Funding and Financial Position - As of December 31, 2023, total funding amounted to Ps.10,216,058 million, a decrease from Ps.10,488,176 million in 2022[984] - Deposits represented 56% of total funding as of December 31, 2023, down from 64% in 2022, with a 14% decrease in the deposit base[987] - Time deposits decreased significantly from Ps.2,636,766 million in December 2022 to Ps.1,160,459 million in December 2023, a reduction of Ps.1,476,307 million[987] - Outstanding debt securities as of December 31, 2023, were Ps.298,328 million, a decrease of 15% from Ps.350,982 million in 2022[989] - The total amount of financing from local financial institutions was Ps.102,023 million, with Ps.94,611 million corresponding to agreements with banks[988] - As of December 31, 2023, shareholders' equity was Ps.2,017,244 million, representing 20% of total funding[984] - The breakdown of debt securities included Ps.71,059 million in Peso-denominated debt and Ps.227,269 million in foreign currency-denominated debt[991] - Total contractual obligations as of December 31, 2023, amount to 1,636,280 million Pesos, with 1,426,799 million Pesos due in less than one year[1008] Income and Cash Flow - In fiscal year 2023, net cash generated by operating activities amounted to Ps.1,667,301 million, a decrease of 7.1% compared to Ps.1,794,287 million in 2022[1076] - Net cash used in investing activities in 2023 was Ps.81,858 million, primarily due to the acquisition of property, plant, and equipment for Ps.74,019 million[1083] - Net cash generated in financing activities in 2023 was negative at Ps.229,764 million, with significant payments of Ps.373,780 million on loans from local financial institutions[1087] - The effect of the exchange rate on consolidated cash flow in 2023 was Ps.1,034,032 million, an increase of 84.5% compared to Ps.559,889 million in 2022[1090] - Cash and cash equivalents at the end of 2023 were Ps.3,267,340 million, down from Ps.4,131,561 million at the end of 2022[1076] - The company reported a monetary loss related to cash and cash equivalents of Ps.3,253,932 million in 2023, compared to Ps.2,142,478 million in 2022[1076] - Income before taxes from continuing operations in 2023 was Ps.543,010 million, significantly higher than Ps.204,099 million in 2022[1079] - The company experienced a net increase in cash generated from net loans and other financing to the non-financial private sector of Ps.584,705 million in 2023[1079] Strategic Initiatives and Market Outlook - Banco Galicia aims to strengthen its market leadership by focusing on product quality and operational efficiency[1031] - The company anticipates an increase in financial income in 2024 due to expected real interest rate increases[1034] - Fee income is projected to rise in 2024 due to efficiencies generated in business lines, despite regulatory price limitations[1036] - The ongoing digital transformation is expected to enhance efficiency and stabilize administrative expenses compared to the previous year[1038] - Banco Galicia's liquidity and solvency levels are sufficient to cope with potential macroeconomic challenges in 2024[1039] - Naranja X faces challenges due to Argentina's economic volatility, with potential drops in transaction volumes and service revenue expected in 2024[1040] - The company aims to enhance sales and billing volumes while maintaining adequate profitability levels through strategic initiatives[1046] - Grupo Financiero Galicia plans to continue expanding its business through Banco Galicia and Naranja X's customer channels, focusing on new product offerings[1044] Governance and Compliance - The Board of Directors consists of 15 members, with 2 female and 13 male directors, reflecting a gender diversity ratio of approximately 13.3% female representation[1137] - The Audit Committee held twelve meetings during 2023, ensuring compliance with CNV and Nasdaq requirements[1140] - The Executive Committee is responsible for strategic planning and risk assessments, comprising members including