DOCSLIB.ORG

CFA Institute Research Challenge

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
CFA Institute Research Challenge CFA Institute Research Challenge hosted by CFA Society of Argentina & Uruguay Grupo Financiero Galicia: Analysing Argentina´s Financial Sector Ticker: GGAL Current Price: 53.97 (10/20/2017) Recommendation: SELL 12-m Target Price: Exchange : NASDAQ 12-m Target Price: USD 45.61 Downside: 15.5% Market Profile Highlights 52 - Week Range (USD) 23.23 - 58.61 52 - Week Change 144.5% 90 - Day Average Volume 509.6 Grupo Financiero Galicia S.A. (NASDAQ: GGAL; BYMA: GGAL.BA) is a Outstanding ADR (M USD) 142.52 vertically integrated financial services holding company which is Market Cap (USD) 7.98 B controlled by EBA Holding. Free Float 80.26% The company occupies a comfortable position in the financial industry Valuation Ratios with a market share of private sector deposits of 7.49% and loans to P/E (TTM) 19.22x private sector of 10.06%. P/BV (MRQ) 4.06x Dividend Yield 0.21% GGAL faces strong competition in most of the areas in which their Financials subsidiaries are active, including among them, recognized international Income Financial Operation (LTM) 973.3 companies. Income Fees & Commisions (LTM) 851.2 Income Insurance (LTM) 146.7 Banco Galicia is the main subsidiary of the group and it is 100% controlled by GGAL, which explains the 67% of the income of the group. Net Income (LTM) 435.7 EPS (LTM) 5.18 Banco Galicia has more leverage and less liquidity compared to the Figure 1; Source: Team estimates based on Thompson average of Argentinian’s private banks. Also, Galicia has a more Reuters Data expensive funding cost and charges a lower rate to total loans; consequently, its financial margin and ROA are lower than its peers. BCRA established three priorities that affect directly this industry: to control inflation; to maintain stability in the financial sector, and to promote the bankarization among the population. In view of the current situation of the Argentine macroeconomy, these goals are too ambitious to achieve in the short- medium term. Valuation Outcome We issue a SELL recommendation with a 1-year target price of USD 45.61 per ADR, representing a 15.5% downside from its closing price at October Figure 2; Source: Team estimates 20th, 2017 of USD 53.97. The valuation of Grupo Financiero Galicia S.A was conducted by applying two different methods: a FCFE model and Relative Valuation (see Figure 2). MERVAL vs. GGAL´s ADR [USD Variation; Jan-14=100] Reasons to SELL: • The 61% of the price of GGAL’s ADR lays on the present value of growth opportunities (PVGO), this means that Argentina will have to break its historic records for key variables such as Deposits to GPD and Loans to GDP. • Grupo Galicia's loan portfolio is composed by 50% of consumer loans. This poorly diversified portfolio composition overexposes GGAL’s profits to the evolution of a deteriorating real wage. Figure 3; Source: Thompson Reuters Data 1 Grupo Financiero Galicia: Analysing Argentina´s Financial Sector Shareholder´s Structure &Related Companies Business Description: Grupo Financiero Galicia S.A. (NASDAQ: GGAL; BYMA: GGAL) is a financial services holding company incorporated in 1999 organized under Argentine laws. Classified as a Sociedad Anónima (a Stock Corporation), the holding does not have operations of its own, and conducts their business through its subsidiaries. (Figure 4). It operates in the following segments: banking, regional credit card services, insurance, and asset management (Figure 5). Throughout its subsidiaries, related companies, and a wide variety of distribution channels, services, and products; they provide their financial services to more than 9 million customers along the country. It presents integrated