La Libertad advances

Security Firm with Past Ties Wins $4 Billion Bank Nación Surveillance Contract

Buenos Aires,Argentina – Tech Security SRL,a private security company with previous contracts with Banco Nación,has been awarded a important two-year contract worth nearly $4 billion pesos (approximately $4,000 million) to provide security services for the state bank. The contract, announced in the Official Gazette, covers surveillance of Banco Nación’s central headquarters – the iconic Alejandro Bustillo-designed building on Bartolomé Mitre 300 – and four other major branches.

The winning bid totaled $3,933,026,507 pesos, significantly exceeding the second-place pre-award to Briefing Security SA, which was offered $237 million pesos. While Tech Security has previously provided security for Banco Nación, prior contracts were for one year with a 12-month renewal option. This new contract represents a considerable increase in both duration and financial value.

The news comes amidst ongoing debate surrounding pension reform and the economic situation in Argentina. Lower House President Eduardo Menem addressed these issues, reiterating his support for fiscal duty and a comprehensive labor reform before any changes to the pension system are considered.Menem stated that previous administrations, including those of Néstor Kirchner and Alberto Fernández, contributed to the current challenges facing the pension system. He emphasized the need for a larger contributor base to support retirees, noting the current ratio of fewer than two active workers contributing for each retiree. He argued that expanding the formal workforce is crucial to ensuring the sustainability of the pension system.

“Before any pension issue, labor reform is required,” Menem asserted, emphasizing the importance of wealth creation through production and stability. He also criticized legislators he believes are perpetuating misinformation and supporting past policies that contributed to the problem.

Menem also expressed optimism regarding potential alliances with the PRO party in Buenos Aires, believing a collaboration could facilitate further economic transformations. He cautioned against collaboration with those he characterized as aligning with Kirchnerism, stressing the need to maintain fiscal surplus.Note: Currency conversion rates fluctuate. The approximate USD equivalent is based on current rates as of today, November 21, 2023.