Banco Macro began operations as Financiera Macro, a brokerage specializing in arbitrage founded by Mario Brodersohn, José Dagnino Pastore and Alieto Guadagni, in 1976. The institution was purchased by a competing arbitrageur, Jorge Brito, in 1985.[3] Granted authorization to operate as a commercial bank by the Central Bank of Argentina in 1988, Banco Macro operated as a wholesale bank until 1995, becoming a pioneer in the Argentine corporate bonds market. During this interim. its business revolved around money market investments, trading of government and corporate bonds and financial services for medium and larger companies.