activities within the financial sector, which allows developing economies of scale. Business Units Banking: Banco Galicia is the main subsidiary of the group, and is 100% controlled by GGAL since 2014. It is a banking entity whose incomes are mainly originated by the interests gained from loans, fees and commissions. According to information published by Argentina’s Central Bank (BCRA), Banco Galicia is ranked second in terms of assets, deposits and loans within the private banking sector. Banco Galicia’s customer base comprises mostly individuals from all economic sectors, but also companies, divided into several segments: Large Corporation Banking, Companies, Agricultural and Livestock Sector, Foreign Trade, Capital Markets and Investment Banking. Regional Credit Cards: Grupo Galicia participates in the regional credit card business through Tarjetas Regionales S.A, as a vertically integrated holding company. Tarjetas Regionales S.A. has the majority of the shares of Tarjeta Figure 4; Source: Company Data Naranja S.A and Tarjetas Cuyanas S.A, Procesadora Regional S.A and Cobranzas Regionales S.A. These business units allow the group to reach a new Income by Business Unit market segment which consists mainly of low-income citizens, and non- bankarized customers from the remaining provinces besides Capital Federal and it suburbs. As a whole, these companies allow the Regional Credit Cards business unit not only to issue credit cards but also to develop its own platform, payment processing system, and branding. Tarjetas Regionales offers its own brand and also offers international credit card brands such as Visa, MasterCard and American Express. Insurance: Grupo Galicia operates in this activity through Sudamericana S.A. and its subsidiaries, under the branding name of Galicia Seguros. The product lineup includes life, retirement, property and casualty insurance products Figure 5; Source: Team estimates based on Company Data marketed in Argentina. Historical Background Figure 6; Source: Company Data Grupo Financiero Galicia: AInalysing Argentina´s Financial Sector Other subsidiaries: • Galicia Administradora de Fondos: its main activity comprises the management of mutual funds under the brand “FIMA”, which are distributed through Banco Galicia’s channel (network of branches, home banking and investment centers, among others). • Net Investment: its purpose was to invest in developing technologies related to the business, communications, internet connectivity and web contents. On May 16th, 2017 shareholders approved the voluntary corporate dissolution and liquidation of this subsidiary. • Galicia Warrants: is a leading company in the deposit certificates and warrants issuance market. It supports medium and large companies with respect to stock custody. • Compañia Financiera Argentina: is a non-banking financial company that provides unsecured personal loans, and credit cards on a limited scale. On January 12th, 2017, shareholders accepted to sell all the shares to Galeno Capital S.A.U. This transaction is pending approval by the regulatory authorities. • Galicia Valores: operates as a stock broker controlled by Banco Galicia. Industry Overview: Macroeconomic Policies Target Macroeconomic Outlook: Since Macri’s administration took office, several bold reforms and turnover policies were conducted in order to stabilize the Argentine economy. This path to normalization was leaded by the dismantling of currency controls; elimination of export taxes (except for soybean) and softening of import Figure 7; Source: BCRA barriers; withdrawing of mistargeted subsidies; and a tax amnesty programme, which led to an extraordinary tax revenue of 1.6% of GDP. Conjointly to these measures, BCRA established three priorities: to control Inflation vs. Spread