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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
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                                   FORM 20-F/A
                                (Amendment No. 1)
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                     Annual Report Pursuant to Section 13 or
                  15(d) of the Securities Exchange Act of 1934

                   For the Fiscal Year Ended December 31, 2003
                         Commission File Number 0-30852
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                          GRUPO FINANCIERO GALICIA S.A.
             (Exact name of Registrant as specified in its charter)

                             GALICIA FINANCIAL GROUP
                 (Translation of Registrant's name into English)

                              REPUBLIC OF ARGENTINA
                 (Jurisdiction of incorporation or organization)

                          Grupo Financiero Galicia S.A.
                          Tte. Gral. Juan D. Peron 456
                        C1038 AAJ-Buenos Aires, Argentina
                    (Address of principal executive offices)

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

                                      None

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

       Class B Ordinary Shares, Ps.1.00 par value, ten shares of which are
                    represented by American Depositary Shares

              Securities for which there is a reporting obligation
                     pursuant to Section 15(d) of the Act:

                                      None

     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:

     Class A Ordinary Shares, Ps.1.00 par value . . . . . . . . 281,221,650

     Class B Ordinary Shares, Ps.1.00 par value . . . . . . . . 811,185,367

     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 [_]

     Indicate by check mark which financial statement item the registrant has
elected to follow.
                                Item 17 [_] Item 18 [X]

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                                EXPLANATORY NOTE

     This Amendment No. 1 to the Annual Report on Form 20-F for the fiscal year
ended December 31, 2003, filed on July 13, 2004, is being filed solely to
include in Item 6 disclosure of the Registrant's exemptions from certain
corporate governance standards of The Nasdaq Stock Market, Inc. ("Nasdaq"). This
Amendment No. 1 consists of a cover page, this explanatory note, Item 6, Item
19, the signature page, and the required certifications of the principal
executive officer and principal financial officer.

     Other than as set forth above, this Amendment No. 1 does not, and does not
purport to, amend, update or restate the information in any other item of the
Form 20-F or reflect any events that have occurred after the Form 20-F was
filed.

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ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

Exemptions from certain Nasdaq Corporate Governance Standards
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     Prior to March 3, 2005, the Marketplace Rules of Nasdaq provided that
Nasdaq could grant exemptions from the Nasdaq corporate governance standards to
a foreign issuer when those standards were contrary to a law, rule or regulation
of any public authority exercising jurisdiction over such issuer or contrary to
generally accepted business practices in the issuer's country of domicile,
except to the extent that such exemptions would be contrary to the U.S. federal
securities laws. In connection with our application for the listing of our
American Depositary Shares ("ADSs"), representing our common stock, on the
Nasdaq National Market in 2000, we received exemptions from certain Nasdaq
corporate governance standards. These exemptions and the practices we follow in
lieu thereof are described below:

     o    We are exempt from Nasdaq's requirement that we distribute to
          shareholders copies of our annual report containing our audited
          financial statements. Argentine law does not require such distribution
          and it is equally not customary business practice in Argentina for
          companies to distribute to shareholders copies of their annual report.
          Argentine law instead requires that companies make public a Spanish
          language annual report, including annual audited consolidated
          financial statements prepared in accordance with generally accepted
          accounting principles in Argentina, by filing such annual report with
          the Comision Nacional de Valores (the Argentine National Securities
          Commission or "CNV") and the Bolsa de Comercio de Buenos Aires (the
          Buenos Aires Stock Exchange or "Buenos Aires Exchange"), within 70
          calendar days of the end of the company's fiscal year. Interim reports
          must be filed with the CNV and the Buenos Aires Exchange within 42
          calendar days of the end of each fiscal quarter. The Buenos Aires
          Exchange publishes the annual reports and interim reports in the
          Buenos Aires Exchange bulletin and makes the bulletin available for
          inspection by all shareholders at its offices. In addition, our
          shareholders can receive copies of annual reports and any interim
          reports upon such shareholders' request. English language translations
          of such annual reports and interim reports are filed with the U.S.
          Securities and Exchange Commission. Also, we post the English
          language translation of our annual reports and quarterly press
          releases on
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          our  website. Furthermore, under the terms of the Second Amended and
          Restated Deposit Agreement, dated as of June 22, 2000, among us, The
          Bank of New York, as depositary (the "Depositary") and owners of ADSs
          issued thereunder, we are required to furnish the Depositary with,
          among other things, English language translations of our annual
          reports and each of our quarterly press releases. Annual reports and
          quarterly press releases are available for inspection by ADR holders
          at the offices of the Depositary located at, 101 Barclay Street, 22nd
          Floor, New York, New York. Finally, Argentine law requires that 20
          calendar days before the date of a shareholders' meeting, the board of
          directors must provide to the shareholders, at the company's executive
          office or through electronic means, all information relevant to the
          shareholders' meeting, including copies of any documents to be
          considered by the shareholders (which includes the annual report), as
          well as proposals of the company's board of directors.

