Unofficial English Translation of Press Release Dated April 16, 2004


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           Banco de Galicia y Buenos Aires S.A. Announces Extension of
                        Exchange Offer to April 22, 2004

BUENOS AIRES, April 16, 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"), announced today 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 (the
"Pricing Supplement"), as supplemented by the Supplement dated March 18, 2004
(the "Supplement"), and the Second Supplement dated April 6, 2004 (the "Second
Supplement") (the Pricing Supplement, as amended by the Supplement and the
Second Supplement, is referred to as the "Pricing Supplement"), and in the
related electronic letter of transmittal and authorization. As the final
governmental approvals described below have not been received as of the date
hereof, the exchange offer is now scheduled to expire at 3:00 p.m., New York
City time, on April 22, 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 22, 2004, unless extended further.

The Comision Nacional de Valores (the "CNV") has not yet granted the final
approvals for the public offers of the securities described above and the public
offer of rights by Grupo Financiero Galicia S.A. ("Grupo Galicia"). The Bank
expects Grupo Galicia to launch the rights offering after the expiration date.

In connection with the exchange offer to the holders of the Existing Notes, as
of 3:00 p.m. (New York City time) on April 15, 2004, the Bank was advised by
Citibank, N.A., the exchange agent, that an aggregate principal amount of US$
294.3 million of Existing Notes had been validly tendered. In connection with
the restructuring of the Bank's debt with bank creditors, as of the date hereof,
the Bank was advised by Barclays Bank PLC, the documentation agent for the bank
debt restructuring, that it has received valid tenders representing US$ 533.6
million of bank debt held by financial creditors and one development bank. In
connection with the restructuring of the Bank's debt with bank creditors, as of
the date hereof, the Bank has also received nonbinding commitments from other
bank creditors holding US$ 262.1 million of the aggregate principal amount of
bank debt, indicating such creditors' intention to participate in the
restructuring as currently

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contemplated. As of the date hereof, the total debt to be restructured in
connection with the offers is US$ 1,320.1 million. 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.

The Bank also clarified that it will apply any cash in excess of US$ 5 million
not used in the cash tender offers to repay on a pro rata basis all of the long
term notes due 2014 and similar instruments offered in the bank debt
restructuring.

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, 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

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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.