Eduardo J. Escasany and Pablo Gutiérrez[1141] - The Nomination and Compensation Committee consists of 5 regular directors, including 2 independent directors, focusing on succession planning and compensation standards[1143] - The company has established a Disclosure Committee to review and approve controls on public financial disclosures, in compliance with the U.S. Sarbanes-Oxley Act[1144] - The Supervisory Committee is composed of three syndics and three alternate syndics, responsible for ensuring compliance with Argentine law and analyzing financial statements[1145] - The company has a strong emphasis on ethics and integrity, monitored by the Ethics, Conduct and Integrity Committee, chaired by independent director Miguel Maxwell[1142] - The Audit Committee includes members with extensive management experience, ensuring financial literacy and oversight of internal controls[1139] Organizational Structure and Leadership - Banco Galicia's organizational structure includes a CEO reporting to the Board of Directors, with key officers in finance, risk, and investor relations[1154] - The company has a diverse board, with no underrepresented individuals or LGBTQ+ members disclosed[1137] - The regular and alternate directors are elected for a maximum term of three years, ensuring governance accountability[1134] - The board of directors of Banco Galicia consists of seven members and three alternate directors, with terms expiring between April 2025 and April 2027[1164] - Sergio Grinenco has been the Chairman of the Board since April 2012, with his current term ending in April 2026[1166] - Raúl Héctor Seoane serves as Vice Chairman and has been with Banco Galicia since 1988, also with a term ending in April 2026[1169] - The Chief Executive Officer, Mr. Fabián Kon, has been in his position since July 2020 and previously served as the CEO of Galicia Seguros[1160] - The Chief Financial Officer & Compliance Officer, Mr. Diego Rivas, was appointed in May 2021 and has been associated with Banco Galicia since 1987[1161] - The Chief Risk Officer, Mr. Bruno Folino, has been with Banco Galicia since 1997 and was appointed to his current role in May 2021[1162] - The Investor Relations Officer, Mr. Pablo Firvida, has extensive experience in investor relations and was appointed in July 2020[1163]

Natalia SO/iStock Editorial via Getty ImagesArgentina’s banking system has long been a fragmented one, with no major bank, not even the state-owned Banco Nacion, holding a dominant share of system assets. But ongoing economic turbulence and the rise of a new economic regime under President Javier Milei mark a potential step-change in future industry dynamics. Last week’s exit by HSBC Holdings plc (HSBC) from Argentina, coming on the heels of a similar move by Itaú Unibanco (ITUB) last year, only reinfor ...

Table of Contents AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON APRIL 24, 2023 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________ FORM 20-F __________________________ (Mark One) o Registration Statement pursuant to Section 12(b) or (g) of the Securities Exchange Act of 1934 or x Annual Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2022 or o Transition report pursuant to Section 13 ...

Table of Contents AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON APRIL 25, 2022 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20–F (Mark One) ☐ Registration Statement pursuant to Section 12(b) or (g) of the Securities Exchange Act of 1934 or ☒ Annual Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2021 or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 or ☐ ...

Table of Contents AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON APRIL 23, 2021 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20–F (Mark One) ☐ Registration Statement pursuant to Section 12(b) or (g) of the Securities Exchange Act of 1934 or ☒ Annual Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2020 or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 or ☐ ...

