s.a. type sociedad an nima traded as bcba ggal nasdaq ggal industry financial services founded 1905 headquarters buenos aires argentina key people antonio r. garc s chairman & ceo products retail banking offshore banking insurance investments mortgages consumer finance credit cards warehousing revenue us 1.6 billion 2012 1 net income us 272.1 million 2012 1 total assets us 12.9 billion 2012 2 number of employees 5 591 website www.gfgsa.com grupo financiero galicia is a financial services holding company based in buenos aires 3 and its banking operations are the fifth largest in argentina as well as the largest among all domestically owned private banks in the country . 4 overview edit the bank was founded in 1905 as the banco de galicia y buenos aires by a consortium led by manuel escasany a jeweler and clock maker of galician origin . the name referred to the galician heritage of the escasanys the largest original shareholders 5 as well as to the spanish argentine immigrant community from that region who were second only to italian argentines in number . 6 the original headquarters in downtown buenos aires . new headquarters . the bank maintained over 2 500 accounts by the end of its first year and in 1907 it was listed on the buenos aires stock exchange and garnered nearly 3 300 initial shareholders . the buenos aires branches were followed by one in neighboring montevideo uruguay in 1910 and in 1921 it began offering time deposits which remain the most common form of savings among the argentine public . 5 following the founder s death in 1948 his son eduardo escasany became its president and by 1960 he had secured a partnership with the ayerzas and the brauns two influential local families prominent in the argentine ranching and retail sectors respectively . the banco de galicia became the largest domestically owned private bank in argentina in 1965 and by 1975 ranked second to the public national mortgage bank in new home loans and employed around 3 900 staff in 93 branches nationwide . banco de galicia in 1993 became the first latin american bank to enter both the u.s. and european stock markets and the first to raise funds on the u.s. domestic capital market by floating a 200 million ten year yankee bond . the following year it was the first to issue convertible bonds on the international securities market enabling the bank to remain in argentine hands at a time when many of its rivals were sold to spanish banks . a branch was opened in new york in 1994 and the group acquired a one eighth share in the newly privatized postal service . banco galicia established an insurance company sudamericana holding s.a. in 1996 as a joint venture with the hartford . 5 the company s decision in 2000 to demolish its historic downtown buenos aires headquarters in favor of a modern 34 story building met with controversy though the new offices were later completed . 7 8 a family feud among the escasany siblings led to the establishment in 2000 of the banco de galicia foundation which owns over 94 % of the outstanding shares of banco galicia . though a sell off of public shares was averted given the controversy the argentine economic crisis led to the loss of nearly half of the bank s deposits between 2001 and 2002 and to its near insolvency when its dollar denominated debt of us 1.8 billion required borrowing on flexible terms from the central bank of argentina ; escasany who had also been chairman of the argentine banking association resigned as ceo in 2002 . the bank recovered during 2003 however when its losses of us 436 million were trimmed to us 73 million and it has remained profitable in the ensuing years . 5 the fa ade and engineering for the new building was provided by obras met licas s. a. the bank remains the largest private sector commercial bank in argentina ranked by deposits assets or loans . as of april 2009 the group maintained 236 branches and total deposits in argentina amounted to nearly us 4.5 billion a 6 % market share and 7.6 % among private sector depositors . 4 consolidated assets totaled us 7.7 billion and loans to the private sector us 3.7 billion 6.5 % of the market . 4 9 besides its holdings in banco galicia gfg participates in other business sectors through four companies grupo sudamericana an insurance holding company specialized in life retirement and hemeowner s policies ; galicia warrants s.a. a warehouse rental services and issuer of certificate of deposits company ; net investment a holding company oriented to invest in internet projects that can have synergies with banco galicia ; and galval agente de valores s.a. a wholly owned subsidiary of gfg based in uruguay and created with the purpose of providing custody services . 9 grupo galicia class b shares trade on the c rdoba stock exchange while grupo galicia adss trade on the nasdaq capital market both under the ticker symbol ggal . grupo galicia comprises the buenos aires stock exchange s blue chip merval index and are included in the morgan stanley capital international and standard & poor s indices as well . 9 references edit a b 1 2 http www.gfgsa.com en static companyprofile a b c aba ranking a b c d funding universe grupo financiero galicia s.a. yale university . south american immigration argentina emporis banco de galicia la naci n 2 19 2000 spanish a b c gfg who are we v t e merval companies of argentina aluar banco franc s banco macro consultatio cresud edenor grupo financiero galicia mirgor pampa energ a petrobras siderar sociedad comercial del plata san miguel tenaris ypf coordinates 34 36 21 s 58 22 21 w 34.60583 s 58.37250 w 34.60583 ; 58.37250 retrieved from https en.wikipedia.org w index.php title grupo financiero galicia & oldid 739758724 categories companies based in buenos airescompanies listed on the buenos aires stock exchangeargentine brandsbanks of argentinabanks established in 1905buildings and structures in buenos aires1905 establishments in argentinaholding companies of argentinacompanies listed on nasdaqhidden categories articles with spanish language external linkscoordinates not on wikidata navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more search navigation main pagecontentsfeatured contentcurrent eventsrandom articledonate to wikipediawikipedia store interaction helpabout wikipediacommunity portalrecent changescontact page tools what links hererelated changesupload filespecial pagespermanent linkpage informationwikidata itemcite this page print export create a bookdownload as pdfprintable version languages espa ol fran ais edit links this page was last modified on 16 september 2016 at 20 02 . text is available under the creative commons attribution sharealike license ; 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