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Related Parties

12 Months Ended

Dec. 31, 2020

19.	RELATED PARTIES

A related party is a person or entity that is related to the Bank:

•

has control or joint control of the Bank;

•

has significant influence over the Bank;

•

is a member of the key management personnel of the Bank or of the parent of the Bank;

•

members of the same group;

•

one entity is an associate (or an associate of a member of a group of which the other entity is a member).

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Bank, directly or indirectly. The Bank considers as key management personnel, for the purposes of IAS 24, the members of the Board of Directors and the senior management members of the Risk Management Committee, the Assets and Liabilities Committee and the Senior Credit Committee.

As of December 31, 2020 and 2019, amounts balances and profit or loss related to transactions generated with related parties are as follows:


	Information as of December 31, 2020
	Main subsidiaries (1)
	Macro Bank Limited		Macro Securities SA			Macro Fondos SGFCISA		Argenpay SAU		Associates			Key management personnel (2)			Other related parties			Total
ASSETS

Cash and deposit in banks		674																		674
Repo transaction				767,386																767,386
Other financial assets																	148			148
Loans and other financing (3)
Documents																	1,528			1,528
Overdraft														32,754			406,418			439,172
Credit Cards														45,318			11,003			56,321
Lease				1,034													5,223			6,257
Personal loans														11,651						11,651
Mortgage loans														84,173						84,173
Other loans				711,777													380,489			1,092,266
Guarantee granted																	831,701			831,701

Total Assets		674		1,480,197										173,896			1,636,510			3,291,277

LIABILITIES

Deposits		7		671,420			130,614		56,976		43,339			620,654			3,777,234			5,300,244
Other financial liabilities				15,615										162			11,813,748			11,829,525
Other non-financial liabilities																	11,423			11,423

Total Liabilities		7		687,035			130,614		56,976		43,339			620,816			15,602,405			17,141,192

INCOME / (LOSS)

Interest income				47,019										60,519			635,329			742,867
Interest expense				(627	)						(8,864	)		(893,465	)		(737,515	)		(1,640,471	)
Commissions income				10,737			307				89			155			61,586			72,874
Commissions expense														(135	)		(235	)		(370	)
Net income from measurement of financial instruments at fair value through profit or loss																	17,861			17,861
Other operating income		4							1								23			28
Credit loss expense on financial assets				(6,886	)															(6,886	)
Administrative expense																	(167,219	)		(167,219	)
Other operating expense																	(76,761	)		(76,761	)

Income / (loss)		4		50,243			307		1		(8,775	)		(832,926	)		(266,931	)		(1,058,077	)

(1)	These transactions are eliminated during the consolidation process.

(2)	Includes close family members of the key management personnel.

(3)	The maximum financing amount for loans and other financing as of December 31, 2020 for Macro Securities SA, Key management personnel and other related parties amounted to 714,987, 997,346 and 4,673,348, respectively.


	Information as of December 31, 2019
	Main subsidiaries (1)
	Macro Bank Limited		Macro Securities SA		Macro Fondos SGFCISA		Argenpay SAU		Associates			Key management personnel (2)			Other related parties			Total
ASSETS

Cash and deposit in banks		653																	653
Other financial assets				160,385												71			160,456
Loans and other financing (3)
Documents																749,363			749,363
Overdraft													905,896			1,447,407			2,353,303
Credit Cards													52,752			32,082			84,834
Lease				4,607												9,326			13,933
Mortgage loans													80,305						80,305
Other loans																455,560			455,560
Guarantee granted																777,992			777,992

Total Assets		653		164,992									1,038,953			3,471,801			4,676,399

LIABILIITES

Deposits		15		1,226,167		114,383		1,623		31,201			17,785,179			1,797,457			20,956,025
Other financial liabilities													124			793,437			793,561

Total Liabilities		15		1,226,167		114,383		1,623		31,201			17,785,303			2,590,894			21,749,586

INCOME / (LOSS)

Interest income				13,000									102,201			307,541			422,742
Interest expense										(4,865	)		(1,194,235	)		(339,661	)		(1,538,761	)
Commissions income				760		259				262			74			7,458			8,813
Net loss from measurement of financial instruments at fair value through profit or loss													(54,322	)		(283,860	)		(338,182	)
Other operating income		5														43			48
Administrative expense																(53,669	)		(53,669	)
Other operating expense																(139,868	)		(139,868	)

Income / (loss)		5		13,760		259				(4,603	)		(1,146,282	)		(502,016	)		(1,638,877	)

(1)	These transactions are eliminated during the consolidation process.

(2)	Includes close family members of the key management personnel.

(3)	The maximum financing amount for loans and other financing as of December 31, 2019 for Macro Securities SA, Key management personnel and other related parties amounted to 7,063, 1,120,919 and 4,899,400, respectively.


	Information as of December 31, 2018
	Main subsidiaries (1)
	Macro Bank Limited	Macro Securities SA			Macro Fondos SGFCISA		Associates			Key management personnel (2)			Other related parties			Total
INCOME / LOSS
Interest income											6,186			164,245			170,432
Interest expense			(8,004	)				(473,888	)		(855,016	)		(52,576	)		(1,389,484	)
Commissions income			997			246		287			50			14,306			15,886
Administrative expenses														(24,584	)		(24,584	)
Other operating expenses								(3,187,035	) (3)					(65,810	)		(3,252,845	)

(Loss) / Income			(7,007	)		246		(3,660,636	)		(848,780	)		35,581			(4,480,595	)

(1)	These transactions are eliminated during the consolidation process.

(2)	Includes close members family of the key management personnel.

(3)	These losses were mainly generated by debit and credit cards processing expenses billed by Prisma Medios de Pago SA.

Transactions generated by the Bank with its related parties for transactions arranged within the course of the usual and ordinary course of business were performed in normal market conditions, both as to interest rates and prices and as to the required guarantees.

The Bank does not have loans granted to directors and other key management personnel secured with shares.

Total remunerations received as salary and bonus by the key management personnel as of December 31, 2020, 2019 and 2018, totaled 323,793, 325,577 and 295,188, respectively.

In addition, fees received by the Directors as of December 31, 2020, 2019 and 2018 amounted to 1,704,130, 2,298,592 and 1,634,030, respectively.

Additionally, the composition of the Board of Directors and key management personnel of the Bank and its subsidiaries is as follows:


	12/31/2020		12/31/2019
Board of Directors		22		24
Senior managers of the key management personnel		11		10

	33		34