[GRUPO FINANCIERO GALICIA LOGO]




FOR IMMEDIATE RELEASE

For more information contact:

Peter Richards
Managing Director
Telefax: (011) (5411) 4343-7528
prichards@gfgsa.com




           BANCO GALICIA URUGUAY'S DEPOSITS RESCHEDULING PROPOSAL GETS
           -----------------------------------------------------------
                                 JUDGE APPROVAL
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(Buenos Aires,  Argentina,  December 24, 2002) - Grupo  Financiero  Galicia S.A.
("Grupo  Galicia") (BCBA:  GGAL,  NASDAQ:  GGAL) announced that the rescheduling
proposal for 100% of Banco Galicia  Uruguay's  deposits in dollars that had been
accepted by 82% of total depositors, was approved by the intervening judge. This
rescheduling will be now applied to 100% of depositors.

The first 3% in cash repayment will occur during the first days of January after
receiving the Uruguayan Central Bank's instructions.

The  favorable  reply  of  Banco  Galicia  Uruguay's  depositors  represent  the
confidence in the bank as a result of a longstanding reputation of Banco Galicia
in the financial system.