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GRUPO SUPERVIELLE S.A. (Exact Name of Registrant As Specified in Its Charter)

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GRUPO SUPERVIELLE S.A. (Exact Name of Registrant As Specified in Its Charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F ANNUAL REPORT PURSUANT TO SECTION 13 OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: December 31, 2019 Commission file number 001-37777 GRUPO SUPERVIELLE S.A. (Exact name of Registrant as specified in its charter) SUPERVIELLE GROUP S.A. (Translation of Registrant’s name into English) REPUBLIC OF ARGENTINA (Jurisdiction of incorporation or organization) Bartolomé Mitre 434, 5th Floor C1036AAH Buenos Aires Republic of Argentina (Address of principal executive offices) Alejandra Naughton Bartolomé Mitre 434, 5th Floor C1036AAH Buenos Aires Republic of Argentina Tel: 54-11-4340-3053 Email: [email protected] (Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person) Securities registered or to be registered pursuant to Section 12(b) of the Act. Trading Name of each exchange Title of each class Symbol(s) on which registered American Depositary Shares, each representing 5 Class B SUPV New York Stock Exchange shares of Grupo Supervielle S.A. Class B shares of Grupo Supervielle S.A. SUPV New York Stock Exchange* *Not for trading, but only in connection with the registration of American Depositary Shares pursuant to the requirements of the New York Stock Exchange. Securities registered or to be registered pursuant to Section 12(g) of the Act: None Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None The number of outstanding shares of each of the issuer’s classes of capital or common stock as of December 31, 2019 was: Title of class Number of shares outstanding Class B ordinary shares, nominal value Ps.1.00 per share 394,984,134 Class A ordinary shares, nominal value Ps.1.00 per share 61,738,188 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒ If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Yes ☐ No ☒ Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated Filer ☐ Accelerated Filer ☒ Non-accelerated Filer ☐ Emerging Growth Company ☐ If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: U.S. GAAP ☐ International Financial Reporting Standards as issued Other ☐ by the International Accounting Standards Board ☒ If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. Item 17 ☐ Item 18 ☐ If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ TABLE OF CONTENTS Page INTRODUCTION iii Certain Defined Terms and Conventions iii Presentation of Financial and Other Information iv Forward-Looking Statements vii PART I 1 Item 1 Identity of Directors, Senior Management and Advisors 1 Item 2 Offer Statistics and Expected Timetable 1 Item 3 Key Information 1 Item 3.A Selected Financial Data 1 Item 3.B Capitalization and indebtedness 5 Item 3.C Reasons for the offer and use of proceeds 5 Item 3.D Risk Factors 5 Item 4 Information of the Company 27 Item 4.A History and development of the Company 27 Item 4.B Business Overview 32 Item 4.C Organizational structure 137 Item 4.D Property, plants and equipment 138 Item 5 Operating and Financial Review and Prospects 162 Item 5.A Operating Results 162 Item 5.B Liquidity and Capital Resources 210 Item 5.C Research and Development, patents and licenses, etc. 217 Item 5.D Trend Information 217 Item 5.E Off-balance sheet arrangements 218 Item 5.F Contractual Obligations 219 Item 5.G Safe Harbor 219 Item 6 Directors, Senior Management and Employees 220 Item 7 Shareholders and Related Party Transactions 246 Item 7.A Major Shareholders 246 Item 7.B Related Party Transactions 247 Item 7.C Interests of Experts and Counsel 249 Item 8 Financial Information 249 Item 8.A Consolidated Statements and Other Financial Information. 