Grupo Financiero Galicia S.A. (GGAL): Business Model Canvas

In der dynamischen Landschaft der argentinischen Finanzdienstleistungen entwickelt sich Grupo Financiero Galicia S.A. (GGAL) zu einem Kraftpaket innovativer Banklösungen, das die komplexe Schnittstelle zwischen traditionellem Finanzwesen und modernster digitaler Transformation strategisch steuert. Durch die Nutzung eines ausgefeilten Geschäftsmodells, das technologische Kompetenz, lokale Marktexpertise und kundenorientierte Strategien vereint, hat sich GGAL als zentraler Akteur im sich schnell entwickelnden Finanzökosystem Argentiniens positioniert und bietet umfassende Dienstleistungen für unterschiedliche Kundensegmente, von einzelnen Verbrauchern bis hin zu großen Unternehmen.

Grupo Financiero Galicia S.A. (GGAL) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianz mit globalen Finanztechnologieanbietern

Grupo Financiero Galicia hat strategische Partnerschaften mit den folgenden globalen Finanztechnologieanbietern aufgebaut:

Partner	Art der Zusammenarbeit	Gründungsjahr
Visum International	Zahlungsabwicklungstechnologie	2019
Mastercard	Digitale Zahlungslösungen	2018
IBM	Cloud-Computing- und Cybersicherheitsinfrastruktur	2020

Partnerschaften mit lokalen argentinischen Banken und Finanzinstituten

Grupo Financiero Galicia unterhält Partnerschaften mit folgenden lokalen Finanzinstituten:

• Banco de la Nación Argentinien
• Banco Provincia
• Banco Ciudad
• Banco Santander Río

Zusammenarbeit mit digitalen Zahlungsplattformen und Fintech-Startups

Zu den wichtigsten Partnerschaften im Bereich digitaler Zahlungsverkehr und Fintech gehören:

Fintech-Partner	Fokus auf Zusammenarbeit	Investitionsbetrag
Mercado Pago	Integration mobiler Zahlungen	250 Millionen ARS
Uala	Digitale Banking-Lösungen	180 Millionen ARS
Ripio	Plattformen für Kryptowährungstransaktionen	100 Millionen ARS

Beziehungen zu Aufsichtsbehörden und staatlichen Finanzagenturen

Grupo Financiero Galicia unterhält Compliance- und Kooperationsbeziehungen mit:

• Banco Central de la República Argentinien
• Comisión Nacional de Valores (CNV)
• Superintendencia de Seguros de la Nación
• Wirtschaftsministerium

Gesamtinvestition der Partnerschaft im Jahr 2023: 1,2 Milliarden ARS

Grupo Financiero Galicia S.A. (GGAL) – Geschäftsmodell: Hauptaktivitäten

Privat- und Geschäftsbankdienstleistungen

Ab 2024 ist Grupo Financiero Galicia tätig mit:

Bankmetrik	Menge
Gesamtzahl der Bankfilialen	280 physische Filialen
Gesamtes Geldautomatennetzwerk	1.850 Geldautomaten
Gesamtzahl der Retail-Banking-Kunden	4,2 Millionen aktive Kunden

Anlage- und Vermögensverwaltung

Details zur Anlageportfolioverwaltung:

Anlagekategorie	Gesamtes verwaltetes Vermögen
Investmentfonds	1,3 Milliarden US-Dollar
Pensionskassen	850 Millionen US-Dollar
Private Banking	620 Millionen US-Dollar

Entwicklung einer digitalen Banking-Plattform

• Mobile-Banking-Nutzer: 2,1 Millionen
• Online-Transaktionsvolumen: 78 % der gesamten Transaktionen
• Funktionen der digitalen Plattform:
  • Kontoverwaltung in Echtzeit
  • Mobile Scheckeinzahlung
  • Sofortige Geldüberweisungen

Kredit- und Kreditportfoliomanagement

Kreditkategorie	Gesamter ausstehender Saldo
Unternehmenskredite	2,4 Milliarden US-Dollar
Privatkredite	1,6 Milliarden US-Dollar
Hypothekendarlehen	780 Millionen US-Dollar

Finanzberatungs- und Risikomanagementdienste

Risikomanagement-Kennzahlen:

Risikomanagement-Indikator	Prozentsatz
Quote notleidender Kredite	2.3%
Kapitaladäquanzquote	15.6%
Risikodeckungsquote	180%

Grupo Financiero Galicia S.A. (GGAL) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Filialnetz

Ab 2023 betreibt Grupo Financiero Galicia 459 physische Filialen in ganz Argentinien.

