Press Release

Beccar Varela advised Banco Galicia and Grupo Financiero Galicia on the acquisition of HSBC Argentina's business for a value of US$ 550 million (subject to adjustments). The agreement was signed on April 9^th. The closing of the transaction is conditioned upon approval from the Central Bank of the Argentine Republic and will be presented before the Competition Authority.

HSBC's Argentine Bank has a network of over 100 branches, 3,100 employees, and around one million clients. The sale of the businesses of the British-origin entity includes the bank, asset management, and insurance, along with US$ 100 million of subordinated debt issued by HSBC Bank Argentina, held by other HSBC entities.

The transaction involves the simultaneous acquisition, directly and indirectly, by Banco Galicia and Grupo Financiero Galicia of 99.99383% of the share capital and votes of HSBC Bank Argentina SA and 100% of HSBC Argentina Holdings SA, HSBC Participaciones (Argentina) SA, HSBC Global Asset Management SA, HSBC Seguros de Vida (Argentina) SA, and HSBC Seguros de Retiro (Argentina) SA.

Grupo Financiero Galicia is the largest private financial group in Argentina. With this acquisition, Banco Galicia will become the second largest bank in the country.

The buyers were advised by Beccar Varela in Buenos Aires, Latham & Watkins in London and New York, and Gibson, Dunn & Crutcher in New York; while the sellers were advised by Bruchou & Funes de Rioja in Buenos Aires and Linklaters in London.

Counsels to Banco Galicia and Grupo Financiero Galicia:

Beccar Varela (Buenos Aires): team led by partners Roberto Crouzel, María Shakespear, and María Benson, along with senior associate Luciana Liefeldt. Also participating were partners Luciana Denegri, Santiago Montezanti, Daniel Seoane, Federico Sosa, Agustín Waisman Gustavo Papeschi, María Eduarda Noceti, Florencia Rosati, and Daniel Levi; counsel Eugenia Radaelli, senior associates Victoria Pavani, Luján Callacci, Valeria Kemerer, Daiana Mari, Rocío Labán, Rodrigo Allende, Francisco Grosso, Mariana Lamarca Vidal, Juan Pablo Perrino, Tomás López Bisso, Gonzalo Ochoa and Victoria Palermo; and associates Franco Montiel, Sofía Benegas Lynch, and Juan Ignacio Pazos.

Latham & Watkins (London): team led by partners Beatrice Lo and Neil Campbell along with associates Leah Adeniran, Kit Adamson, and Angus Baird. Also participating were partners Aoife McCabe and Fiona Maclean; counsel James Leslie and associate Grace Erskine.

Latham & Watkins (New York): partner Antonio del Pino.

Gibson, Dunn & Crutcher (New York): partner Tomer Pinkusiewicz and of counsel Marie Kwon.

In-house counsel: Esteban Tresserras and Martín Berrotarán.

Counsels to HSBC.

Bruchou & Funes de Rioja (Buenos Aires): partners Nicolás Dulce, Estanislao Olmos and Hugo Bruzone, and senior associate Franca Staforini.

Linklaters (London): partner Derek Tong and associate Cameron Western.·