PART I [Key Information](index=8&type=section&id=Item%203.%20Key%20Information) Selected financial data for 2017-2019 shows a net income recovery in 2019, alongside key risks from Argentina's economy and COVID-19 [Selected Financial Data](index=8&type=section&id=A.%20Selected%20Financial%20Data) Key financial data for 2017-2019, adjusted for hyperinflation, covers income, financial position, and performance ratios - The company's financial statements for fiscal years 2017, 2018, and 2019 are prepared in accordance with IFRS and adjusted for hyperinflation as per IAS 29, using the Consumer Price Index (CPI) as of December 31, 2019[15](index=15&type=chunk)[16](index=16&type=chunk)[30](index=30&type=chunk) Consolidated Statement of Income (IFRS) | | 2019 | 2018 | 2017 | | :--- | :--- | :--- | :--- | | | (in millions of Pesos) | | | | **Net Income from Interest** | 34,830 | 51,324 | 45,956 | | **Net Income from Financial Instruments** | 72,830 | 26,694 | 13,016 | | **Operating Income** | 36,858 | 5,191 | 22,456 | | **Income (Loss) for the Year Attributable to GFG** | 23,708 | (5,332) | 10,451 | | **Basic Earnings per Share (in Pesos)** | 16.62 | (3.74) | 7.32 | Consolidated Statement of Financial Position (IFRS) | | 2019 | 2018 | 2017 | | :--- | :--- | :--- | :--- | | | (in millions of Pesos) | | | | **Total Assets** | 685,519 | 876,371 | 753,227 | | **Loans and Other Financing** | 358,559 | 434,900 | 437,430 | | **Deposits** | 393,735 | 553,946 | 455,909 | | **Shareholders' Equity attributable to GFG** | 113,942 | 92,492 | 99,260 | Selected Ratios (IFRS) | | 2019 | 2018 | 2017 | | :--- | :--- | :--- | :--- | | **Return on Assets** | 3.46% | (0.61)% | 1.39% | | **Return on Shareholders' Equity** | 20.81% | (5.76)% | 10.53% | | **Efficiency ratio** | 50.72% | 64.13% | 58.24% | | **Shareholders' Equity as a Percentage of Total Assets** | 16.62% | 10.55% | 13.18% | | **Non-Accrual Instruments as a % of Total Portfolio** | 4.63% | 3.51% | 2.20% | [Risk Factors](index=13&type=section&id=D.%20Risk%20Factors) The company faces significant risks from Argentina's volatile economy, financial system instability, and operational challenges - The company's operations are significantly dependent on Argentina's macroeconomic and political conditions, including economic instability, high inflation, and government policy changes[57](index=57&type=chunk)[59](index=59&type=chunk)[60](index=60&type=chunk) - Risks to the Argentine financial system include reliance on depositor confidence, low financial intermediation, and significant exposure to public sector debt, with Banco Galicia's public sector exposure at **Ps. 110,957 million** as of December 31, 2019[129](index=129&type=chunk)[133](index=133&type=chunk)[138](index=138&type=chunk) - As a holding company, Grupo Galicia's ability to meet financial obligations and pay dividends depends on subsidiary funds, constrained by regulations like the Argentine Central Bank's dividend distribution suspension until June 30, 2020, due to COVID-19[150](index=150&type=chunk)[151](index=151&type=chunk)[155](index=155&type=chunk) - The company faces significant operational risks, including system failures, fraud, and cybersecurity breaches, with COVID-19 introducing further risks such as higher default rates and business disruptions[114](index=114&type=chunk)[118](index=118&type=chunk)[165](index=165&type=chunk) [Information on the Company](index=29&type=section&id=Item%204.%20Information%20on%20the%20Company) Grupo Financiero Galicia, a leading Argentine financial services holding company, details its history, business segments, and regulatory environment [History and Development of the Company](index=29&type=section&id=A.