inflation; to maintain stability in the financial sector, and to promote the bankarization among the population. Inflation: to continue with the disinflation process, monetary policy is being conducted through the reference interest rate (remaining at its lowest stage since 2016, currently at 26.5%), to accomplish the inflation targets defined until 2019 (Figure 7). Although inflation has begun to decrease, the expectations for this variable, according to the REM survey, are higher than the target, mainly because of the expectations related to utilities’ tariff adjustments. In order to meet the inflation target, the key variables to control are real wage indexation and fiscal deficit, which must achieve the target set on 2.2% of GDP for 2019 (Figure 7). Figure 8; Source: Team estimates based on Company Data Bankarization: to promote bankarization, BCRA has implemented easier and INDEC ways to access the financial market, including new technologies such as PIM which aims to boost the usage of banking technologies procedures for Deposits/Loans as % of GDP those who are not familiarized with it. To succeed in this subject, financial education is also being promoted. Furthermore, requirements for opening new banks branches were soften in locations with higher informal economy rates. Financial sector: to accomplish stability and gain access to international capital markets, an agreement was conducted with the holdout creditors of 2001 defaulted debt. This yielded Argentina access to external debt, and thus the augmentation of international reserves stabilized the foreign exchange rate. Efficiency and development is being pursued through the Figure 9: Source: Company Data implementation of new instruments, such as UVA, providing the indexation of personal and mortgage loans by inflation. Since its application in March 2017, the mortgage loans grew 9.2%, accounting 88% for this new kind of Financial Depth (% as GDP) loans. Nevertheless, the financial instruments to diversify the mismatching maturities risk is still being designed. Banks are experiencing a diminish in the financial margin because of lower
Load more

Recommended publications
  • CARTERAS MERVAL Y M.AR 2011
    COMPOSICIÓN DE LA CARTERA DEL INDICE MERVAL MERVAL INDEX PORTFOLIO AND WEIGHTS PRIMER TRIMESTRE DE 2011 TERCER TRIMESTRE DE 2011 - First Quarter 2011 - - Third Quarter 2011 - Especie % Especie % Especie % Especie % -Stock- -Stock- -Stock- -Stock- Grupo Financiero Galicia 18.32% Banco Hipotecario 3.98% Grupo Financiero Galicia 15.65% Petrobras Energía 3.30% Tenaris 15.53% Edenor 3.61% Petroleo Brasileiro 10.26% Edenor 3.02% Petroleo Brasileiro 11.48% Transener 3.13% Telecom Argentina 9.81% Molinos 2.61% Pampa Energía 7.82% Banco Macro 3.07% Tenaris 9.07% Banco Patagonia 2.57% Telecom Argentina 7.18% Petrobras Energía 2.82% Pampa Energía 7.75% Mirgor 2.52% Siderar 5.79% YPF 1.81% Banco Francés 6.10% Ledesma 2.36% Banco Francés 4.90% Molinos 1.31% YPF 5.60% Transener 2.22% Aluar 4.01% Ledesma 1.25% Siderar 4.96% Banco Hipoetecario 2.06% Banco Patagonia 3.98% Banco Macro 4.66% Comercial del Plata 1.85% Aluar 3.64% SEGUNDO TRIMESTRE DE 2011 CUARTO TRIMESTRE DE 2011 - Second Quarter 2011 - - Fourth Quarter 2011 - Especie % Especie % Especie % Especie % -Stock- -Stock- -Stock- -Stock- Grupo Financiero Galicia 15.85% Banco Hipotecario 3.72% Grupo Financiero Galicia 18.45% Edenor 2.94% Petroleo Brasileiro 12.29% Edenor 3.67% Tenaris 14.56% Aluar 2.79% Tenaris 9.82% YPF 3.49% Telecom Argentina 8.85% Petrobrás Argentina S:A. 2.75% Pampa Energía 8.85% Petrobras Energía 3.18% Banco Macro 7.32% Molinos 2.07% Telecom Argentina 8.03% Transener 3.16% Pampa Energía 7.13% Comercial del Plata 1.81% Siderar 5.80% Banco Macro 3.15% Petroleo Brasileiro 6.87%
    [Show full text]
