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Clarification on Banco de Desarrollo de Jujuy S. E.

The BCRA warned Banco de Desarrollo de Jujuy S. E. to refrain from using the name "Bank" for failing to comply with the regulations.

During an inspection in 2016, the Unlicensed Activities Supervision Management Office determined that Banco de Desarrollo de Jujuy S. E. fell outside the scope of the Law on Financial Institutions and warned it to stop being called "Bank".

In new formal requests, being the last one on June 23, 2021, the BCRA demanded the provincial authorities to comply with their undertaking to modify their corporate name. The institution notified the BCRA that, by virtue of their Board Resolution dated July 21, 2021, their corporate name was modified to Agencia de Desarrollo de Jujuy Sociedad del Estado, thereby complying with the BCRA requirement.

The BCRA did not make any decision or comment on the provincial institution’s continuity or activities.

August 27, 2021..

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