Cambridge, economics, January 2014

banking

oregon trail

oregon trail

In 1791, Massachusetts Bank financed the first American voyage to Argentina by ship. With time, Buenos Aires and Boston became trade partners, trading goods like wool and leather and in 1917, Bank of Boston (after merging with Massachusetts Bank in 1903) opened its first branch in Buenos Aires.

The 20th century saw Bank of Boston become one the largest foreign banks in some parts of Latin America and its impressive neo-colonial Banco de Boston building in Buenos Aires, constructed in 1924, became a well known landmark (if also a target for protests).

In 2001, it was a site of massive protests in Argentina when the country defaulted on their international loans, and the government froze savings accounts. The building has since become ICBC Argentina, a Chinese bank, signaling China's influence in Latin America, as well as an end of an era for Boston banks in Latin America.


Take a look at some old and new photos of the Banco de Boston building in Buenos Aires.

*you can play the oregon trail here.