Business Context and Reporting Period
Company: Macro Bank Inc. (Banco Macro S.A.)
Filing Type: Form 6-K (Report of Foreign Private Issuer)
Date: September 20, 2018
Context: The filing is a translation of a submission to the Argentine Securities Commission (CNV) addressing press allegations regarding the use of aircraft allegedly owned by the Bank by specific individuals.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on a specific corporate governance and reputational matter rather than financial performance.
Material Changes
No material financial changes are reported. The filing addresses a reputational event involving press allegations that a helicopter and two airplanes owned by the Bank were used by Messrs. Daniel Muñoz and Ernesto Clarens for travel between Argentina and Uruguay.
Management Commentary and Clarifications
- Helicopter Allegation: Management states the Bank has never owned a helicopter; therefore, the alleged flights could not have occurred.
- Mr. Daniel Muñoz: Management confirms Mr. Muñoz never traveled on a Banco Macro S.A. plane.
- Mr. Ernesto Clarens: Management confirms Mr. Clarens traveled on a Bank-owned plane only once, on December 27, 2012.
- Route: Punta del Este International Airport to Jorge Newbery Airport (Buenos Aires).
- Reason: A family emergency.
- Cost: The plane was returning to its base of operations, resulting in no additional costs to the Bank.
- Relationship: Mr. Clarens was a shareholder of Citicorp Sociedad de Bolsa alongside Citibank Argentina and Banco Macro S.A.
Investor Verification Checklist
- Verify the Bank's historical asset register to confirm the absence of helicopter ownership.
- Confirm the flight logs for December 27, 2012, regarding the specific aircraft used by Mr. Clarens.
- Review the Bank's travel and expense policies regarding non-employee use of corporate aircraft.
- Assess the potential reputational impact of the press allegations despite the Bank's denial.