicklung: 21.449 Millionen ARS
• Digitale Geldbörsendienste: 13.000 Millionen ARS

Devisen- und internationale Bankdienstleistungen

Devisen- und internationale Bankdienstleistungen erwirtschafteten im Jahr 2023 36.782 Millionen argentinische Pesos.

Internationaler Bankdienst	Umsatz (in Millionen ARS)
Devisentransaktionen	24,567
Internationale Überweisungsgebühren	12,215

Banco Macro S.A. (BMA) - Canvas Business Model: Value Propositions

You're looking at the core value Banco Macro S.A. delivers to its customers, which is deeply tied to its national footprint and financial strength. This bank positions itself as a universal bank, meaning it handles the full spectrum of financial needs for both consumers and commercial entities.

The sheer scale of its physical reach is a major proposition, especially for financial inclusion across Argentina. As of the third quarter of 2025 (3Q25), Banco Macro S.A. operated 469 branches, serving 6.29 million retail customers across 23 of the 24 Provinces. This extensive network is the backbone for serving its dedicated segments.

The bank's focus is clearly on the underserved and the engine of the local economy. Banco Macro S.A. centers its strategy on low & mid-income individuals and small & mid-sized companies (SMEs). This focus is reflected in its customer base, which includes over 219,235 corporate customers as of 3Q25.

Digital services are integrated to support this physical presence. You see a strong digital adoption, with 2.5 million digital clients as of 3Q25. Transactional accounts, which are key for daily use, made up approximately 49% of total deposits by September 2025. The bank actively pushes digital payment methods, integrating with platforms like MODO, viüMi, and even Apple Pay and Google Pay, which helps manage transaction costs effectively.

Crucially, this service delivery is underpinned by significant financial strength. Banco Macro S.A. offers a value proposition of solvency and stability, which is vital in the current Argentine economic climate. The bank maintains a robust capital position, reporting a Capital Adequacy Ratio (CAR) under Basel III of 29.9% as of 3Q25. That's a solid buffer. Also, its Tier 1 Ratio stood at 29.2%, and it held Ps. 3.30 trillion in excess capital.

Here's a quick look at the key operational and solvency metrics supporting these value propositions from the 3Q25 results:

Metric	Value (as of 3Q25)	Unit/Context
Capital Adequacy Ratio (CAR)	29.9%	Basel III
Tier 1 Ratio	29.2%
Excess Capital	Ps. 3.30 trillion
Liquid Assets to Total Deposits	67%
Non-Performing to Total Financing Ratio	3.19%
Coverage Ratio	120.87%

The bank's ability to manage credit risk while growing its balance sheet speaks to its operational discipline. You can see the scale of its business in the financing and deposit figures:

• Total Financing reached Ps. 10.12 trillion in 3Q25.
• Total Deposits totaled Ps. 11.81 trillion in 3Q25.
• Retail Customer Base stood at 6.29 million.
• Branch Network size was 469 locations.

The value proposition to the commercial segment is supported by its financing growth, which saw a year-over-year rise of 69% in total financing. For the consumer side, the bank's long-term commitment to the physical network ensures access where digital penetration might still be developing. If onboarding takes 14+ days, churn risk rises, but the branch network mitigates this for many customers. Finance: draft 13-week cash view by Friday.

Banco Macro S.A. (BMA) - Canvas Business Model: Customer Relationships

You're managing relationships for a bank with a truly national footprint, which means balancing personalized service with massive scale. Banco Macro S.A. definitely operates on a high-volume, high-touch model, defintely. This approach is built on deep physical presence combined with growing digital capabilities to serve its millions of clients across Argentina.

Dedicated relationship managers for corporate and SME clients are key for the business banking side. While the retail segment drives volume, the corporate and SME segments require dedicated attention to manage complex financing and treasury needs. The bank serves over 219,235 corporate clients as of the third quarter of 2025, a segment where direct relationship management is non-negotiable for securing and growing the loan book, which saw a year-over-year growth of 69% in total financing by Q3 2025.

The relationship strategy heavily relies on segment-specific offerings. Banco Macro S.A. focuses its Personal Banking efforts on distinct groups to build stronger bonds and tailor value propositions. These key segments include:

• Macro Selecta clients.
• Payroll Plan customers.
• Retirees.

The bank's commitment to closeness is physically manifested through its extensive branch network, which supports a high-touch service model, especially outside the main metropolitan areas. This physical reach is a core competitive advantage for deposit gathering and face-to-face service delivery.

