Unofficial English Translation of Press Release dated  March 18, 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 April 15, 2004


BUENOS AIRES, March 18, 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 as
supplemented by the Supplement dated March 18, 2004, and in the related
electronic letter of transmittal and authorization. Taking into account upcoming
holidays and the legal and regulatory requirements described below, the exchange
offer is now scheduled to expire at 3:00 p.m., New York City time, on April 15,
2004, unless extended further. The tender withdrawal deadline for the offer is
also extended to 3:00 p.m., New York City time, on April 15, 2004, unless
extended further.

Grupo Financiero Galicia S.A. ("Grupo Galicia") is in the process of obtaining
the necessary approval from the Comision Nacional de Valores (the "CNV") to
begin its rights offering to its existing shareholders to subscribe for
mandatorily convertible preferred shares of Grupo Galicia. Preferred shares not
subscribed for in the rights offering will be made available to holders of
Existing Notes and bank creditors that elect to participate in the equity
participation offer and the similar offer in the bank debt restructuring in
accordance with the terms described in the Pricing Supplement and the
Supplement.

Argentine law and CNV regulations establish certain minimum timing requirements
and notice publication requirements for rights offerings that, among other
things, require rights offerings to remain open for at least ten days after
publication of the necessary notices. Grupo Galicia intends to launch the rights
offering approximately on the 8th business day following the receipt

of the approval of the CNV. The launching of the rights offering is a condition
to the exchange offer.

In connection with the exchange offer to the holders of the Existing Notes, as
of 3:30 P.M. (New York City time) on March 17, 2004, the Bank was advised by
Citibank, N.A., the exchange agent, that an aggregate principal amount of US$
282.7 million of the Existing Notes had been validly tendered. In connection
with the restructuring of the Bank's other debt with bank creditors, as of the
date hereof, the Bank has received non-binding commitments from bank creditors
holding US$ 692.2 million of aggregate principal amount of bank debt, indicating
such creditors' intention to participate in the restructuring as currently
contemplated. 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, AND SUPPLEMENT DATED MARCH 18, 2004, 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. 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.