%20History%20and%20Development%20of%20the%20Company) Grupo Financiero Galicia, incorporated in 1999, has expanded its financial services through strategic acquisitions and capital offerings - Grupo Financiero Galicia S.A. was incorporated on September 14, 1999, as a financial services holding company, with Banco Galicia as its main subsidiary and one of Argentina's largest full-service banks[188](index=188&type=chunk)[196](index=196&type=chunk) - In 2017, the company completed a global primary follow-on offering, issuing **126.5 million** new Class B shares and increasing its share capital to **Ps. 1,426,764,597**[217](index=217&type=chunk)[218](index=218&type=chunk) - A 2018 corporate reorganization increased Grupo Financiero Galicia's ownership in Tarjetas Regionales S.A. to **83%** by acquiring Banco Galicia's stake[215](index=215&type=chunk) - In 2019, Banco Galicia sold its **7.7%** stake in Prisma Medios de Pago S.A., and Grupo Financiero Galicia created IGAM LLC in the US to provide brokerage services, acquiring Galicia Valores[232](index=232&type=chunk)[220](index=220&type=chunk)[223](index=223&type=chunk) Capital Expenditures (in millions of Pesos) | Year | Fixed Assets | Licenses & Intangible Assets | Total | | :--- | :--- | :--- | :--- | | **2019** | 3,546 | 4,351 | 7,897 | | **2018** | 3,595 | 2,078 | 5,673 | | **2017** | 4,187 | 828 | 5,015 | Budgeted Capital Expenditures for 2020 (in millions of Pesos) | Purpose | Amount | | :--- | :--- | | Infrastructure (Buildings, Tower, Branches) | 1,539 | | Organizational and IT System Development | 5,219 | | **Total** | **6,758** | [Business Overview](index=37&type=section&id=B.%20Business%20Overview) Banco Galicia is a leading Argentine private-sector bank, with diversified operations across banking, consumption, and insurance, facing strong competition - Banco Galicia is a leading private-sector bank in Argentina, ranking first in loan portfolio and second in assets and deposits as of December 31, 2019, with an **11.57%** market share for private sector loans[266](index=266&type=chunk) - The bank's operations are segmented into Wholesale Banking, Retail Banking, and Financial Banking, serving diverse customer segments from corporations to individuals[267](index=267&type=chunk)[268](index=268&type=chunk)[280](index=280&type=chunk) - Tarjeta Naranja is Argentina's largest proprietary brand credit card operator, with approximately **8.5 million** cards issued as of December 31, 2019, primarily serving low- and medium-income customers[245](index=245&type=chunk)[329](index=329&type=chunk) - The company is accelerating digital transformation, reorganizing into agile 'Squads' and 'Tribes', and launched the Naranja X virtual wallet and e-checks, achieving a **75%** market share in e-checks[318](index=318&type=chunk)[323](index=323&type=chunk)[334](index=334&type=chunk) - The Argentine financial system comprised 78 institutions as of December 31, 2019, with the top 10 banks holding **77.8%** of private sector deposits, indicating strong competition from domestic and foreign banks[343](index=343&type=chunk)[348](index=348&type=chunk)[351](index=351&type=chunk) [Operating and Financial Review and Prospects](index=102&type=section&id=Item%205.%20Operating%20and%20Financial%20Review%20and%20Prospects) The company reported a significant net income recovery in 2019, but faces a challenging 2020 outlook due to macroeconomic volatility and COVID-19 impacts [Operating Results](index=102&type=section&id=A.%20Operating%20Results) Net income significantly recovered in 2019, driven by financial instruments, but 2020 faces challenges from COVID-19 and macroeconomic factors Consolidated Income Statement Summary (in millions of Pesos) | | 2019 | 2018 | 2017 | | :--- | :--- | :--- | :--- | | **Net Income from Interest** | 34,830 | 51,324 | 45,956 | | **Net Fee Income** | 28,083 | 32,875 | 32,563 | | **Net Income from Financial Instruments** | 72,830 | 26,694 | 13,016 | | **Loan and Other Receivables Loss Provisions** | (22,203) | (25,074) | (11,220) | | **Loss on Net Monetary Position** | (30,798) | (27,788) | (10,496) | | **Net Income (Loss) for the Year** | 23,819 | (5,891) | 11,196 | - Net income for FY 2019 was **Ps. 23,819 million**, a **504%** increase from the **Ps. 5,891 million** net loss in FY 2018, primarily driven by a **173%** increase in Net Income from Financial Instruments to **Ps. 72,830 million**[734](index=734&type=chunk)[736](index=736&type=chunk)[808](index=808&type=chunk) - The net loss in FY 2018 was mainly due to a **165%** increase in 'Loss on net monetary position' (from **Ps. 10,496 million** to **Ps. 27,788 million**) and a **123%** increase in loan loss provisions[738](index=738&type=chunk)[740](index=740&type=chunk)[741](index=741&type=chunk) - The outlook for 2020 is challenging due to the COVID-19 pandemic, sovereign debt restructuring, and macroeconomic volatility, anticipating negative impacts on income from lower interest rates, regulatory restrictions on fees, and higher loan loss provisions[957](index=957&type=chunk)[963](index=963&type=chunk)[966](index=966&type=chunk) [Liquidity and Capital Resources](index=139&type=section&id=B.