Filialverteilung	Anzahl der Filialen
Gesamtzahl der physischen Zweige	459
Metropolregion Buenos Aires	212
Provinzzweige	247

Digitale Banking-Infrastruktur

Die digitalen Plattformen der Bank wickeln ab 2023 etwa 78 % aller Transaktionen ab.

• Mobile-Banking-Nutzer: 2,3 Millionen
• Online-Banking-Plattformen: 4 verschiedene digitale Kanäle
• Jährliches digitales Transaktionsvolumen: 312 Millionen Transaktionen

Humankapital

Gesamtbelegschaft der Grupo Financiero Galicia im Jahr 2023: 8.647 Mitarbeiter.

Mitarbeiterkategorie	Nummer
Professionelles Personal	6,412
Management	1,235

Marken- und Technologieressourcen

Technologieinvestitionen im Jahr 2023: 87,4 Mio. USD

• Budget für Cybersicherheit: 22,6 Millionen US-Dollar
• Investition in die digitale Transformation: 41,3 Millionen US-Dollar
• Modernisierung des Kernbankensystems: 23,5 Mio. USD

Finanzielle Ressourcen

Gesamtvermögen im Dezember 2023: 4,2 Billionen ARS

Finanzkennzahl	Betrag (ARS)
Gesamtvermögen	4,200,000,000,000
Eigenkapital	1,050,000,000,000

Grupo Financiero Galicia S.A. (GGAL) – Geschäftsmodell: Wertversprechen

Umfassende Finanzlösungen für Privatpersonen und Unternehmen

Ab dem 4. Quartal 2023 bietet Grupo Financiero Galicia eine vielfältige Palette an Finanzprodukten mit einem Gesamtvermögen von 3.348.746 Mio. ARS und einem Kreditportfolio von 1.777.870 Mio. ARS an.

Produktkategorie	Gesamtwert des Portfolios	Marktanteil
Persönliches Banking	872.345 Millionen ARS	26.5%
Firmenkundengeschäft	905.525 Millionen ARS	31.2%

Innovative digitale Banking-Erlebnisse

Statistiken zu digitalen Plattformen für 2023:

• Mobile-Banking-Nutzer: 2,3 Millionen
• Online-Transaktionsvolumen: 78,6 Millionen Transaktionen
• Durchdringung digitaler Plattformen: 65,4 % des gesamten Kundenstamms

Personalisierte Finanzberatungsdienste

Leistung des Vermögensverwaltungssegments im Jahr 2023:

Beratungsdienst	Gesamtes verwaltetes Vermögen	Durchschnittliches Kundenportfolio
Beratung für vermögende Unternehmen	456.789 Millionen ARS	12,5 Millionen ARS
Unternehmensfinanzberatung	678.234 Millionen ARS	45,6 Millionen ARS

Wettbewerbsfähige Zinssätze und Finanzprodukte

Zinsangebote für 2024:

• Persönliches Sparkonto: 52,5 % Jahreszins
• Festgeld: 58,7 % Jahreszins
• Unternehmenskreditzins: 45,3 % Jahreszins

Lokale Marktexpertise und kundenorientierter Ansatz

Marktpositionierungskennzahlen für 2023:

Metrisch	Wert
Kundenzufriedenheitsindex	87.6%
Filialnetz	266 Standorte
Gesamtzahl der Kunden	3,5 Millionen

Grupo Financiero Galicia S.A. (GGAL) – Geschäftsmodell: Kundenbeziehungen

Persönlicher Kundenservice

Ab 2024 unterhält Grupo Financiero Galicia ein dediziertes Kundendienstnetzwerk mit 3.200 direkten Kundendienstmitarbeitern in ganz Argentinien. Die Bank betreibt 266 physische Filialen mit einer durchschnittlichen Kundeninteraktionszeit von 18,5 Minuten pro Sitzung.