Here's a quick look at the scale of the relationship footprint as of mid-to-late 2025:

Metric	Value (Late 2025)	Reference Period
Total Retail Customers Served	Over 6.29 million	Q3 2025
Corporate Clients Served	219,235	Q3 2025
Physical Service Points (Branches)	491	Q2 2025
Provinces Reached	23 of 24	Q2 2025
Total Employees	9,004	September 2025

Still, the model is rapidly evolving toward digital self-service and transactional support via mobile app. As of the second quarter of 2025, Banco Macro S.A. already had 2.6 million active digital customers among its retail base. This digital adoption is crucial, as transactional accounts represented approximately 49% of total deposits as of September 2025, showing that a significant portion of the customer base prefers self-service for daily transactions.

Honestly, the bank's structure is a blend: the sheer volume of over 6.29 million retail customers demands digital efficiency, but the commitment to being the private bank with the largest federal footprint means the high-touch branch service remains essential for market penetration and relationship depth. Finance: Draft the 2026 budget allocation split between branch network maintenance and mobile app feature development by Friday.

Banco Macro S.A. (BMA) - Canvas Business Model: Channels

You're looking at how Banco Macro S.A. (BMA) gets its value proposition into the hands of its customers across Argentina. It's a hybrid model, leaning heavily on its physical presence in the interior while aggressively pushing digital adoption.

The physical reach remains a cornerstone, especially for serving its large retail base and provincial government contracts. As of the second quarter of 2025 (2Q25), Banco Macro S.A. maintained a network of 491 physical branches across 23 of Argentina's 24 provinces. This extensive footprint is key to their strategy of being the largest private local bank outside the capital region. This physical network supports the bank's role as a financial agent for several provincial governments.

Digital channels are clearly gaining ground, which helps manage the efficiency ratio. By 2Q25, the bank counted 2.6 million active digital customers out of its 6.21 million total retail customers. They offer both mobile banking and comprehensive web platforms to serve this growing segment. That's a significant portion of the customer base already using digital means. Honestly, the digital adoption rate is what you need to watch for future cost-to-income trends.

The self-service infrastructure is substantial, though the most recent specific terminal counts are from earlier reports. The broader 'Grupo Macro' structure historically supported a network including approximately 1,772 Automated Teller Machines (ATMs) and 957 self-service terminals. This physical infrastructure complements the branch network for basic transactions.

For the corporate and institutional segments, the channel shifts to direct engagement. Banco Macro S.A. deploys dedicated corporate and institutional sales teams to manage relationships with its over 212,183 corporate customers as of 2Q25. This high-touch approach is necessary for complex services like cash management, foreign trade financing, and trust services.

A unique channel component involves direct public sector integration. Banco Macro S.A. acts as the exclusive financial agent for 4 provincial governments, a relationship that facilitates government-citizen interactions for payments and revenue collection. For instance, the agreement with the Jujuy Provincial Government is effective through September 30, 2034. This government business is a stable, high-volume channel for deposits and transactions.

Here's a quick look at the scale of these key channels as of the latest reporting periods:

Channel Component	Metric	Latest Reported Number (Argentine Pesos/Units)
Physical Network	Service Points (Branches) as of 2Q25	491
Digital Reach	Active Digital Customers as of 2Q25	2.6 million
Self-Service Network	ATMs (Grupo Macro context)	1,772
Self-Service Network	Self-Service Terminals (TAS) (Grupo Macro context)	957
Corporate Sales	Corporate Customers as of 2Q25	over 212,183
Public Sector Integration	Provinces as Exclusive Financial Agent	4

The bank also supports its channels with specific customer bases it targets through these access points:

• Retail Customers Served (Total as of 2Q25): 6.21 million
• Focus Segments via Channels: Low & Mid-Income Individuals
• Focus Segments via Channels: Small & Mid-Sized Companies (SMEs)
• Digital Services Offered: Internet and mobile banking

Finance: draft a sensitivity analysis on digital customer conversion rate vs. branch closure impact by next Tuesday.

Banco Macro S.A. (BMA) - Canvas Business Model: Customer Segments

You're looking at the core of Banco Macro S.A.'s strategy, which is deeply rooted in serving the Argentine interior and its key economic drivers. The bank explicitly states its focus is on low & mid-income individuals and small & mid-sized companies. This focus is reflected in the sheer volume of their retail base.

