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THE BANK OF NEW YORK SELECTED FOR NEW SPONSORED ADR ISSUE BY BANCO DE GALICIA Y BUENOS AIRES

 NEW YORK, June 17 /PRNewswire/ -- The Bank of New York (NYSE: BK) announced today that Banco de Galicia y Buenos Aires has selected the Bank as the depositary for its international public offering of approximately $66 million through the issuance of more than 3 million American Depositary Receipts, each representing four Ordinary Shares. The ADRs trade on the NASDAQ Stock Exchange under the symbol "BGALY".
 Banco de Galicia y Buenos Aires is the second largest private commercial bank in Argentina, with a total deposit base of $1.5 billion and total assets of $2.5 billion on Dec. 31, 1992. On Dec. 31, 1992, Galicia had a market share based on total bank deposits in Argentina of approximately 4.2 percent. It is engaged principally in commercial banking, providing general banking services to small-and medium-sized companies, individuals and large corporations. Depending on the type of customer, such services include personal and corporate loans, deposit- taking, credit, debit and charge cards, residential mortgage loans, construction loans, fiduciary and custodial services and electronic banking.
 The Bank of New York is the world's largest depositary for American and Global Depositary Receipt facilities, which allow foreign companies to offer their dollar-denominated securities to investors in the United States. The Bank has increased its market position consistently so that by the end of 1992 it accounted for over 50 percent of all sponsored depositary receipt programs. The Bank currently issues depositary receipts for more than 649 non-U.S. companies representing 33 countries.
 The Bank of New York was founded in 1784 by Alexander Hamilton and is the nation's oldest bank operating under its original name. It is the principal subsidiary of The Bank of New York Company, Inc., which is the seventeenth largest bank holding company in the United States, with total assets of $40 billion as of March 31, 1993. The company provides a complete range of banking and other financial services to corporations and individuals worldwide through its five basic businesses: Corporate Banking, Retail Banking, Securities and Other Processing, Trust and Investment Management, and Financial Market Services. The company's stock is traded on the New York Stock Exchange under the symbol BK.
 -0- 6/17/93
 /CONTACT: Michael M. Pascale, VP - American Depositary, 212-495-1041 or Kenneth A. Lopian, VP - Receipts Division, 212-815-2084, both of Bank of New York/
 (BK)


CO: The Bank of New York; Banco de Galicia y Buenos Aires ST: New York IN: FIN SU:

WB -- NY082 -- 3240 06/17/93 15:40 EDT
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Publication:PR Newswire
Date:Jun 17, 1993
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