Kundendienstkanal	Jährliches Kontaktvolumen	Durchschnittliche Lösungszeit
Telefonsupport	2,4 Millionen Kontakte	12,3 Minuten
Online-Chat	1,8 Millionen Interaktionen	8,7 Minuten
Support in der Filiale	1,2 Millionen Besuche	22,5 Minuten

Digitale Self-Service-Plattformen

Die digitalen Plattformen der Grupo Financiero Galicia bedienen im Jahr 2024 3,6 Millionen aktive Digital-Banking-Nutzer.

• Mobile-Banking-App: 2,1 Millionen monatlich aktive Nutzer
• Online-Banking-Website: 1,5 Millionen aktive Benutzer pro Monat
• Digitales Transaktionsvolumen: 78,4 Millionen Transaktionen jährlich

Engagierte Kundenbetreuer für Firmenkunden

Die Bank verfügt über 412 spezialisierte Corporate Relationship Manager, die 6.750 Firmen- und institutionelle Kunden mit einem Jahresumsatz von über 500 Millionen ARS betreuen.

Unterstützung für mobiles und Online-Banking

Die digitale Banking-Infrastruktur unterstützt im Jahr 2024 92,6 % aller Kundentransaktionen mit einer durchschnittlichen digitalen Interaktionszeit von 4,2 Minuten pro Sitzung.

Kategorie „Digitaler Dienst“.	Monatliche Transaktionen	Benutzerzufriedenheitsrate
Geldtransfers	3,2 Millionen	94.3%
Rechnungszahlungen	2,7 Millionen	91.6%
Kontoverwaltung	2,1 Millionen	96.2%

Kundenbindungsprogramme

Grupo Financiero Galicia betreibt ein Treueprogramm mit 1,9 Millionen aktiven Teilnehmern, das jährlich 42,6 Millionen Prämienpunkte generiert.

• Einlösungsrate der Prämienpunkte: 67,3 %
• Durchschnittlich gesammelte Jahrespunkte pro Kunde: 22.500
• Partnerhändler: 1.240 in ganz Argentinien

Grupo Financiero Galicia S.A. (GGAL) – Geschäftsmodell: Kanäle

Physisches Filialnetz

Ab 2024 betreibt Grupo Financiero Galicia 266 physische Filialen in ganz Argentinien.

Branchenkategorie	Anzahl der Filialen	Geografische Abdeckung
Metropolregion Buenos Aires	127	46.2%
Provinzzweige	139	53.8%

Mobile-Banking-Anwendung

Anwendungsstatistik von Galicia Móvil:

• 2,3 Millionen aktive monatliche Benutzer
• Über 78 % der digitalen Banktransaktionen werden über eine mobile Plattform abgewickelt
• Durchschnittliche Sitzungsdauer: 4,7 Minuten

Online-Webbanking-Plattform

Kennzahlen der Webbanking-Plattform Galicia Online:

Plattformmetrik	Daten für 2024
Registrierte Benutzer	1,9 Millionen
Monatlich aktive Benutzer	1,6 Millionen
Tägliche Transaktionen	385,000

Callcenter-Unterstützung

Leistung des Kundendienstkanals:

• Support-Verfügbarkeit rund um die Uhr
• Durchschnittliche Reaktionszeit: 47 Sekunden
• Kundenzufriedenheitsrate: 89,3 %
• Gesamtzahl der Supportmitarbeiter: 672

Digitale Marketing- und Kommunikationskanäle

Digitale Plattform	Follower/Abonnenten	Engagement-Rate
Instagram	215,000	3.7%
Facebook	340,000	2.9%
LinkedIn	95,000	1.6%
YouTube	45,000	2.3%

Grupo Financiero Galicia S.A. (GGAL) – Geschäftsmodell: Kundensegmente

Privatkunden im Privatkundengeschäft

Im Jahr 2024 betreut Grupo Financiero Galicia rund 3,2 Millionen private Privatkunden in Argentinien.