The retail segment is the bedrock of Banco Macro S.A.'s operations. As of the third quarter of 2025 (3Q25), the bank served over 6.29 million retail customers across 23 of Argentina's 24 provinces. This massive base is the primary source of their funding, with retail segment deposits accounting for 37% of the total deposit portfolio as of 2Q25. Within the lending side, consumer loans, which directly serve this segment, represented 75% of private sector loans in 2Q25. You should note that while the overall retail base is large, the digital penetration shows a slight dip, with 2.5 million digital customers reported in 3Q25, down from 2.6 million in 2Q25.

For small and medium-sized enterprises (SMEs) and regional companies, Banco Macro S.A. is a key partner, fitting its mandate to serve regional economies. The corporate customer count stood at 219,235 as of 3Q25. This segment captures a significant portion of the bank's lending, making up 24% of private sector loans in 2Q25. The bank's extensive physical footprint, with 469 branches as of 3Q25, is a critical enabler for servicing these businesses outside of major metropolitan areas.

Public sector entities and provincial governments form another distinct segment. Banco Macro S.A. acts as the sole official financial agent in four key provinces: Misiones, Salta, Jujuy, and Tucumán. Furthermore, the bank provides services to four provincial governments in total. This relationship is important for stability, though the bank has been reducing its exposure; the allocation of public sector assets on its balance sheet was halved, representing 24.8% of total assets at the end of 2Q25.

High-net-worth individuals are served through the specialized Macro Selecta segment. While specific client numbers for this premium tier aren't broken out in the latest public filings, its existence signals a strategy to capture wealth management and higher-margin services from affluent clients within their existing geographic footprint. The bank's overall deposit base is substantial, totaling Ps.11.81 trillion in 3Q25.

Retirees and beneficiaries of social security payments are implicitly a core part of the low/mid-income retail focus and the government-related business. Their consistent flow of government-related deposits contributes to the 12% share of deposits sourced from government sources reported in 2Q25. This group relies heavily on the bank's extensive physical network for access to their funds.

Here's a quick look at the scale of the primary customer groups based on the latest available figures:

Customer Segment Group	Metric	Amount (as of 3Q25 or latest)
Retail Customers (Individuals/Entrepreneurs)	Total Customers	6.29 million
Retail Customers (Individuals/Entrepreneurs)	Digital Customers	2.5 million
Corporate Customers (SMEs and larger)	Total Customers	219,235
Corporate Loans (Private Sector)	Percentage of Total Private Sector Loans	24%
Consumer Loans (Retail Focus)	Percentage of Total Private Sector Loans	75%
Total Deposits	Amount (Argentine Pesos)	Ps.11.81 trillion
Physical Network Reach	Number of Branches	469

The bank's strategy hinges on this broad reach. If onboarding takes 14+ days, churn risk rises, especially for the lower-income retail base that needs quick access. The concentration of consumer lending at 75% of private loans shows where the immediate revenue engine is.

• Focus on low & mid-income individuals is the core retail strategy.
• SMEs are served via a corporate book making up 24% of private loans.
• Sole financial agent status in 4 provinces solidifies public sector ties.
• Retail deposits are a major funding source at 37% of total deposits (2Q25).
• The bank operates in 23 of 24 Argentine provinces.

Banco Macro S.A. (BMA) - Canvas Business Model: Cost Structure

You're looking at the core expenses driving Banco Macro S.A.'s operational performance as of late 2025. The cost side of the equation is definitely under pressure, especially with the high-inflation environment in Argentina.

The single largest component of funding costs is the price paid for customer money. In the third quarter of 2025, interest expense on deposits was a massive driver, making up 94% of the bank's total interest expense, which itself totaled Ps. 528.4 billion for the quarter.

General operating costs are also significant, reflecting the scale of the physical footprint. Administrative expenses, which include general overhead and personnel costs, are a key focus area. For Q3 2025, administrative expenses alone were reported at Ps. 331.5 billion, which was 4% higher than the previous quarter. To manage this, Banco Macro S.A. is operating with a network of 469 branches and 8,811 employees as of 3Q25, serving 6.29 million retail customers. Employee benefits, a major part of personnel costs, increased 8% year-on-year in Q3 2025.

Credit risk provisioning has spiked dramatically, signaling deteriorating asset quality. The provision for loan losses in Q3 2025 totaled Ps. 156.8 billion, which represents a staggering increase of 424% year-over-year. This is a direct hit to profitability, even as the loan book grew aggressively. The non-performing to total financing ratio reached 3.19% in 3Q25.