%20Liquidity%20and%20Capital%20Resources) GFG's liquidity is solid, primarily funded by deposits, though dividend payments are constrained by regulations and subsidiary performance - As a holding company, GFG's primary cash source is dividends from subsidiaries, mainly Banco Galicia, with payments affected by regulations including a suspension by the Argentine Central Bank until June 30, 2020, due to COVID-19[974](index=974&type=chunk)[978](index=978&type=chunk) - For FY2019, shareholders approved increasing the discretionary reserve for future dividends and granted the Board the ability to pay up to **Ps. 4,000 million** in cash dividends, subject to Banco Galicia's capacity[979](index=979&type=chunk) Consolidated Cash Flows Summary (in millions of Pesos) | | 2019 | 2018 | 2017 | | :--- | :--- | :--- | :--- | | **Net Cash (used in)/generated by Operating Activities** | (10,569) | 121,928 | (13,810) | | **Net Cash (used in)/generated by Investment Activities** | (5,218) | (5,517) | (5,955) | | **Net Cash (used in)/generated by Financing Activities** | (27,130) | 28,395 | 20,605 | | **Cash and cash equivalents at end of the year** | 232,119 | 347,459 | 202,994 | - Total available cash and cash equivalents decreased by **Ps. 115,340 million** in 2019 to **Ps. 232,119 million**, primarily due to net cash outflows from operating activities (**Ps. 10,569 million**) and financing activities (**Ps. 27,130 million**)[989](index=989&type=chunk)[992](index=992&type=chunk) - Banco Galicia's capital management policy ensures prudent capital levels, with its computable capital of **Ps. 80,785 million** as of December 31, 2019, exceeding the minimum regulatory requirement by **114.50%**[1018](index=1018&type=chunk)[532](index=532&type=chunk)[533](index=533&type=chunk) [Directors, Senior Management and Employees](index=146&type=section&id=Item%206.%20Directors,%20Senior%20Management%20and%20Employees) This section details the Board of Directors, executive management, and employee structure, including compensation and corporate governance practices - The Board of Directors of Grupo Financiero Galicia consists of nine members, with five from the controlling Escasany, Ayerza, and Braun families, and Eduardo J. Escasany serving as Chairman[1026](index=1026&type=chunk)[1041](index=1041&type=chunk)[1043](index=1043&type=chunk) - The company has several board committees, including an Audit Committee, Executive Committee, Ethics Committee, Nomination and Compensation Committee, and a Disclosure Committee for Sarbanes-Oxley compliance[1045](index=1045&type=chunk)[1047](index=1047&type=chunk)[1048](index=1048&type=chunk) - For fiscal year 2019, total compensation for the Board of Directors was set at **Ps. 85.8 million** for Grupo Financiero Galicia and **Ps. 32.6 million** for Banco Galicia[1128](index=1128&type=chunk)[1132](index=1132&type=chunk) - The Group employed **9,718** people as of December 31, 2019, a decrease from **10,209** in 2018, with approximately **39.5%** of Banco Galicia's employees affiliated with the national bank employee union[1139](index=1139&type=chunk)[1140](index=1140&type=chunk) - The company follows Argentine corporate governance practices, which differ from Nasdaq listing standards in areas such as report distribution and committee composition[1133](index=1133&type=chunk)[1134](index=1134&type=chunk) [Major Shareholders and Related Party Transactions](index=164&type=section&id=Item%207.