Kundendemografie	Anzahl der Kunden	Marktdurchdringung
Junge Erwachsene (18–35)	890,000	27.8%
Erwachsene mittleren Alters (36–55)	1,450,000	45.3%
Senioren (56+)	860,000	26.9%

Kleine und mittlere Unternehmen

Grupo Financiero Galicia unterstützt 125.000 KMU-Kunden mit spezialisierten Finanzdienstleistungen.

• Kleinstunternehmen: 62.500 Kunden
• Kleine Unternehmen: 45.000 Kunden
• Mittlere Unternehmen: 17.500 Kunden

Firmenkunden und institutionelle Kunden

Die Bank betreut 2.350 Firmen- und institutionelle Kunden aus verschiedenen Branchen.

Sektor	Anzahl der Kunden	Durchschnittliches Kreditrisiko
Herstellung	580	850 Millionen ARS
Landwirtschaft	420	1,2 Milliarden ARS
Dienstleistungen	670	620 Millionen ARS
Finanzinstitute	680	1,5 Milliarden ARS

Vermögende Privatpersonen

Grupo Financiero Galicia verwaltet Private-Banking-Dienstleistungen für 18.500 vermögende Kunden.

• Kunden mit einem Vermögen über 50 Millionen ARS: 6.200
• Kunden mit einem Vermögen zwischen 10 und 50 Millionen ARS: 12.300

Aufstrebende Digital-First-Banking-Verbraucher

Die digitale Banking-Plattform bedient im Jahr 2024 1,4 Millionen aktive digitale Nutzer.

Digitaler Kanal	Aktive Benutzer	Monatliche Transaktionen
Mobile-Banking-App	1,100,000	8,5 Millionen
Online-Banking-Website	300,000	3,2 Millionen

Grupo Financiero Galicia S.A. (GGAL) – Geschäftsmodell: Kostenstruktur

Investitionen in die Technologieinfrastruktur

Im Jahr 2023 investierte Grupo Financiero Galicia rund 35,2 Milliarden ARS in die Technologieinfrastruktur. Die Aufteilung der Technologieinvestitionen ist wie folgt:

Kategorie „Technologieinvestitionen“.	Betrag (ARS Milliarden)
Kernbankensysteme	12.6
Cybersicherheitsinfrastruktur	8.4
Digitale Banking-Plattformen	9.7
Cloud-Computing-Lösungen	4.5

Gehälter und Schulungen der Mitarbeiter

Die gesamten Personalkosten der Grupo Financiero Galicia beliefen sich im Jahr 2023 auf 142,5 Milliarden ARS, mit folgender Zuteilung:

• Grundgehälter: 98,3 Milliarden ARS
• Mitarbeiterschulungsprogramme: 4,7 Milliarden ARS
• Leistungsprämien: 22,6 Milliarden ARS
• Sozialversicherungsbeiträge: 16,9 Milliarden ARS

Wartung des Filialnetzes

Die Betriebskosten des Filialnetzes beliefen sich im Jahr 2023 auf insgesamt 28,6 Milliarden ARS und verteilten sich wie folgt:

Kategorie der Filialwartungskosten	Betrag (ARS Milliarden)
Miete und Ausstattung	11.3
Dienstprogramme	5.7
Ausrüstung und Wartung	7.2
Sicherheitsdienste	4.4

Kosten für die Einhaltung gesetzlicher Vorschriften

Die Compliance-bezogenen Kosten für Grupo Financiero Galicia beliefen sich im Jahr 2023 auf 22,1 Milliarden ARS:

• Rechts- und Compliance-Abteilung: 8,6 Milliarden ARS
• Regulatorische Meldesysteme: 5,4 Milliarden ARS
• Externe Prüfungsgebühren: 4,2 Milliarden ARS
• Compliance-Schulung: 3,9 Milliarden ARS

Entwicklung und Wartung digitaler Plattformen

Die Investitionen in digitale Plattformen beliefen sich im Jahr 2023 auf 18,7 Milliarden ARS und wurden wie folgt aufgeteilt:

Kategorie „Investitionen in digitale Plattformen“.	Betrag (ARS Milliarden)
Entwicklung von Mobile-Banking-Apps	6.5
Online-Banking-Plattform	5.8
Digitale Innovation	4.2
Wartung und Updates	2.2

Grupo Financiero Galicia S.A. (GGAL) – Geschäftsmodell: Einnahmequellen

Zinserträge aus Darlehen und Kreditprodukten

Im vierten Quartal 2023 meldete Grupo Financiero Galicia Zinserträge in Höhe von 361.475 Millionen argentinischen Pesos aus seinem Kreditportfolio.