249 Item 8.B Significant Changes 252 Item 9 The Offer and Listing 252 Item 9.A Offer and Listing Details 252 Item 9.B Plan of Distribution 252 Item 9.C Markets 252 i Item 9.D Selling Shareholders 253 Item 9.E Dilution 253 Item 9.F Expenses of the Issue 253 Item 10 Additional Information 253 Item 10.A Share Capital 253 Item 10.B Memorandum and Articles of Association 253 Item 10.C Material Contracts 253 Item 10.D Exchange Controls 253 Item 10.E Taxation 259 Item 10.F Dividends and Paying Agents 271 Item 10.G Statement by Experts 271 Item 10.H Documents on Display 271 Item 10.I Subsidiary Information 271 Item 11 Quantitative and Qualitative Disclosures about Market Risk 271 Item 12 Description of Securities Other Than Equity Securities 277 Item 12.A Debt Securities 277 Item 12.B Warrants and Rights 277 Item 12.C Other Securities 277 Item 12.D American Depositary Shares 277 PART II 278 Item 13 Defaults, Dividend Arrearages and Delinquencies 278 Item 14 Material Modifications to the Rights of Security Holders and Use of Proceeds 278 Item 15 Controls and Procedures 278 Item 16.A Audit committee financial expert 279 Item 16.B Code of Ethics 280 Item 16.C Principal Accountant Fees and Services 280 Item 16.D Exemptions from the Listing Standards for Audit Committees 280 Item 16.E Purchases of Equity Securities by the Issuer and Affiliated Purchasers 281 Item 16.F Change in Registrant’s Certifying Accountant 281 Item 16.G Corporate Governance 281 Item 16.H Mine Safety Disclosure 287 Item 17 Financial Statements 287 Item 18 Financial Statements 287 Item 19 Exhibits 287 ii INTRODUCTION CERTAIN DEFINED TERMS AND CONVENTIONS In this annual report, we use the terms “we,” “us,” “our” and the “Group” to refer to Grupo Supervielle S.A. and its consolidated subsidiaries, including Banco Supervielle S.A., unless otherwise indicated. References to “Grupo Supervielle” mean Grupo Supervielle S.A. References to the “Bank” mean Banco Supervielle S.A. and its consolidated subsidiaries. References to “Tarjeta” mean Tarjeta Automática S.A. References to “SAM” mean Supervielle Asset Management S.A. References to “Sofital” mean Sofital S.A.F.e I.I. References to “CCF” mean Cordial Compañía Financiera S.A. References to “Supervielle Seguros” mean Supervielle Seguros S.A. References to “Espacio Cordial” or “Cordial Servicios” mean Espacio Cordial Servicios S.A. References to “InvertirOnline” mean InvertirOnline S.A.U. and InvertirOnline.com Argentina S.A.U. References to “MILA” mean Micro Lending S.A.U. References to “Supervielle Productores Asesores de Seguros” mean Supervielle Productores Asesores de Seguros S.A. References to “Supervielle Agente de Negociacion” mean Supervielle Agente de Negociación S.A. References to “Class A shares” refer to shares of our Class A common stock, with a par value of Ps.1.00 per share, references to “Class B shares” refer to shares of our Class B common stock, with a par value of Ps.1.00 per share, and references to “ADSs” are to American depositary shares, each representing five Class B shares. The term “Argentina” refers to the Republic of Argentina. The terms “Argentine government” or the “government” refers to the federal government of Argentina, the term “Central Bank” refers to the Banco Central de la República Argentina, or the Argentine Central Bank, and the term “CNV” refers to the Argentine Comisión Nacional de Valores, or the Argentine securities and capital markets regulator. The term “ByMA” refers to the exchange Bolsas y Mercados Argentinos S.A. The term “MAE” refers to the exchange Mercado Abierto Electrónico S.A. The term “Argentine Capital Markets Law” refers to Law No. 26,831, as amended and supplemented. The term “Argentine Negotiable Obligations Law” refers to Law No. 23,576, as amended and supplemented. The term “AGCL” refers to Argentine General Corporations Law No. 19,550, as amended and supplemented. The term “Argentine Productive Financing Law” refers to Law No. 27,440. “Argentine GAAP” refers to generally accepted accounting principles in Argentina and “Argentine Banking GAAP” refers to the accounting rules of the Central Bank. “IFRS” refers to the International Financial Reporting Standards, as issued by the International Accounting Standards Board (“IASB”).
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