%20Major%20Shareholders%20and%20Related%20Party%20Transactions) The controlling families hold a majority of voting rights, and related party transactions are conducted on market terms within regulatory limits - The controlling shareholders (Escasany, Ayerza, and Braun families) hold **59.4%** of total voting rights as of March 31, 2020, primarily through EBA Holding S.A., which owns **100%** of the Class A shares (5 votes per share)[1147](index=1147&type=chunk)[1149](index=1149&type=chunk) Major Shareholders as of March 31, 2020 | Shareholder | % of Total Shares | % of Total Votes | | :--- | :--- | :--- | | **The Bank of New York Mellon (ADS Depositary)** | 39.2% | 21.9% | | **EBA Holding S.A.** | 19.7% | 55.1% | | **ANSES** | 18.5% | 10.4% | | **EBA Holding Shareholders (Directly)** | 7.7% | 4.3% | - Transactions with related parties, such as directors and officers, are conducted in the ordinary course of business on market terms, with Banco Galicia's aggregate financial exposure to related parties at **Ps. 1,102 million** as of December 31, 2019[1158](index=1158&type=chunk)[1164](index=1164&type=chunk) [Financial Information](index=166&type=section&id=Item%208.%20Financial%20Information) This section covers legal proceedings, the company's dividend policy, and the impact of regulatory restrictions on dividend payments - The company and its subsidiaries are involved in various legal proceedings, including tax claims and class actions, for which management believes adequate reserves have been recorded[1170](index=1170&type=chunk)[1173](index=1173&type=chunk)[1175](index=1175&type=chunk) - The company's dividend policy is based on realized profits, financial condition, and subsidiary needs, with its ability to pay dividends dependent on distributions from its subsidiaries, principally Banco Galicia[1183](index=1183&type=chunk)[1185](index=1185&type=chunk)[1187](index=1187&type=chunk) - In 2019, Grupo Financiero Galicia paid cash dividends of **Ps. 2,000 million** for FY2018, and for FY2019, the board proposed a potential distribution of up to **Ps. 4,000 million** from a discretionary reserve, contingent on regulatory approval[1189](index=1189&type=chunk)[1190](index=1190&type=chunk) - Due to the COVID-19 pandemic, the Argentine Central Bank suspended the ability of financial institutions, including Banco Galicia, to pay cash dividends until June 30, 2020[1191](index=1191&type=chunk) [The Offer and Listing](index=172&type=section&id=Item%209.%20The%20Offer%20and%20Listing) Grupo Financiero Galicia's shares and ADSs are listed on major exchanges, with its shares being the most traded on BYMA in 2019 - The company's Class B shares are listed on the BYMA under 'GGAL', and its American Depositary Shares (ADSs), each representing ten Class B shares, are listed on the Nasdaq Capital Market under the same symbol[1207](index=1207&type=chunk) - In 2019, Grupo Financiero Galicia's shares were the most traded on the BYMA, accounting for **24.2%** of the total trading volume, up from **15.2%** in 2018[1211](index=1211&type=chunk) - The Argentine securities market is regulated by the Comisión Nacional de Valores (CNV), which oversees public offerings, brokers, and public companies[1214](index=1214&type=chunk) [Additional Information](index=174&type=section&id=Item%2010.%20Additional%20Information) This section details the company's corporate structure, share rights, material contracts, and Argentine and U.S. tax implications for shareholders [Memorandum and Articles of Association](index=174&type=section&id=B.%20Memorandum%20and%20Articles%20of%20Association) The company's capital structure includes Class A and Class B shares with differing voting rights, and dividend distribution is subject to legal reserves - The company's capital comprises Class A shares (5 votes each) and Class B shares (1 vote each), with Class A shares representing **19.71%** of capital stock but **55.11%** of voting rights as of December 31, 2019[1226](index=1226&type=chunk)[1227](index=1227&type=chunk) - Shareholders have preemptive rights to subscribe to new share issues proportionally to their holdings, though ADS holders may have restricted ability to exercise these rights[1260](index=1260&type=chunk)[1265](index=1265&type=chunk) - Dividends can only be paid from realized and liquid retained earnings after allocating **5%** of net income to a legal reserve until it reaches **20%** of outstanding capital[1253](index=1253&type=chunk)[1254](index=1254&type=chunk) [Taxation](index=182&type=section&id=E.