  • Annual Report Edenor Table of Contents
    2010 annual report Edenor table of contents Introduction Concession Area 3 Supervisory and Administration Bodies – 2010 Fiscal Year 5 Board of Directors 5 Supervisory Committee 6 Call to Meeting 7 CHAPTER 1: Economic Context and Regulatory Framework a. Argentine Economic Situation 10 b. Energy Sector 11 c. Regulation and Control 13 CHAPTER 2: Analysis of the Economic-Financial Operations and Results a. Relevant Data 15 b. Analysis of the Financial and Equity Condition 17 c. Investment 18 d. Financial Debt and Description of Main Sources of Funding 21 e. Description of Main Sources of Funding 23 f. Analysis of Financial Results 25 g. Main Economic Ratios 26 h. Allocation of Income/(Loss) for the Year 26 i. Business Management 26 j. Large Customers 28 k. Rates 30 l. Energy Purchase 33 m. Energy Losses 34 n. Delinquency Management 35 o. Technical Management 37 p. Service Quality 41 q. Product Quality 42 CHAPTER 3: SUPPORT TASKS a. Human Resources 44 b. It and Telecommunication 47 CHAPTER 4: RELATED PARTIES a. Description of the Economic Group 51 b. Most Significant Operations with Related Parties 53 CHAPTER 5: Business Social Responsibility a. Business Social Responsibility 56 b. Industrial Safety 58 c. Public Safety 58 d. Management of Quality 60 e. Environmental Management 61 f. Educational Programs 61 g. Actions with the Community 62 SCHEDULE I - Corporate Governance Report CNV General Resolution 516/2007 65 FINANCIAL STATEMENTS 72 3 CONCESSION AREA Edenor exclusively renders distribution and and Río de La Plata avenue. In the Province of marketing services of electrical energy to all Buenos Aires, it comprises the Districts Belén de users connected to the power supply network Escobar, General Las Heras, General Rodríguez, in the following area: In the Capital City: the former General Sarmiento (which now includes area defined by Dock “D”, street with no name, San Miguel, Malvinas Argentinas and José C.
    [Show full text]
  • Universidad De San Andrés Escuela De Negocios Licenciatura En
    Universidad de San Andrés Escuela de Negocios Licenciatura en Administración de Empresas Contador Público Transformación digital e impacto en el modelo de negocios: Análisis del caso del Banco Galicia Autor: Tomás Gonzalo Calello Legajo: 23045 Mentor: María Fernanda Tamborini Victoria, diciembre 2019 RESUMEN EJECUTIVO La industria financiera se encuentra atravesada por un proceso de cambio radical impulsado por la Transformación Digital, donde comienzan a tener mayor preponderancia las plataformas y ecosistemas por sobre el negocio tradicional de intermediación financiera. Como consecuencia de la evolución de la Internet y la innovación en tecnología, las organizaciones han comenzado a generar nuevos modelos de negocios bajo el ala de la nueva tendencia mundial de los mercados: la digitalización. Por ello se seleccionó el caso del Banco Galicia para estudiar el impacto del fenómeno de la digitalización en su modelo de negocios. El Banco Galicia, uno de los bancos privados más grandes de Argentina, definió en el 2019 una nueva estrategia centrada en la experiencia del cliente y eficiencia operacional, a través de la cual mediante la transformación digital busca modificar los procesos centrados en el cliente de cara a entregar mejor valor y poder captarlo. El marco teórico se dividió en tres partes. En la primera de ellas se desarrolló el concepto de la digitalización y los ámbitos de la transformación digital de empresas. La segunda parte describe el modelo de negocios descripto por Osterwalder y Pigneur (2010) de cómo una organización crea, entrega y captura valor. Finalmente, la tercera parte describe el modelo de cinco fuerzas de Porter (2008) para entender la competitividad en un sector como el financiero.
