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BANCO DE GALICIA Y BUENOS AIRES REPORTS HIGHLIGHTS FOR THE YEAR ENDED JUNE 30, 1993; BOARD APPROVAL OF YEAR END DIVIDEND

 BUENOS AIRES, Argentina, Aug. 9 /PRNewswire/ -- Banco de Galicia y Buenos Aires (NASDAQ: BGALY), announced its total shareholders' equity and net income stated in Argentine GAAP (accounting for inflation and in pesos of constant value) for its fiscal year ended June 30, 1993. Total shareholders' equity amounted to 403.8 million pesos, a 60.7 percent increase from the comparable 1992 period. Net income increased 23.9 percent to 57.1 million pesos for the fiscal year ended June 30, 1993. The board of directors will also propose the following annual dividend distribution of earnings:
 -- A cash dividend of 7.5 percent per ordinary class "A" and "B" share of par value 1 peso, which on a total capital stock of 137.7 million shares amounts to 10.3 million pesos; and
 -- A stock dividend of 15 percent per ordinary class "A" and "B" share of par value 1 peso, amounting to a total of 20.6 million pesos.
 The bank is releasing this information in compliance with Argentine legal requirements. On Aug. 20, 1993, another press release will be issued with detailed information on the bank's consolidated net income and balance sheets, simultaneously with the delivery of the annual report to the Buenos Aires Stock Exchange.
 Banco de Galicia, which listed its American Depositary Receipts on NASDAQ in June 1993, is one of the two largest private banks in Argentina and the first Latin America 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.
 -0- 8/9/93
 /CONTACT: Sergio Grinenco of Banco de Galicia y Buenos Aires, 011-541-329-6253 or 011-541-329-6254, or Felicia Vonella of Dewe Rogerson Inc., 212-688-6840/
 (BGALY)


CO: Banco de Galicia y Buenos Aires ST: IN: FIN SU: ERN

SM-OS -- NY078 -- 0869 08/09/93 16:05 EDT
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Publication:PR Newswire
Date:Aug 9, 1993
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