Kreditkategorie	Zinserträge (ARS Millionen)
Unternehmenskredite	142,630
Verbraucherkredite	87,245
Hypothekendarlehen	58,600
Kreditkartenkredite	73,000

Gebühren für Bankdienstleistungen

Die Gebühren für Bankdienstleistungen generierten im Jahr 2023 95.230 Millionen argentinische Pesos.

• Kontoführungsgebühren: 32.500 Millionen ARS
• Transaktionsbearbeitungsgebühren: 41.730 Millionen ARS
• Gebühren für Zahlungsdienste: 21.000 Millionen ARS

Provisionen für Anlage- und Vermögensverwaltung

Die Einnahmen aus der Anlageverwaltung erreichten im Jahr 2023 53.845 Millionen argentinische Pesos.

Investmentservice	Provisionseinnahmen (ARS Millionen)
Vermögensverwaltung	28,600
Maklerdienstleistungen	15,245
Beratungsdienste	10,000

Gebühren für digitale Transaktionen

Die Einnahmen aus digitalen Transaktionen beliefen sich im Jahr 2023 auf 22.675 Millionen argentinische Pesos.

• Mobile-Banking-Transaktionen: 8.900 Millionen ARS
• Gebühren für Online-Zahlungsplattformen: 7.500 Millionen ARS
• Digitale Geldbörsendienste: 6.275 Millionen ARS

Einnahmen aus Finanzberatungsdienstleistungen

Finanzberatungsdienstleistungen erwirtschafteten im Jahr 2023 18.340 Millionen argentinische Pesos.

Beratungsdiensttyp	Umsatz (in Millionen ARS)
Unternehmensfinanzberatung	12,500
Persönliche Finanzplanung	5,840

Grupo Financiero Galicia S.A. (GGAL) - Canvas Business Model: Value Propositions

You're looking at the core offerings Grupo Financiero Galicia S.A. (GGAL) brings to the market as of late 2025, especially after integrating the former HSBC operations.

Largest private-capital financial platform in Argentina post-merger

Following the merger with HSBC Argentina, Grupo Financiero Galicia S.A. solidified its standing. While Banco de la Nación Argentina remains the largest overall, GGAL is positioned as the second-largest institution in the country when looking at both deposits and the value of loans granted to the private sector. The strategic integration aimed to enhance market positioning, contributing to a 2.5% increase in market share for loans and deposits as of Q2 2025.

The market share figures as of the end of Q3 2025 reflect this scale:

Metric	Market Share (End of Q3 2025)
Loans to Private Sector	14.8%
Deposits from Private Sector	16.4%

Comprehensive financial ecosystem: Banking, insurance, and investment under one roof

The value proposition is the full suite of services available across its main operating segments. This ecosystem structure is designed to capture client value across the financial lifecycle. For instance, in Q3 2025, the results showed the interplay of these units, with losses from Banco Galicia (ARS 104 billion), Naranja X (ARS 6 billion), and Galicia Seguros (ARS 12 billion), partially offset by profits from Galicia Asset Management (ARS 25 billion).

The key components delivering this ecosystem value include:

• Banco Galicia: Core banking services.
• Galicia Seguros: Insurance products.
• Galicia Asset Management: Mutual fund management.
• Galicia Securities: Stock market services.

Digital-first consumer finance via Naranja X for mass-market access

Naranja X serves as the digital front for mass-market access, offering financial solutions beyond traditional banking. This fintech arm is a leading card issuer in the country. You should note its scale:

• Cards issued: More than 10.1 million cards.
• App NX users: Over 2.7 million users.

Galicia Seguros, also part of the offering, is a leader in specific insurance lines, holding a 9.4% market share in home insurance.

Specialized financing and cash management for corporate and SME clients

For the corporate and SME segments, the value centers on specialized financing and operational support, primarily through Banco Galicia and the recently launched Nera digital ecosystem for agriculture. Management sees strong opportunities ahead in commercial lending, particularly tied to expected investments in the oil and gas sector and Vaca Muerta.