    [Show full text]
  • Major Corporate Events - De-Listing and Changes in the Capital Structure
    Organisation for Economic Co-operation and Development In co-operation with the World Bank Group Major Corporate Events - De-listing and changes in the Capital Structure by Mr. Mariano F. Grondona Perez Alati, Grondona, Benites, Arntsen & Martinez de Hoz (h) , Argentina The Second Meeting of the Latin American Corporate Governance Roundtable Shareholder Rights and Equitable Treatment 28-30 March, 2001, The Buenos Aires Stock Exchange, Buenos Aires, Argentina Co-hosted by: The Argentinean Ministry of Economy With the support of: The Buenos Aires Stock Exchange The Securities and Exchange Commission of Argentina The Global Corporate Governance Forum The 2nd MeetingoftheLatinAmericanCorporateGovernanceRoundtable Buenos Aires, Argentina, 28-30 March 2001 5.1 Is the existing framework for protecting the legitimate interests of minority shareholders in cases of delistings and changes in capital structure currently adequate? If not, why does the “equity contract” between investors and the company break down under such circumstances? a) Delisting. The existing framework for protecting minority shareholders in delistings is clearly inadequate. Upon delisting, the dissenting shareholders have appraisal rights, but the "fair" value of their appraised shares is, according to the law, only equal to their latest book value. The minority shareholder, thus, has to choose between staying in a close company or selling its shares at a price which may greatly differ from their market price prior to the decision to delist. There is now a draft proposal to amend the law and give dissenting shareholders the right to appraise their shares at a fair price upon delisting. The price would be determined based on one or more criteria such as book value, average share price for the last semester, discounted cash flow, and other, to be selected or combined on a case by case basis, subject to the approval of the Comisión Nacional de Valores.
    [Show full text]
  • Descargar En
    El Primer Banco Plan de Marketing Comunicacional para llevar a Banco Galicia al mundo millennial Daniel Sebastián Belas Galante 0110665 Lic. en Negocios de Diseño y Comunicación Proyecto Profesional Empresas y Marcas 22 de julio de 2020 1 Índice Introducción 04 Capítulo 1. Marketing, comunicación y nuevas tendencias 10 1.1. Marketing comunicacional: definición y alcance 10 1.2. Plan de marketing 11 1.2.1. Segmentación de mercado 13 1.2.2. Posicionamiento 15 1.2.3. Promoción 17 1.3. Métodos de análisis 22 1.4. El marketing moderno: prosumidor y emociones 26 Capítulo 2. Banca argentina: ABC del negocio, rol social e imagen 30 2.1. Cómo funciona el sistema bancario 30 2.2. La transformación 3.0 de las entidades tradicionales 33 2.3. Responsabilidad Social Empresarial 36 2.4. Inclusión financiera 38 2.4.1. Cómo se mide 41 2.4.2. El rol del Estado y los bancos 42 2.5. Identidad corporativa 44 Capítulo 3. Universo millennial: macrotendencias y redes sociales 47 3.1. Quiénes son y qué buscan 47 3.2. Perfil consumidor y sustentable 51 3.3. Redes sociales 54 3.3.1. Facebook 56 3.3.2. Twitter 57 3.3.3. Instagram 59 3.4. Marcas en la red 60 3.5. Los influencers 62 Capítulo 4. Banco Galicia y las nuevas generaciones 65 4.1. Hitos de la empresa 65 4.2. Cultura organizacional 67 4.3. Imagen de marca 70 4.4. Sustentabilidad 72 4.5. Caso de negocio 74 4.5.1. Análisis FODA 75 4.5.2.
    [Show full text]
  • Tablas De Comisiones En El Sistema Financiero Argentino
    Tablas de Comisiones en el Sistema Financiero Argentino Caja de Ahorros Cuenta Corriente Paquete Premium Paquete Básico Paquete Previsional con adelanto de Haberes Jubilatorios Tarjetas de Crédito Información al 01.05.2016 Caja de ahorros Las Caja de Ahorros son gratuitas en su apertura, mantenimiento Para las cuentas sueldo/previsionales, las entidades no pueden y en la provisión de una tarjeta de débito a cada titular al momen- cobrar por extracciones por hasta el total del haber dentro del to de la apertura de la cuenta. sistema bancario, o sea que a diferencia de las caja de ahorros, no También son gratuitas todas las operaciones por ventanilla, las pueden cobrar por retiros en cajeros de otras entidades, indepen- transferencias bancarias y las operaciones que se realicen a través dientemente de las redes. de cajeros automáticos y terminales de autoservicio dentro de alguna sucursal de la misma entidad de la que es cliente. Tiene costo el uso de cajeros automáticos de otros bancos y de los que estén instalados fuera de las sucursales bancarias, como por ejemplo supermercados, shoppings y estaciones de servicio aún cuando sean de la propia entidad. Denominación Apertura Provisión Emi- Reposi- Uso de Uso de Uso de Uso de Uso de Tasa Entidad y mante- tarjeta sión de ción de cajeros cajeros cajeros cajeros cajero Efectiva nimiento débito a tarjeta Tarjetas automá- auto- auto- auto- automá- Mínima de titulares de débi- de dé- ticos en máticos máticos máticos tico en el cuenta en la to adicio- bito por sucursa- fuera de de otros de otros exterior apertura nal robo o les de la sucursa- bancos- bancos- mensual extravío entidad les ban- misma distinta carias red red (por ej: super- mer- cados, shop- pings) Banco Credicoop $ 0,00 $ 0,00 $ 0,00 $ 10,29 $ 0,00 $ 10,89 $ 10,89 $ 12,10 U$S 3.00 0,25% Cooperativo Limitado Banco de Galicia $ 0,00 $ 0,00 $ 0,00 $ 33,18 $ 0,00 $ 0,00 $ 12,80 $ 14,60 $ 5 más 0,01% y Buenos Aires S.A.
