**UNITED
      STATES**


**SECURITIES
      AND EXCHANGE COMMISSION**


Washington,
      D.C. 20549







AMENDMENT
      NO. 1


TO





**FORM
      20-F**


---

(Mark
      One)




o
            Registration
                statement pursuant to Section 12(b) or 12(g) of the Securities Exchange
                Act of 1934




or




x
            Annual
                report pursuant to Section 13 or 15(d) of the Securities Exchange
                Act of
                1934 for the fiscal year ended December 31,
                2007




or




o
            Transition
                report pursuant to Section 13 or 15(d) of the Securities Exchange
                Act of
                1934 for the transition period from ____________ to
                ____________




or




o
            Shell
                Company Report Pursuant to Section 13 or 15(d) of the Securities
                Exchange
                Act of 1934


Date
      of
      the event requiring this shell company report.




Commission
      file number: 001-32827




**BANCO
      MACRO S.A.**


(Exact
      Name of Registrant as Specified in its Charter)




**Macro
      Bank, Inc.**


(Translation
      of registrant’s name into English)




**Argentina**


(Jurisdiction
      of incorporation or organization)


**Sarmiento
      447, City of Buenos Aires, Argentina**


(Address
      of registrant’s principal executive offices)


---



Jorge
      Scarinci


Financial
      and Investor Relations Manager


Banco
      Macro S.A.


401
      Sarmiento, 4 th Floor


Buenos
      Aires—C1004AA1, Argentina


Telephone:
      (+54-11-5222-6730)


Facisimile:
      (+54-11-5222-7826)


**(Name,
      telephone, e-mail and/or facsimile**


Securities
      registered or to be registered pursuant to Section 12(b) of the
      Act:




Title
                of Each Class
            
            Name
                of Each Exchange On Which Registered**American
                Depositary Shares**
            
            **New
                York Stock Exchange****Class
                B ordinary shares, par value Ps. 1.00 per share**
            
            **New
                York Stock Exchange(*)****9.75%
                Fixed/Floating Rate Non-Cumulative Junior Subordinated Bonds Due
                2036****8.50%
                Notes Due 2017****10.750%
                Argentine Peso-Linked Notes Due 2012**





**(*)** Ordinary
      shares of Banco Macro S.A. are not listed for trading but only in connection
      with the registration of American Depositary Shares which are evidenced by
      American Depositary Receipts.




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:




**9.75%
                Fixed/Floating Rate Non-Cumulative Junior Subordinated Bonds Due
                2036****8.50%
                Notes Due 2017****10.750%
                Argentine Peso-Linked Notes Due
                2012**




1


Indicate
      the number of outstanding shares of each of the issuer’s classes of capital or
      common stock as of the close of the period covered by the annual
      report.




**11,235,670
      Class A ordinary shares, par value Ps. 1.00 per share**


**672,707,767
      Class B ordinary shares, par value Ps. 1.00 per share**


---

Indicate
        by check mark if the registrant is a well-known seasoned issuer, as defined
        in
        Rule 405 of the Securities Act.
  Yes
x No
        o
  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 o No
x
 
 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 x No
o
 
 Indicate
        by check mark whether the registrant is a large accelerated filer, an
        accelerated filer, or a non-accelerated filer. See definition of “accelerated
        filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check
        one):
  Large
                  accelerated filerx
              Accelerated
                  filero
              Non-accelerated
                  filer********o
  Indicate
        by check mark which basis of accounting the registrant has used to prepare
        the
        financial statements included in this filing:
  U.S.
                  GAAPo
              International
                  Financial Reporting
                Standards
                  as issued by the International
                Accounting
                  Standards Board o
              Otherx
 
 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:
 
 Indicate
        by check mark which financial statement item the registrant has elected to
        follow:
  Item
        17
o Item
        18 x
  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 o No
x
  (APPLICABLE
        ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE
        YEARS)
  Indicate
        by check mark whether the registrant has filed all documents and reports
        required to be filed by Sections 12, 23 or 15(d) of the Securities Exchange
        Act
        of 1934 subsequent to the distribution of securities under a plan confirmed
        by
        the court.
  Yes 
        o  No
o
  *Please
        send copies of notices and communications from the Securities and Exchange
        Commission to:*
  **Hugo
                  N. L. Bruzone, Esq.**
                **Bruchou,
                  Fernández Madero& Lombardi**
                **Ing.
                  Butty 275, 12****th****Floor**
                **C1001AFA
                  - Buenos Aires, Argentina**
              **Antonia
                  E. Stolper, Esq.**
                **Shearman
                  & Sterling LLP**
                **599
                  Lexington Avenue**
                **New
                  York, New York 10022**
 
 2
  **BANCO
        MACRO S.A.**
 
 **FORM
        20-F/A**
 
 **Explanatory
        Note**
 
 This
        Amendment No. 1 to our Annual Report on Form 20-F for the year ended
        December 31, 2007, or Amendment No. 1, amends our Annual Report on
        Form 20-F for the year ended December 31, 2007 initially filed with the
        Securities and Exchange Commission, on June 30, 2008, or the Originally Filed
        20-F. Amendment No. 1 files an amended Exhibit 12.1 and Exhibit 12.2,
        which inadvertently omitted certain required language.
 
 Other
        than the foregoing items, no part of the Originally Filed 20-F is being amended.
        Amendment No. 1 does not reflect events occurring after the filing of the
        Originally Filed 20-F and does not modify or update the disclosures therein
        in
        any way other than as required to reflect the amendments described above.
 
 1


**SIGNATURE**
 
 The
        registrant hereby certifies that it meets all of the requirements for filing
        its
        annual report on Form 20-F and that it has duly caused and authorized the
        undersigned to sign this amendment to its annual report on its behalf.
 
 **BANCO
                MACRO S.A.***(Registrant)*Date: August
                25, 2008
              
              /s/
                  Jorge Horacio BritoName:
**Jorge
                Horacio Brito******Title:  
                **Chief
                Executive Officer**
   2