Investment democratization through the Inviu digital brokerage platform

Inviu drives the value proposition of making investment allocation simple and accessible, focusing on technology to enhance the relationship between financial advisors and individual investors. This platform is part of the group's strategy to transform how individuals manage their financial resources. Furthermore, the asset management arm, Fondos Fima, holds a 12.8% market share in mutual funds.

Finance: draft 13-week cash view by Friday.

Grupo Financiero Galicia S.A. (GGAL) - Canvas Business Model: Customer Relationships

Grupo Financiero Galicia S.A. maintains customer relationships across its banking, insurance, and fintech subsidiaries, focusing on personalized high-touch service for larger clients and massive digital scale for the mass market.

The integration of the acquired HSBC Argentina business, now part of Galicia Más, resulted in a market share increase of 2.5% in both loans and deposits as of the second quarter of 2025. This metric reflects the successful, low-friction onboarding of that client base.

The relationship strategy for the mass-market digital ecosystem, centered on Naranja X, is characterized by high volume and digital self-service capabilities.

Customer Relationship Metric/Entity	Latest Available Figure	Context/Unit
Naranja X Cards in Circulation	More than 10 million	Cards issued
Naranja X App Users	2.7 million	Active application users
Banco Galicia Private Sector Loans Market Share	13.6%	As of Q1 2025
Galicia Seguros Home Insurance Market Share	9.4%	Market leadership position
Fondos FIMA Market Share	12.8%	Mutual fund market share

The high degree of digital self-service is supported by the general trend where 72% of global banking customers prefer using mobile apps for core banking services, a benchmark Grupo Financiero Galicia S.A. aims to meet or exceed across its platforms.

For the most sophisticated clients, dedicated relationship managers are assigned, though the exact count of High-Net-Worth (HNW) or top-tier corporate clients served this way is not publicly itemized in the latest filings. The focus for these segments is on deep, tailored advisory services.

Automated, data-driven service is evident through Naranja X, which manages its large user base through technological solutions for personal finance management. The entire group's financial health, which impacts service stability, showed an accumulated Return on Equity (ROE) of 4.7% for the fiscal year 2025 (excluding nonrecurring integration costs, the expected ROE was around 6%).

• Digital banking transactions for the group's core bank increased by 42% year-over-year as of 2022, indicating a strong historical trend in self-service adoption.
• The Q1 2025 Return on Equity (ROE) for Grupo Financiero Galicia S.A. was reported at 8.9%.
• The Q3 2025 net loss was ARS 87.7 billion, heavily influenced by ARS 105.3 billion in extraordinary restructuring expenses.
• The bank's total regulatory capital ratio was 22.1% as of September 2025.

The seamless integration focus is quantified by the 2.5% market share gain post-merger, achieved with reported smooth client transitions.

Grupo Financiero Galicia S.A. (GGAL) - Canvas Business Model: Channels

You're looking at how Grupo Financiero Galicia S.A. (GGAL) gets its value propositions to its customers as of late 2025. It's a mix of old-school presence and heavy digital push, especially after integrating the former HSBC Argentina operations.

Physical branch network (Banco Galicia) for complex transactions and advisory

The physical footprint remains key for complex banking, corporate advisory, and high-touch services, though the total number of branches isn't explicitly stated for late 2025. Following the acquisition and reorganization that unified the banking business, the network is now larger. As a point of reference from before the full integration, the bank had 236 branches in Argentina as of April 2009, which has certainly grown, especially with the addition of former HSBC locations. The primary subsidiary, Banco Galicia, maintains a strong presence across the country.

Digital channels: Banco Galicia online banking and mobile app

Digital adoption is a strategic focus for Grupo Financiero Galicia. The core banking segment offers digital banking platforms to its retail, SME, and corporate clients. While the exact number of active users for the Banco Galicia digital channels as of Q3 2025 isn't published here, the company's overall strategy is centered on digital transformation to efficiently support its market share in private sector loans, which stood at 13.6%, and deposits, at 13.0%, as of June 2025.