    [Show full text]
  • 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 shares of SUPV New york Stock Exchange 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.
    [Show full text]
  • Tabla ASEP Acciones.Xlsx
    1/15 Cotización para ser Código Código Caja Clase de Unidad de Tipo de título Nombre Especie Cotización Moneda Cuit Emisor Denominación Emisor usada en la Especie de Valores Especie cotización DJ (EN PESOS) ORDINARIAS ESCRITURALES (1 Acciones ALUA 7 VOTO) Ordinarias 17,4Pesos 130522780606 ALUAR ALUMINIO ARGENTINO S.A. 17,4 ALTO PALERMO Acciones APSAX 1860 S.A.CUPON P/D. SUSCR. Cupón de Acción 0,005Pesos 130527677331 IRSA PROPIEDADES COMERCIALES S.A. 0,005 Acciones PSUR 945 ORDINARIAS (1 VOTO) Ordinarias 3,65Pesos 130701304760 PETROLERA DEL CONOSUR S.A. 3,65 ORDINARIAS ESCRITURALES B (1 Acciones BSUDC 111 VOTO) Ordinarias 1,64Dólares 130500010084 BANCO MACRO S.A. 104,2548 DELLA PENNA -CUPON Acciones DELAX 1316 P/DERECHO SUSCR. Cupón de Acción 0,01Pesos 130500196455 C. DELLA PENNA S.A. 0,01 MINETTI JUAN -CUPON Acciones JMINX 1733 P/D.SUSCRIPCION Cupón de Acción 0,18Pesos 130501111127 HOLCIM (ARGENTINA) S.A. 0,18 COLORIN CUPON P/DERECHO Acciones COLOX 1247 SUSCRIPCION Cupón de Acción 18,9Pesos 130501196424 COLORIN S.A. 18,9 ORDINARIAS ESCRITURALES B (1 Acciones FIPL 443 VOTO) Ordinarias 3,8Pesos 130502112259 FIPLASTO S.A. 3,8 ORDINARIAS ESCRITURALES (1 Acciones FRANC 94 VOTO) Ordinarias 6,12Dólares 130500003193 BANCO BBVA ARGENTINA S.A. 389,0484 ORDINARIAS ESCRIT. (1 Acciones GARO 480 VOTO) Ordinarias 8,25Pesos 130509284861 GAROVAGLIO Y ZORRAQUIN S. A. 8,25 ORDINARIAS ESCRITURALES D (3 Acciones BHIP 751 VOTOS) - COTIZABLES Ordinarias 7,05Pesos 130500011072 BANCO HIPOTECARIO S.A. 7,05 ORDINARIAS ESCRITURALES D (3 Acciones BHIPC 751 VOTOS) - COTIZABLES Ordinarias 0,628Dólares 130500011072 BANCO HIPOTECARIO S.A.
