This report assesses the impact of COVID-19 on the banking sectors of South America’s five largest economies, highlighting the economic and industry risks faced during the crisis. The pandemic triggered sharp economic contractions across the region in 2020, increasing concerns about credit quality, loan defaults, and overall financial stability. Banks were challenged by rising credit risk, weaker economic activity, and uncertainty surrounding recovery prospects. The report evaluates factors such as economic resilience, institutional strength, competitive dynamics, funding conditions, and financial system stability across key countries including Argentina, Brazil, and Chile. While economic risk levels varied by market, the banking industry faced common pressures related to deteriorating bus

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