Fintech platforms: Naranja X mobile app for payments and consumer credit

Naranja X is a major channel, operating as a distinct fintech ecosystem within Grupo Financiero Galicia. This platform is central to payments and consumer finance. As of the first half of 2025, Naranja X was the leading card issuer in Argentina, boasting more than 10.1 million cards outstanding. For Q2 2025, the Naranja X segment contributed a profit of ARS 32 billion to the Group's results. By Q3 2025, the segment recorded a loss of ARS 6.318 billion, impacted by the overall restructuring costs affecting the Group.

Investment platform: Inviu for self-directed and advised investment

Inviu drives the investment culture, focusing on maximizing the potential of independent financial advisors and bringing investment access to a broader audience. Inviu offers the ability to open investment accounts in Uruguay, Argentina, and the United States through custodians like Interactive Brokers and BNY Mellon | Pershing. The firm is actively expanding its reach, gaining approval to operate as a stock agent in Peru in May 2025. To give you a sense of the market context in Argentina, the ratio of investment accounts to bank accounts is only about 5%.

ATM network and third-party payment processors (e.g., MODO QR)

Grupo Financiero Galicia leverages an extensive ATM network and participates in broader payment initiatives. The MODO platform, introduced in 2020, is a key part of this, integrating major Argentine banks. While MODO's specific user base isn't detailed, the broader interoperable QR code payment market in Argentina showed significant adoption in early 2025. For instance, in January 2025, interoperable Payments by Transfer (PCTs) initiated through interoperable QR codes totaled 71.1 million transactions, amounting to ARS 1,219.8 billion.

Here's a quick look at the scale of the key operating segments as of mid-to-late 2025:

Channel/Segment	Metric	Latest Available Data Point
Banco Galicia (Banking)	Private Sector Loans Market Share (June 2025)	13.6%
Banco Galicia (Banking)	Private Sector Deposits Market Share (June 2025)	13.0%
Naranja X (Fintech/Cards)	Active Cards (Mid-2025)	More than 10.1 million
Naranja X (Fintech/Cards)	Profit Contribution (Q2 2025)	ARS 32 billion
Fondos Fima (Asset Management)	Mutual Fund Market Share (June 2025)	12.8%
Interoperable QR Payments (Market)	Total PCTs via QR (January 2025)	71.1 million transactions

The Group's overall strategy clearly points toward using the established Banco Galicia network for core banking while aggressively pushing the digital and fintech arms like Naranja X and Inviu to capture growth in payments and investments. If onboarding for the digital services takes 14+ days, churn risk rises, so the integration of the former HSBC operations via the Corporate Reorganization effective January 1, 2025, is crucial for streamlining channel delivery.

Finance: draft 13-week cash view by Friday.

Grupo Financiero Galicia S.A. (GGAL) - Canvas Business Model: Customer Segments

You're looking at how Grupo Financiero Galicia S.A. (GGAL) divides up the market to sell its financial products. Honestly, it's a broad approach, hitting nearly every type of customer in Argentina.

Mass-market retail consumers (served heavily by Naranja X)

This segment is huge, driven significantly by the fintech arm, Naranja X. Naranja X is definitely a leader in the payments space, creating tech solutions for personal finance for millions of Argentines. As of June 2025, Naranja X had more than 10.1 million cards out there. Plus, they are seeing digital adoption, with more than 2.7 million users on the NX app. The core bank, Banco Galicia, also serves this group, reporting more than 3,000,000 clients through its assisted and digital channels. Naranja X contributed ARS 32,000,000,000 in profit during the second quarter of 2025. That's a big chunk of the consumer-facing business.

Small and Medium-sized Enterprises (SMEs) needing working capital and trade finance

For SMEs, the focus is on providing financing solutions. Banco Galicia holds a 14.5% estimated market share of loans to the private sector as of the second quarter of 2025. The average peso-denominated loans to the private sector hit ARS 72.3 trillion in June 2025. Galicia Seguros also targets this group, providing a wide range of insurance policies for SMEs and companies. The bank is working to keep its lending growth going, though asset quality in personal loans and credit cards sometimes needs extra watching. If onboarding takes 14+ days, churn risk rises, even for SMEs.