    [Show full text]
  • BANCO MACRO S.A. (Incorporated in the Republic of Argentina) Global Medium-Term Note Program
    BASE PROSPECTUS US$700,000,000 BANCO MACRO S.A. (incorporated in the Republic of Argentina) Global Medium-Term Note Program We may from time to time issue notes in one or more series under our Global Medium-Term Note Program. The maximum aggregate principal amount of all notes we may have outstanding under this program at any time is limited to US$700,000,000 (or its equivalent in other currencies). We will describe the specific terms and conditions of each series of notes in a Final Terms. Notes issued under this program may: • be denominated in U.S. dollars or another currency or currencies; • have maturities of no less than 30 days from the date of issue; • bear interest at a fixed or floating rate or be issued on a non-interest bearing basis; and • provide for redemption at our option or at the holder’s option. We may redeem all, but not part, of a series of notes, at our option, upon the occurrence of specified Argentine tax events at a price equal to 100% of the principal amount plus accrued and unpaid interest. Unless otherwise specified in the Final Terms applicable to a series of notes, the notes will constitute our direct, unconditional, unsecured and unsubordinated obligations and will rank at all times at least pari passu in right of payment with all our other existing and future unsecured and unsubordinated indebtedness (other than obligations preferred by statute or by operation of law). We may apply to have the notes of a series listed on the Luxembourg Stock Exchange for trading on the Euro MTF, the market of the Luxembourg Stock Exchange, and listed on the Buenos Aires Stock Exchange (Bolsa de Comercio de Buenos Aires).
    [Show full text]
  • Apresentação Do Powerpoint
    Investor Relations April 2019 COMPANY REPRESENTATIVES Jorge Scarinci, CFA Nicolás A. Torres Chief Financial Officer Investor Relations DICLAIMER The information contained in this presentation is confidential and has been prepared solely for informational purposes. This presentation contains forward-looking statements which are based largely on our current beliefs, expectations and projections about future events and financial trends affecting our business. Many important factors could cause our actual results to differ substantially from those anticipated in our forward-looking statements among other things: inflation; changes in interest rates and the cost of deposits; government regulation; adverse legal or regulatory disputes or proceedings; credit and other risks of lending, such as increases in defaults by borrowers; fluctuations and declines in the value of Argentine public debt; competition in banking, financial services; deterioration in regional and national business and economic conditions in Argentina; and fluctuations in the exchange rate of the peso. Banco Macro financial results presented as of December 31, 2018 are stated in accordance with Central Bank Rules. 2 AGENDA 01. Section I - BMA Business Overview 02. Section II - BMA Strengths and Opportunities 03. Section III - BMA Financial Performance 04. Section IV - Financial System & Argentine Economy 05. Section V - Appendix 3 SECTION I BMA Business Overview MACRO IN A NUTSHELL 01 A Leading Private Sector Bank in Argentina 02 Presence in Fast Growing Segments 03 Strong Profitability