%20Taxation) Recent Argentine tax reforms have altered corporate income tax rates and dividend withholding, while U.S. holders may qualify for foreign tax credits - Recent Argentine tax reforms (Law No. 27,430 and Law No. 27,541) set the corporate income tax rate at **30%** for fiscal years 2018-2021 and introduced a **7%** withholding tax on dividends[1288](index=1288&type=chunk)[1291](index=1291&type=chunk) - Capital gains from the sale of publicly-traded shares or ADSs by non-residents are generally exempt from Argentine income tax, provided the non-resident is not from a non-cooperative jurisdiction[1289](index=1289&type=chunk)[1296](index=1296&type=chunk) - For U.S. Holders, distributions are generally treated as dividend income, potentially taxed at lower long-term capital gains rates, and Argentine taxes withheld may be eligible for a foreign tax credit[1324](index=1324&type=chunk)[1326](index=1326&type=chunk) - The company believes it should not be classified as a Passive Foreign Investment Company (PFIC) for the 2019 taxable year, but its future status is not guaranteed[1336](index=1336&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=190&type=section&id=Item%2011.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company manages interest rate and foreign exchange risks through a dedicated Risk Management Division with established policy limits - The company's primary market risks are interest rate risk and foreign exchange rate risk, managed mainly at the Banco Galicia subsidiary level through a dedicated Risk Management Division[1348](index=1348&type=chunk)[1350](index=1350&type=chunk) - Interest rate risk is managed by setting limits on the potential impact of rate fluctuations on the gross brokerage margin and net present value of assets, with a +/-200 bps change estimated to impact gross brokerage margin by +/- **2.54%** and +/- **2.37%** respectively, within the **10%** limit as of year-end 2019[1355](index=1355&type=chunk)[1358](index=1358&type=chunk)[1360](index=1360&type=chunk) - Foreign exchange rate risk is controlled by limiting net asset/liability positions in foreign currency as a percentage of regulatory capital; as of December 31, 2019, Banco Galicia held a net asset position of **Ps. 4,929 million (US$82 million)**, representing **0.6%** of regulatory capital, within policy limits[1366](index=1366&type=chunk)[1367](index=1367&type=chunk) [Description of Securities Other Than Equity Securities](index=198&type=section&id=Item%2012.%20Description%20of%20Securities%20Other%20Than%20Equity%20Securities) This section details the fees and charges for ADS holders and the depositary's reimbursement of program-related expenses to the company - The depositary for the ADSs, The Bank of New York Mellon, charges fees to ADS holders for services such as issuance (up to **$5.00** per 100 ADSs), cancellation, and cash distributions (up to **$0.02** per ADS)[1400](index=1400&type=chunk)[1401](index=1401&type=chunk) - The depositary reimburses Grupo Financiero Galicia for expenses related to the ADS program, including annual stock exchange listing fees, standard maintenance costs, and investor relations activities[1403](index=1403&type=chunk) - For fiscal year 2019, Grupo Financiero Galicia received a payment of **US$283,948** from the depositary to cover program-related expenses[1402](index=1402&type=chunk) PART II [Controls and Procedures](index=200&type=section&id=Item%2015.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal control over financial reporting were effective as of December 31, 2019, with no material changes - The company's management, including the CEO and CFO, concluded that as of December 31, 2019, the disclosure controls and procedures were effective in ensuring timely and accurate reporting to the SEC[1409](index=1409&type=chunk) - Management assessed internal control over financial reporting based on the COSO framework and concluded it was effective as of December 31, 2019, a conclusion concurred with by Price Waterhouse & Co. S.R.L[1412](index=1412&type=chunk)[1420](index=1420&type=chunk) - There were no changes in the company's internal control over financial reporting during the year ended December 31, 2019, that materially affected, or are reasonably likely to materially affect, its internal controls[1414](index=1414&type=chunk) [Other Information](index=201&type=section&id=Item%2016.