Galicia Finance Grupo Financiero Galicia SA (NASDAQ: GGAL, BCBA: GGAL) was founded in 1905 and is headquartered in Buenos Aires, Argentina. It has 9,554 full-time employees. It is a financial services holding company that provides a variety of financial products and services in Argentina.
Galicia Finance Grupo Financiero Galicia (GGAL):
Galician Finance Corporation provides a variety of financial products and services for large, neutral and small companies and individuals, including: wholesale banking services, financial support and cash management services; foreign exchange trading services; corporate debt and securitization transactions; electronic solutions Programs to institutions, municipal units and universities; provide personal loans, consumer loans, salary loans; time deposits; checking and savings accounts; credit and charge cards, direct salary deposits and other services; insurance; retirement and pension payments; provision Mutual fund and brokerage services; insurance brokerage business; life insurance products (such as employee benefit plans and credit-related insurance); property and personal accident insurance products; operating foreign currencies and government bonds.
In terms of deposits, assets or loans, Galician Finance Corporation is the largest private commercial bank in Argentina , followed by Banco Macro .
In addition to conducting banking business through Banco Galicia Bank, Grupo Financiero Galicia also conducts other businesses through 4 subsidiaries, including:
- Grupo Sudamericana-an insurance company specializing in life, retirement and pension policies;
- Galicia Warrants SA-storage leasing service and certificate of deposit company;
- Net Investment-a holding company dedicated to investing in Internet projects that can cooperate with Banco Galicia;
- Galval Agente de Valores SA-a wholly-owned subsidiary of GFG, headquartered in Uruguay, aims to provide hosting services.
Grupo Galicia Class B shares are listed on the Córdoba Stock Exchange, and Grupo Galicia ADSs are traded on the Nasdaq Capital Market under the symbol “GGAL”.
As of December 31, 2015, Grupo Financiero Galicia SA operated 260 full-service bank branches, 1659 ATM machines and self-service terminals.
As of December 31, 2018, Grupo Financiero Galicia SA operated 325 full-service bank branches, 2029 ATM machines and self-service terminals.
As of December 31, 2019, Grupo Financiero Galicia SA has 326 full-service bank branches; 1,034 ATMs; and 1,020 self-service terminals.
Grupo Financiero Galicia (GGAL) History:
- In 1905, a consortium led by Manuel Escasany, a jewelry and watch company, established Banco de Galicia y Buenos Aires, which was the predecessor of the Galician Finance Company;
- In 1907, the company was listed on the Buenos Aires Stock Exchange;
- In 1948, the founder passed away and his son Eduardo Escasany took over as chairman;
- In 1965, Banco de Galicia became the largest domestic private bank in Argentina;
- In 1975, Galician Finance’s new housing loans ranked second in the national mortgage banking industry (93 branches);
- In 1993, Banco de Galicia became the first banking company in Latin America to be listed on both the US and European stock markets;
- In 1996, Banco Galicia and The Hartford established a joint insurance company-Sudamericana Holding SA;
- Galician Finance is the largest private commercial bank in Argentina in terms of deposits, assets or loans. As of April 2009, the group has a total of 236 branches in Argentina, with a total deposit of nearly US$4.5 billion, a market share of 6% and a private market share of 7.6%. Consolidated assets totaled 7.7 billion U.S. dollars and personal loans were 3.7 billion U.S. dollars (6.5% of the market).
- On August 12, 2019, the anti-austerity policy candidate won the Argentine presidential primary election. The Argentine peso collapsed by 34.82%. Argentine companies listed in the United States plummeted: Galician Finance fell 54%, Grupo Supervielle fell 52%, and Pampa Energia fell 52%, Loma Negra fell 57%, Central Puerto fell 55%, and Macro Bank fell 53%.