    [Show full text]
  • ALADI - LISTA DE ENTIDADES AUTORIZADAS a OPERAR POR EL CPCR (Datos Actualizados Al 16/03/2020
    ALADI - LISTA DE ENTIDADES AUTORIZADAS A OPERAR POR EL CPCR (Datos actualizados al 16/03/2020 PAIS COD SICAP ENTIDAD PLAZA ARGENTINA 0014 BANCO BICA S.A. BUENOS AIRES ARGENTINA 0017 BANCO CENTRAL DE LA REPUBLICA ARGENTINA BUENOS AIRES ARGENTINA 0027 BANCO CREDICOOP COOPERATIVO LTDO. BUENOS AIRES ARGENTINA 0037 BANCO DE GALICIA Y BUENOS AIRES S.A. BUENOS AIRES ARGENTINA 0040 BANCO DE LA CIUDAD DE BUENOS AIRES BUENOS AIRES ARGENTINA 0042 BANCO DE LA NACION ARGENTINA BUENOS AIRES ARGENTINA 0043 BANCO DE LA PAMPA SOC.ECONOMIA MIXTA BUENOS AIRES ARGENTINA 0044 BANCO DE LA PROVINCIA DE BUENOS AIRES BUENOS AIRES ARGENTINA 0045 BANCO DE LA PCIA. DE CORDOBA S.A. BUENOS AIRES ARGENTINA 0047 BANCO DE FORMOSA S.A. BUENOS AIRES ARGENTINA 0055 BANCO DEL CHUBUT S.A. BUENOS AIRES ARGENTINA 0068 NUEVO BANCO DEL CHACO SA BUENOS AIRES ARGENTINA 0072 BANCO PROVINCIA DE TIERRA DEL FUEGO BUENOS AIRES ARGENTINA 0084 BBVA BANCO FRANCES S.A. BUENOS AIRES ARGENTINA 0094 BANCO ITAU ARGENTINA S.A. BUENOS AIRES ARGENTINA 0098 BANCO MARIVA S.A. BUENOS AIRES ARGENTINA 0100 BANCO PATAGONIA S.A. BUENOS AIRES ARGENTINA 0104 BANCO MUNICIPAL DE ROSARIO ROSARIO ARGENTINA 0118 BANCO SANTANDER RIO S.A. BUENOS AIRES ARGENTINA 0119 HSBC BANK ARGENTINA S.A. BUENOS AIRES ARGENTINA 0128 BANCO SUPERVIELLE S.A. BUENOS AIRES ARGENTINA 0135 BNP PARIBAS BUENOS AIRES ARGENTINA 0154 CITIBANK N.A. BUENOS AIRES ARGENTINA 0182 BANCO MACRO BANSUD S.A. BUENOS AIRES ARGENTINA 0209 BANCO DE INVERSION Y COMERCIO EXTERIOR S.A. BUENOS AIRES ARGENTINA 0222 BANCO CMF S.A. BUENOS AIRES ARGENTINA 0227 DEUTSCHE BANK S.A.
    [Show full text]
  • Informe Merval 30-06-2021
    INFORME MERVAL 30-06-2021 MATEO MARCHIONI SOCIEDAD DE BOLSA “PROFESIONALISMO, INTEGRIDAD, TRANSPARENCIA Y PRUDENCIA” Tel. 54 9 11 5238-5555 Avenida 25 de Mayo 298 2do www.mmsb.com.ar Instagram:mateomarchionisb piso. CABA-. Tabla de contenido Contenido S&P MERVAL _______________________________________________________________ 1 S&P MERVAL _______________________________________________________________ 2 TERNIUM ARGENTINA S.A.-TXAR- _____________________________________________ 3 GRUPO FINANCIERO GALICIA.-GGAL- __________________________________________ 4 GRUPO FINANCIERO GALICIA.-GGAL- _________________________________________ 5 GRUPO FINANCIERO GALICIA.-GGAL- __________________________________________ 6 BANCO MACRO.-BMA- _______________________________________________________ 7 BANCO MACRO S.A.-BMA- ___________________________________________________ 8 BOLSAS Y MERCADOS ARGENTINOS S.A. -BYMA- __________________________ 9 PAMPA ENERGIA S.A. –PAMP- ________________________________________________ 10 PAMPA ENERGIA S.A. –PAMP- ________________________________________________ 11 BANCO DE VALORES –VALO- ________________________________________________ 12 TRANSPORTADORA GAS DEL SUR S.A. –TGS- _______________________________ 13 TRANSPORTADORA GAS DEL SUR S.A. –TGS- _______________________________ 14 RESUMEN ________________________________________________________________ 15 INFORMACIÓN DE CONTACTO. _______________________________________________ 16 INFORMACIÓN DE LA COMPAÑÍA. ____________________________________________ 16 S&P MERVAL COMPONENTES
    [Show full text]