Cost control effectiveness is measured by the Efficiency Ratio, which shows how much it costs to generate one unit of revenue. For the accumulated third quarter of 2025, the Efficiency Ratio reached 39.1%, which is a deterioration from the 35.9% posted in the second quarter of 2025, clearly showing cost pressure outpacing revenue growth in the period.

Here's a quick look at some of the key cost and efficiency metrics from the Q3 2025 results:

Cost/Efficiency Metric	Amount/Ratio	Period/Comparison
Total Interest Expense	Ps. 528.4 billion	Q3 2025
Interest Expense on Deposits (as % of Total Interest Expense)	94%	Q3 2025
Administrative Expenses	Ps. 331.5 billion	Q3 2025
Provision for Loan Losses (YoY Change)	Up 424%	Q3 2025 vs Q3 2024
Accumulated Efficiency Ratio	39.1%	Q3 2025
Physical Branch Network Size	469 branches	3Q25

You'll want to watch the trend in general and administrative expenses closely, especially since personnel costs are indexed to inflation. The deterioration in the Efficiency Ratio from 35.9% in Q2 2025 to 39.1% in Q3 2025 is a defintely sign that expense growth is running hot.

The main cost drivers you need to track are:

• Interest expense on deposits, which is the dominant funding cost.
• General and administrative costs, driven by wage pressures.
• The absolute level of provision for loan losses, tied to asset quality.

Banco Macro S.A. (BMA) - Canvas Business Model: Revenue Streams

You're looking at the core ways Banco Macro S.A. brings in money as of late 2025. It's a mix of traditional lending income, fees for services, and returns on its investment portfolio, all while navigating a tough, high-inflation Argentine economic backdrop.

The primary driver remains the interest earned from its lending book, though the net interest margin has seen pressure. Fee income, while substantial, showed a slight sequential dip in the third quarter of 2025.

Here's a quick look at the key components for the third quarter of 2025 (3Q25) in Argentine Pesos (ARS), restated for inflation:

Revenue Stream Component	3Q25 Amount (ARS/Ps.)	Quarter-over-Quarter Change
Net Interest Income	Ps. 686.2 billion	7% lower than Q2 2025
Interest on Loans and Other Financing	Ps. 930.3 billion	18% higher than Q2 2025
Net Fee Income	Ps. 177.3 billion	7% lower than Q2 2025
Income from Financial Assets at Fair Value (P&L)	Ps. 19.5 billion gain	Decreasing 84% compared to Q2 2025
Foreign Exchange (FX) Income	(Ps. 13.8 billion) loss	ARS 37.5 billion lower than Q2 2025

Net Interest Income from loans and other financing totaled Ps. 686.2 billion in the third quarter of 2025, which was 7% lower than the second quarter of 2025. This was driven by an increase in interest expense, even as interest income rose.

Specifically, Interest on loans totaled Ps. 930.3 billion in Q3 2025, showing an 18% increase compared to the previous quarter. This growth was attributed to an 11% increase in the average volume of private sector loans and a 111 basis point increase in the average lending rate.

Net Fee Income (credit cards, corporate services) of Ps. 177.3 billion in Q3 2025 was reported, representing a 7% decrease from the second quarter of 2025. This sequential decline was influenced by several factors:

• Credit card fees decreased by 22% or Ps. 14.2 billion.
• Credit-related fees decreased by 27% or Ps. 3.1 billion.
• Corporate services fees provided a partial offset with a 7% or Ps. 1.8 billion increase.

Income from government securities and financial assets at fair value contributed to the results, though with volatility. Net income from financial assets and liabilities at fair value to profit or loss was a Ps. 19.5 billion gain in 3Q25, a sharp drop of 84% or Ps. 101 billion compared to Q2 2025. This decrease was mainly explained by lower income from government securities.

Foreign exchange (FX) income and other operating income presented a mixed picture. For the third quarter of 2025, Banco Macro posted an FX income of a Ps. 13.8 billion loss. This loss was largely due to the bank's short dollar position following the Argentine peso depreciation. Still, this was partially offset by higher other operating income in the quarter.

You should keep an eye on the composition of the interest income, as interest on loans represented 77% of total interest income in 3Q25. Finance: draft the impact of the Ps. 13.8 billion FX loss on the Net Interest Margin for the next quarter by Tuesday.