UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
SEC FILE NUMBER 000-30852
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CUSIP NUMBER
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[ ] Form 10-K [X] Form 20-F [ ] Form 11-K
[ ] Form 10-Q [ ] Form N-SAR [ ] Form N-CSR
For Period Ended: December 31, 2003
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[ ] Transition Report on Form 10-K
[ ] Transition Report on Form 20-F
[ ] Transition Report on Form 11-K
[ ] Transition Report on Form 10-Q
[ ] Transition Report on Form N-SAR
For the Transition Period Ended: __________________________________________
NOTHING IN THIS FORM SHALL BE CONSTRUED TO IMPLY THAT THE COMMISSION
HAS VERIFIED ANY INFORMATION CONTAINED HEREIN.
If the notification relates to a portion of the filing checked above,
identify the Item(s) to which the notification relates:________________________
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PART I
REGISTRANT INFORMATION
Full Name of Registrant: Grupo Financiero Galicia S.A.
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Former Name if Applicable:
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Address of Principal Executive Office (Street and Number): Tte. Gral. Juan D. Peron 456
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City, State and Zip Code: C1038 AAJ-Buenos Aires, Argentina
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PART II
RULE 12-b-25(b) AND (c)
If the subject report could not be filed without unreasonable effort or
expense and the registrant seeks relief pursuant to Rule 12b-25(b), the
following should be completed. (Check box if appropriate.)
|X| (a) The reasons described in reasonable detail in Part III of
this form could not be eliminated without unreasonable
effort or expense.
|X| (b) The subject annual report, semi-annual report, transition
report on Form 10-K, Form 20-F, Form 11-K, Form N-SAR or
Form N-CSR, or portion thereof, will be filed on or before
the fifteenth calendar day following the prescribed due
date; or the subject quarterly report or transition report
on Form 10-Q, or portion thereof, will be filed on or before
the fifth calendar day following the prescribed due date.
|_| (c) The accountant's statement or other exhibit required by
Rule 12b-25(c) has been attached if applicable.
PART III
NARRATIVE
State below in reasonable detail the reasons why Forms 10-K, 20-F, 11-K,
10-Q, N-SAR, N-CSR, or the transition report or portion thereof, could not be
filed within the prescribed time period.
Throughout all of 2003, Banco de Galicia y Buenos Aires S.A. (the "Bank"),
a 93.6% subsidiary of the registrant that carries out substantially all of the
registrant's operating activities, was engaged in negotiations with members of
an ad hoc steering committee representing the Bank's principal bank and
multilateral agency creditors (together, the "bank creditors") regarding the
restructuring of the foreign debt of the Bank's head office and Cayman Branch.
The registrant had an active role in the Bank's foreign debt restructuring,
particularly in connection with the registrant's issuance of preferred shares,
which were offered to the Bank's creditors as one of the restructuring exchange
options.
In December 2003, the Bank announced the terms of the restructuring to its
bank creditors and bondholders, and, on May 18, 2004, the Bank successfully
closed the restructuring of $1,320.9 million of its foreign debt, representing
98.2% of the foreign debt eligible for restructuring. The complex restructuring
involved multiple loan facilities, bond indentures and various groups of
creditors.
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As a result of the significant time and resources of the registrant and the
Bank that were required to be devoted to the successful completion of the
restructuring described above, the registrant was unable to collect, process and
evaluate, within the required time period, the information required to be
disclosed in its filing on Form 20-F for the period ended December 31, 2003 (the
"annual report"), without unreasonable effort and expense. The registrant
expects that the annual report will be filed as soon as reasonably practicable
and in no event later than the fifteenth calendar day following the prescribed
filing date.
PART IV
OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification:
Pedro Richards +5411434 343-7528
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(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 or 15(d) of the
Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of
1940 during the preceding 12 months or for such shorter period that the
registrant was required to file such report(s) been filed? If answer is no,
identify report(s).
|X| Yes | | No
(3) Is it anticipated that any significant change in results of operations from
the corresponding period for the last fiscal year will be reflected by the
earnings statements to be included in the subject report or portion thereof?
|X| Yes | | No
If so, attach an explanation of the anticipated change, both narratively
and quantitatively, and, if appropriate, state the reasons why a reasonable
estimate of the results cannot be made.
The registrant will record a net loss for fiscal year 2003 significantly
lower than that for fiscal year 2002. As previously announced on February 6,
2004, the net loss for fiscal year 2003 was Ps. 217.1 million as compared to a
net loss of Ps. 1,471.5 million in fiscal year 2002, in each case calculated
under Argentine banking generally accepted accounting principles. The
registrant's financial margin (net financial income divided by average
interest-earning assets) during 2003 contracted to 0.86%, generally as a result
of the continued negative effects of the economic crisis in Argentina of late
2001 and early 2002. In fiscal 2003, however, the registrant achieved
improvement in the quality of its loan portfolio, which, together with lower
administrative and other expenses, contributed to a reduction in net loss
compared to fiscal year 2002.
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Grupo Financiero Galicia S.A.
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(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Date July 1, 2004 By /s/ Antonio R. Garces
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Name: Antonio R. Garces
Title: Chief Executive Officer
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