City Bank’s President: “It’s crazy to launch a credit card for supermarkets”

Argentina, March 11, 2013

Federico Sturzenegger, president of City Bank, this morning called ‘madness’ the national government’s intention to launch a credit card to buy in supermarkets.

Speaking to Radio Diez, Sturzenegger said: “It’s crazy. We have 17 million people who have chosen credit cards. And banks are killed for doing promotions.” “The market was developed with a competition in which customers wanted discounts. And there are already huge discounts”.

He also considered that: “If the committee (which charge cards to supermarkets) is 1 to 3 percent is irrelevant. A state has to defend and not to destroy the competition. You have to create competitive markets because it is the best way to ensure that people take the best price. “