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Swiss banks waiting on Argentina's capital market reform, finance minister says

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Swiss banks waiting on Argentina's capital market reform, finance minister says

Swiss investment banks are ready to resume full-scale operations in Argentina once the South American country passes its capital markets reform law, Swiss Finance Minister Ueli Maurer told La Nacion in an interview.

Switzerland's government agrees with the economic reforms presented by Argentine President Mauricio Macri, and it hopes that the changes will last beyond the current administration's term, Maurer was quoted as saying.

He added that Argentina and Switzerland enjoy a strong bilateral relationship, noting that many Swiss businessmen are waiting for the opportune moment to invest in Argentina.

According to the report, a recently implemented agreement to avoid double taxation should help accelerate investments in Argentina. Big Swiss lenders such as UBS Group AG and Credit Suisse Group AG, which currently have only small offices in Argentina, intend to expand their operations in the country once the capital market reform is approved, La Nacion noted.

A recent research report from Morgan Stanley estimated that the reform could help credit in Argentina grow 13x over the next 10 years.