     o    We are exempt from Nasdaq's requirement that we have, and certify that
          we have and will continue to have, an audit committee of at least
          three members, comprised solely of independent directors. Argentine
          law does not require that companies have an audit committee comprised
          solely of independent directors and it is equally not customary
          business practice in Argentina to have such a committee. Argentine law
          instead requires that companies establish an audit committee with at
          least three members comprised of a majority of independent directors
          as defined by Argentine law. We have a three member audit committee
          comprised of two independent directors. In addition, we have a
          supervisory committee ("comision fiscalizadora") composed of three
          'syndics' which are in charge of monitoring the legality, under
          Argentine law, of the actions of our board of directors and the
          conformity of such actions with our by-laws.

     o    We are exempt from Nasdaq's requirement that we certify that we have
          adopted a formal written audit committee charter and that the audit
          committee has reviewed and assessed the adequacy of the formal written
          charter on an annual basis. Argentine law requires that audit
          committees have a charter but does not require that companies certify
          as to the adoption of the charter nor does it require an annual review
          and assessment thereof, and it is equally not customary business
          practice in Argentina for companies to review and assess their audit
          committee charter on an annual basis or otherwise. Argentine law
          instead requires that companies prepare a proposed plan or course of
          action with respect to those matters which are the responsibility of
          the company's audit committee. Such plan or course of action could, at
          the discretion of our audit committee, include a review and assessment
          of the audit committee charter.

     o    We are exempt from Nasdaq's requirement that our by-laws provide for a
          quorum for any meeting of the holders of our common stock of no less
          than 33 1/3% of our outstanding common voting shares. Argentine law
          does not require such a quorum and it is equally not customary
          business practice in Argentina for companies' by-laws to provide for
          such a quorum for any meeting of the holders of common stock.
          Argentine law, and our by-laws, distinguish between ordinary meetings
          and extraordinary meetings and, instead, require in connection with
          ordinary meetings, that a quorum consist of a majority of stock
          entitled to vote (an "absolute majority") of the votes present. If no
          quorum is present at the first meeting, a second meeting

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          may be called at which the shareholders present, whatever their
          number, constitute a quorum and resolutions may be adopted by an
          absolute majority of the votes present. Argentine law, and our
          by-laws, require in connection with extraordinary meetings, that a
          quorum consist of 60% of the stock entitled to vote. However, if such
          quorum is not present at the first meeting, our by-laws provide that a
          second meeting may be called which may be held with the number of
          shareholders present. In both ordinary and extraordinary meetings,
          decisions are adopted by an absolute majority of votes present at the
          meeting, except for certain fundamental matters (such as mergers and
          spin-offs (when we are not the surviving entity and the surviving
          entity is not listed on any stock exchange), anticipated liquidation,
          change in our domicile outside of Argentina, total or partial
          recapitalization of our statutory capital following a loss, any
          transformation in our corporate legal form or a substantial change in
          our corporate purpose) which require an approval by vote of the
          majority of all the stock entitled to vote.

     o    We are exempt from Nasdaq's requirement that we solicit proxies,
          provide proxy statements for all meetings of shareholders and provide
          copies of such proxy solicitation to Nasdaq. Argentine law does not
          impose such requirements and it is equally not customary business
          practice in Argentina to solicit proxies, provide proxy statements for
          all meetings of shareholders and provide copies of such proxy
          solicitation to the local exchange. Argentine law instead requires
          that notices of shareholders' meetings be published, for five
          consecutive days, in the Official Gazette of the Republic of Argentina
          and in a widely circulated newspaper in Argentina no earlier than 45
          calendar days prior to the meeting and at least 20 calendar days prior
          to such meeting. In order to attend a meeting and be listed on the
          meeting registry, shareholders are required to submit evidence of
          their book-entry share account held at Caja de Valores S.A. (the
          Argentine equivalent to The Depository Trust Company in the U.S.) up
          to three business days prior to the scheduled meeting date. If
          entitled to attend the meeting, a shareholder may be represented by
          proxy (properly executed and delivered with a certified signature)
          granted to any other person, with the exception of a director, syndic,
          member of the surveillance committee ("consejo de vigilancia"),
          manager or employee of the issuer, which are prohibited by Argentine
          law from acting as proxies. In addition, our ADS holders receive,
          prior to the shareholders' meeting, a notice listing the matters on
          the agenda, a copy of the annual report and a voting card.

