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BANCO DE GALICIA FILES REGISTRATION STATEMENT FOR NEGOTIABLE OBLIGATIONS

 BUENOS AIRES, Argentina, Sept. 21 /PRNewswire/ -- Banco de Galicia y Buenos Aires S.A. (NASDAQ: BGALY) announced today that it filed with the Securities and Exchange Commission a registration statement relating to a proposed offering of $200 million in negotiable obligations due 2003. The interest rate, maturity date and other principal terms of the debt securities will be established at the time of their sale. The company has appointed Goldman, Sachs & Co. and Merrill Lynch & Co. as co- managers.
 The net proceeds of this offering will be used to fund residential mortgages and consumer loans and to make loans to corporate clients.
 Banco de Galicia, which listed its American Depositary Receipts on NASDAQ in June 1993, is the second largest private bank in Argentina and the first Latin American private commercial bank to make a fully registered stock offering in the United States. The bank is engaged principally in commercial banking, providing general banking services to individuals, small and medium-sized companies, and large corporations.
 A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under securities laws of any such state.
 -0- 9/21/93
 /CONTACT: Sergio Grinenco of Banco de Galicia y Buenos Aires, 011-541-329-6253 or 6254; Hector Arzeno, U.S. representative of Banco de Galicia y Buenos Aires, 212-906-3701; or Felicia Vonella of Dewe Rogerson Inc., 212-688-6840/
 (BGALY)


CO: Banco de Galicia y Buenos Aires S.A. ST: IN: FIN SU: OFR

CK-TW -- NY076 -- 4301 09/21/93 15:39 EDT
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Publication:PR Newswire
Date:Sep 21, 1993
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