We advised HSBC Bank on an international secondary public offering of ADSs of Grupo Financiero Galicia
HSBC Bank plc (the “Selling Shareholder”) carried out an international secondary public offering of 11,721,449 American Depositary Shares (“ADSs”) of Grupo Financiero Galicia S.A. (“Grupo Galicia” or the “Company”), each representing ten (10) Class B ordinary shares of the Company.
The offering was priced at US$54.25 per ADS, for a total amount of US$635,888,608.25, and was carried out as a registered public offering with the U.S. Securities and Exchange Commission (“SEC”). The ADSs are listed on the Nasdaq Capital Market under the symbol “GGAL.”
The transaction was carried out entirely outside of Argentina, including in the United States of America, and was registered with the SEC. No public offering was made in the Republic of Argentina, nor were the ADSs authorized by the Argentine Securities Commission (Comisión Nacional de Valores or “CNV”), in accordance with Capital Markets Law No. 26,831.
All of the ADSs sold in the offer corresponded to the Selling Shareholder, who received the full net proceeds from the transaction. Grupo Galicia did not offer or sell any ADSs in the offering and therefore did not receive any proceeds from it.
Morgan Stanley and Goldman Sachs acted as international underwriters in the offering.
The transaction closed on June 12, 2025.
Legal counsel to HSBC Bank:
Bruchou & Funes de Rioja‘s Banking & Capital Markets Department: Partners Hugo N. Bruzone and Alejandro Perelsztein; associate Quimey Waisten.
Cleary Gottlieb Steen & Hamilton LLP: Partners: David I. Gottlieb and Juan G. Giráldez; Associates: Alexandre H. Pauwels, Chetna Beriwala, and Shermen Ang.
Legal counsel to Grupo Financiero Galicia:
Gibson Dunn: Partners: Tomer Pinkusiewicz; Associates: Marie Kwon and Amaranta Chuquihuara.
Beccar Varela: Partners: María Benson, María Shakespear and Luciana Denegri; Associates: María Victoria Pavani and Julián Ojeda.
Legal counsel to Morgan Stanley and Goldman Sachs:
Salaverri, Burgio & Wetzler Malbran: Partners: Roberto Lizondo and Josefina Ryberg; Associates: Rodrigo Durán Libaak, José María Martín and Paloma Payares Fraile.
Davis Polk & Wardwell LLP: Partner: Maurice Blanco; Associates: Lourenço Lopes-Sabino and Gaby Gura.