%20Other%20Information) This section details the Audit Committee's financial expert, adopted codes of ethics and governance, and fees paid to the principal accountant - Mr. Daniel Llambías served as the Audit Committee Financial Expert for the fiscal year ended December 31, 2019[1415](index=1415&type=chunk) - The company has adopted a Code of Ethics in accordance with Section 406 of the Sarbanes-Oxley Act and a Code of Corporate Governance Good Practices as required by Argentine regulations[1416](index=1416&type=chunk) Principal Accountant Fees (in thousands of Pesos) | Fee Type | 2019 | 2018 | | :--- | :--- | :--- | | **Audit Fees** | 81,269 | 68,522 | | **Audit Related Fees** | 12,300 | 11,097 | | **Tax Fees** | 18,147 | 16,131 | | **All Other Fees** | 6,506 | 5,068 | | **Total** | **118,222** | **100,818** | - All audit and non-audit services provided by the independent registered public accounting firm are pre-approved by the Audit Committee[1424](index=1424&type=chunk) PART III [Financial Statements](index=205&type=section&id=Item%2018.%20Financial%20Statements) This section presents the audited consolidated financial statements for 2017-2019, with an unqualified opinion and identified critical audit matters - The report includes the consolidated statements of financial position, income, other comprehensive income, changes in shareholders' equity, and cash flows for the three years ended December 31, 2019[1435](index=1435&type=chunk)[1436](index=1436&type=chunk)[1437](index=1437&type=chunk) - The independent registered public accounting firm, Price Waterhouse & Co. S.R.L., issued an unqualified opinion on the consolidated financial statements and the effectiveness of internal control over financial reporting as of December 31, 2019[1451](index=1451&type=chunk)[1452](index=1452&type=chunk) - Critical Audit Matters identified were the valuation of Level 3 financial instruments due to significant management judgment and unobservable inputs, and the estimation of the allowance for loan losses involving judgment regarding expected credit loss models and macroeconomic assumptions[1458](index=1458&type=chunk)[1461](index=1461&type=chunk)[1464](index=1464&type=chunk) [Exhibits](index=206&type=section&id=Item%2019.%20Exhibits) This section lists key corporate documents, including bylaws, the ADS Deposit Agreement, codes of ethics, and CEO/CFO certifications - The report includes key corporate documents as exhibits, such as the company's bylaws and the ADS Deposit Agreement[1442](index=1442&type=chunk) - Certifications by the CEO and CFO pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act are filed as exhibits[1442](index=1442&type=chunk) - The company's Code of Ethics and Code of Corporate Governance Good Practices are also included as exhibits[1442](index=1442&type=chunk)

Grupo Financiero Galicia SA (NASDAQ:GGAL) Q3 2019 Earnings Conference Call November 12, 2019 11:00 AM ET Company Participants Pablo Firvida - Institutional Relations Manager Conference Call Participants Gabriel Nóbrega - Citigroup Alanso Garcia - Crédit Suisse Yuri Fernandes - JPMorgan Chase & Co. Carlos Gomez - HSBC Operator Welcome to the Grupo Financiero Galicia Third Quarter 2019 Earnings Release Conference Call. This call is being recorded. At this time, I would like to turn the call over to Pablo Firv ...

AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON MAY 15, 2019 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20–F (Mark One) [ ] Registration Statement pursuant to Section 12(b) or (g) of the Securities Exchange Act of 1934 or [X] Annual Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2018 or [ ] Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 or [ ] Shell Compan ...