Grupo Financiero Galicia and Banco Galicia They announced this Friday that the purchase of all the operations of the HSBC group in Argentina was completed, which include the Bank, the Common Investment Fund Administrator and the Retirement and Life Insurance companies, for more than US$500 million.
The closing of the transaction involved the payment of US$275 million, the issuance and delivery of 11.38 million from American Depositary Receipts (ADRs) by Grupo Financiero Galicia plus a price adjustment in accordance with an agreed mechanism, which gives the total balance of the operation, approximately US$550 million.
This operation will convert Banco Galicia is the largest private bank in Argentinaboth for deposits and loans, adding more than 750,000 clients, 3,000 employees and 100 branches.
“We are very excited about this acquisition that consolidates us as the largest financial group in the country. “We want more people to be able to manage their finances in a simple way, travel, buy their own home and invest for their future,” remarked Fabián Kon, General Manager of Banco Galicia.
He highlighted that “Our technology will continue to grow so that more companies can access digital tools that allow them to finance their business, manage their financial flow online and manage collections and payments in their value chain. The increase in credit will be one of the drivers of economic growth of our country which will spill over on a social and environmental level.”
HSBC becomes Galicia More
Starting this Saturday, December 7, HSBC Argentina branches will be renamed Galicia Más and will be identified with this logo:
It is important to mention that at this stage “there will be no changes for collaborators and clients, nor in daily operations. Galicia and Galicia Más are two independent bankseach with its own products, benefits, branches, services and digital channels (App and Online Banking) and customer service. Clients who have products in both banks will continue to manage them separately, as they did until now,” they indicated from Galicia.
In the next stage, the integration of both banksto offer a “unique proposal to clients, a process that we estimate will materialize in 2025, which will be reported in a timely manner,” they added.
Given the possibility that customers receive fraudulent messages To verify your data or offer you any type of help, it is essential that, if you have any questions, you contact the bank through its usual official customer service channels.
Source: Ambito
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