     o    We are exempt from Nasdaq's requirement that we conduct an appropriate
          review of all related party transactions on an ongoing basis and
          utilize our audit committee or a comparable body of the board of
          directors for the review of potential conflicts of interest where
          appropriate. Argentine law does not impose such a requirement and it
          is equally not customary business practice in Argentina for companies
          to review all related party transactions on an ongoing basis and for
          their audit committees, or comparable body of the board of directors,
          to review transactions for potential conflicts of interest. Argentine
          law instead requires that related party transactions be approved by
          the audit committee when the transaction exceeds one percent (1%) of
          the corporation's net worth, measured pursuant to the last audited
          balance sheet, so long as the relevant transaction exceeds the
          equivalent of three hundred thousand Argentine Pesos (Ps.$ 300,000).
          Directors can contract with the corporation only on terms consistent
          with prevailing market conditions. If the contract is not in
          accordance with prevailing market conditions, such transaction must be
          pre-approved by the board of directors (excluding the interested
          director). In addition, under

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          Argentine law, a shareholder is required to abstain from voting on a
          business transaction in which its interests may be in conflict with
          the interests of the company. In the event such shareholder votes on
          such business transaction and such business transaction would not have
          been approved without such shareholder's vote, such shareholder may be
          liable to the company for damages and the resolution may be declared
          void.

     Other than the descriptions noted above, we are in full compliance with all
other applicable Nasdaq corporate governance standards.


ITEM 19. EXHIBITS

EXHIBIT                           DESCRIPTION

1.1       English translation of estatutos sociales (bylaws)**
2.1       Indenture, dated as of May 18, 2004, among the Bank, The Bank of New
          York and Banco Rio de la Plata S.A.**
4.1       Form of restructured loan facility (as evidenced by the note purchase
          agreement, dated as of April 27, 2004, among the Bank, Barclays Bank
          PLC, the holders party thereto and Deutsche Bank Trust Company
          Americas)**
8.1       List of Significant Subsidiaries**
12.1      Certification of the principal executive officer required under Rule
          13a-14(a) or Rule 15d-14(a), pursuant to Section 302 of the
          Sarbanes-Oxley Act of 2002*
12.2      Certification of the principal financial officer required under Rule
          13a-14(a) or Rule 15d-14(a), pursuant to Section 302 of the
          Sarbanes-Oxley Act of 2002*
12.3      Certification of the principal executive officer required under Rule
          13a-14(a) or Rule 15d-14(a), pursuant to Section 302 of the
          Sarbanes-Oxley Act of 2002, with respect to Amendment No. 1
12.4      Certification of the principal financial officer required under Rule
          13a-14(a) or Rule 15d-14(a), pursuant to Section 302 of the
          Sarbanes-Oxley Act of 2002, with respect to Amendment No. 1
13.1      Certification of the principal executive officer required pursuant to
          18 U.S.C. Section 1350, as adopted pursuant to 906 of the
          Sarbanes-Oxley Act of 2002*
13.2      Certification of the principal executive officer required pursuant to
          18 U.S.C. Section 1350, as adopted pursuant to 906 of the
          Sarbanes-Oxley Act of 2002*
99.1      Registration Rights Agreement dated as of May 18, 2004, executed and
          delivered by Grupo Galicia for the benefit of certain holders of
          preferred shares**
99.2      Agreement, dated as of April 27, 2004, among Grupo Galicia, the
          International Finance Corporation, the Inter-American Investment
          Corporation, Commodity Credit Corporation and Deutsche Bank Trust
          Company Americas**

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* Previously filed.
** Incorporated by reference to Grupo Financiero Galicia S.A.'s Annual Report on
Form 20-F, filed on July 13, 2004.

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                                    SIGNATURE

     The registrant hereby certifies that it meets all of the requirements for
filing this Amendment No. 1 and has duly caused and authorized the undersigned
to sign the annual report on its behalf.

Date:  April 12, 2005

                                              GRUPO FINANCIERO GALICIA S.A.


                                              By:/s/ Antonio Garces
                                                 -------------------------------
                                                 Name:  Antonio Garces
                                                 Title:  Chief Executive Officer


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                                  EXHIBIT INDEX

EXHIBIT   DESCRIPTION

12.3      Certification of the principal executive officer required under Rule
          13a-14(a) or Rule 15d-14(a), pursuant to Section 302 of the
          Sarbanes-Oxley Act of 2002, with respect to Amendment No. 1

12.4      Certification of the principal financial officer required under Rule
          13a-14(a) or Rule 15d-14(a), pursuant to Section 302 of the
          Sarbanes-Oxley Act of 2002, with respect to Amendment No. 1