Grupo Financiero Galicia (GGAL) S.A. announced the launch of an underwritten secondary offering by HSBC Bank of 11.72M American Depositary Shares, or ADSs, representing 117.2M Class B ordinary shares of the company. All of the ADSs are being offered by the selling shareholder. The selling shareholder will receive all of the proceeds from the offering. The company is not selling any ADSs in the offering and will not receive any proceeds from the offering. Morgan Stanley & Co. and Goldman Sachs & Co. are acting as the representatives of the underwriters of the offering.
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