Unofficial English Translation of Press Release dated February 19, 2004

NB: Distribution of this release may not be made to any (i) U.S.-based print or
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Banco de Galicia y Buenos Aires S.A. Extends its Exchange Offer to March 17,
2004


BUENOS AIRES, February 19, 2004 - Banco de Galicia y Buenos Aires S.A., a
corporation organized under the laws of the Republic of Argentina (Buenos Aires
Stock Exchange: GALI, the "Bank" or "Banco Galicia"), today announced that it
has extended the expiration date of its offer to holders of its 9% Notes due
2003 and Step Up Floating Rate Notes due 2002 (together, the "Existing Notes")
to exchange their Existing Notes for units, in a par for par exchange offer and,
in an optional second step to the exchange, to receive cash, Bonos del Gobierno
Nacional due August 3, 2012 issued by the Republic of Argentina, or new
securities, in each case, subject to proration and upon the terms and subject to
the conditions set forth in the Pricing Supplement, dated December 23, 2003, and
in the related electronic letter of transmittal and authorization. The exchange
offer is now scheduled to expire at 3:00 p.m., New York City time, on March 17,
2004, unless extended further. The tender withdrawal deadline for the offer is
also extended to 3:00 p.m., New York City time, on March 17, 2004, unless
extended further.

The Bank is extending the expiration date of the exchange offer to permit all
creditors to participate in the Bank's restructuring on financial terms
substantially similar to the offer to the holders of the Existing Notes. Pending
completion of definitive loan documentation for the restructuring of Banco
Galicia's bank debt, which is expected to occur prior to the new expiration
date, the Bank has received non-binding commitments from creditors holding US$
692.2 million of aggregate principal amount of bank debt, indicating such
creditors' intention to participate in the restructuring as currently proposed.

In connection with the exchange offer to the holders of the Existing Notes, at
3:00 p.m., New York City time, on February 18, 2004, the original expiration
date, the Bank was advised by Citibank, N.A., the exchange agent, that an
aggregate principal amount of US$ 261.6 million of the Existing Notes had been
validly tendered. The Bank will consummate the exchange offer and the
restructuring of its bank debt simultaneously, subject to satisfaction of the
conditions to closing of these transactions.

Founded in 1905, the Bank is one of the largest private-sector banks in the
Argentine financial system and a leading financial services provider in the
country. As a universal bank, through affiliated companies and a variety of
distribution channels, Banco Galicia offers a full spectrum of financial
services to individuals and corporations.


THE INFORMATION CONTAINED HEREIN IS NOT FOR PUBLICATION OR DISTRIBUTION INTO
THE UNITED STATES. THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND IS
NOT INTENDED, AND SHOULD NOT BE CONSTRUED, AS AN OFFER OF SECURITIES FOR SALE
INTO THE UNITED STATES. THE SECURITIES DESCRIBED HEREIN HAVE NOT BEEN AND,
EXCEPT AS DESCRIBED BELOW, WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT
OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE LAWS OF ANY STATE, AND,
ABSENT REGISTRATION UNDER THE SECURITIES ACT, MAY NOT BE OFFERED OR SOLD WITHIN
THE UNITED STATES, EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT
SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE
STATE LAWS. AS MORE FULLY DESCRIBED IN THE PRICING SUPPLEMENT, DATED DECEMBER
23, 2003, GRUPO GALICIA INTENDS TO REGISTER UNDER THE SECURITIES ACT RESALES OF
THE CLASS B SHARES TO BE ISSUED UPON CONVERSION OF THE PREFERRED SHARES IN
ACCORDANCE WITH THE TERMS SET FORTH THEREIN. ANY PUBLIC OFFERING OF THE CLASS B
SHARES IN THE UNITED STATES WILL BE MADE BY MEANS OF A PROSPECTUS THAT MAY BE
OBTAINED FROM THE SELLING SECURITY HOLDERS THAT WILL CONTAIN DETAILED
INFORMATION ABOUT GRUPO GALICIA AND ITS MANAGEMENT AS WELL AS ITS FINANCIAL
STATEMENTS.

THE INFORMATION CONTAINED HEREIN SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE
SOLICITATION OF AN OFFER TO BUY, NOR SHALL THERE BE ANY SALE OF THE SECURITIES
REFERRED TO HEREIN, IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR
SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION, EXEMPTION FROM REGISTRATION OR
QUALIFICATION UNDER THE SECURITIES LAW OF ANY SUCH JURISDICTION.

THE OFFERING OF THE NEW NOTES AND BODEN 2012 IS BEING MADE IN ARGENTINA BY A
SEPARATE PRICING SUPPLEMENT IN SPANISH. THE OFFERING IN ARGENTINA OF THE
PREFERRED SHARES IS BEING MADE BY AN EQUITY PROSPECTUS IN SPANISH. AS OF THE
DATE HEREOF THE COMISION NACIONAL DE VALORES (THE "CNV") HAS NOT APPROVED THE
PUBLIC OFFERING OF THE PROGRAM UNDER WHICH THE NEW NOTES WILL BE ISSUED, THE NEW
NOTES OR THE PREFERRED SHARES IN ARGENTINA.  THE


ARGENTINE PRELIMINARY PRICING SUPPLEMENT AND THE ARGENTINE PRELIMINARY EQUITY
PROSPECTUS DO NOT CONSTITUTE AN OFFER TO SELL OR AN INVITATION TO MAKE OFFERS TO
PURCHASE, AND NO PURCHASE OF THE SECURITIES REFERRED IN SUCH ARGENTINE
PRELIMINARY PRICING SUPPLEMENT AND PRELIMINARY EQUITY PROSPECTUS MAY BE MADE
UNTIL THE PUBLIC OFFER OF THE SECURITIES HAS BEEN APPROVED BY THE CNV.