Large corporations and institutional clients (treasury, investment banking)

This group relies on Banco Galicia for treasury services and broader corporate banking. The bank's market share for private sector deposits reached 16% by the end of the second quarter of 2025. On the dollar side, private sector dollar-denominated deposits were $30.4 billion in June 2025. For asset management, Fondos Fima, managed by Galicia Asset Management, holds a 12.8% market share in mutual funds. Galicia Asset Management posted a profit of ARS 27,000,000,000 in Q2 2025. They are focused on simple, efficient solutions for corporate investors, too.

High-net-worth individuals seeking private wealth management

High-net-worth individuals look to the asset management side for wealth preservation and growth. Galicia Asset Management designs mutual funds to meet the demand of individual investors, alongside corporate and institutional ones. Furthermore, INVIU is a newer venture designed to drive a different investment culture, making it easier for individuals to allocate their financial resources through a simple app experience. Galicia Securities also offers non-bank financial and stock market services to individuals.

Here's a quick look at some key metrics across these segments as of mid-2025:

Customer Segment Focus	Key Metric	Value (Latest Available)	Unit/Date
Mass-Market Retail (Naranja X)	Cards Issued	10.1 million	Cards (June 2025)
Mass-Market Retail (Banco Galicia)	Total Clients	3,000,000	Clients (Approximate)
SMEs / Private Sector Loans	Private Sector Loan Market Share	14.5%	Share (Q2 2025)
Large Corporations / Institutional	Private Sector Deposit Market Share	16%	Share (Q2 2025)
Institutional / Individual Investors	Mutual Fund Market Share (Fondos Fima)	12.8%	Share (Approximate)
Retail / Fintech	Naranja X App Users	2.7 million	Users (June 2025)

The overall strategy seems to be about massive scale in retail via Naranja X, while maintaining a strong, leading position in the traditional banking and institutional space through Banco Galicia. Finance: draft 13-week cash view by Friday.

Grupo Financiero Galicia S.A. (GGAL) - Canvas Business Model: Cost Structure

The Cost Structure for Grupo Financiero Galicia S.A. (GGAL) is heavily influenced by its large operational footprint and significant credit risk exposure, especially following major strategic moves.

Personnel and administrative overhead remains a major component. As of the second quarter of 2025, personnel expenses were reported at (168,837) million pesos, which was 3% lower than the same quarter in the prior year. Administrative expenses for the same period stood at (201,055) million pesos. The total employee base, reflecting the combined entity, was reported at 9,183 employees as of late 2025.

The cost of risk has been a substantial pressure point. For the second quarter of 2025, loan loss provisions increased by 192% year-over-year, driven by portfolio growth and delinquency in personal loans and credit cards. The absolute provision expense in Q2 2025 was (333,217) million pesos, up from (262,316) million pesos in Q1 2025. This followed a jump of 193% in provisions during Q1 2025.

Major integration activities also drive costs. The acquisition of HSBC Argentina, which involved a consideration of US$550 million, has resulted in significant one-time charges. Specifically, the third quarter of 2025 results showed ARS 105.3 billion in restructuring expenses related to the HSBC merger. Management has projected that these one-time integration and restructuring costs could impact the Return on Equity (ROE) by up to 2 percentage points.

Investment in the future operating model is ongoing, particularly in technology, though specific project costs are not itemized in the public reports. The company is strategically focusing on commercial lending sectors while implementing significant headcount reductions to enhance efficiency. Operational performance metrics show the cost base relative to income:

Metric	Period	Value
Operating Efficiency Ratio	Q2 2025	43.1%
Personnel Expenses	Q2 2025 (Millions of Pesos)	(168,837)
Administrative Expenses	Q2 2025 (Millions of Pesos)	(201,055)
Restructuring Expenses (HSBC)	Q3 2025 (Billions of ARS)	105.3

The drive for efficiency is clear, as evidenced by the reported operating efficiency ratio in Q2 2025 being 43.1%. Management is also strategically focusing on headcount reductions to enhance efficiency.

• Loan loss provisions increased 192% YoY in Q2 2025.
• Personnel expenses were 3% lower year-over-year in Q2 2025.
• The HSBC acquisition price was US$550 million.
• Restructuring expenses for the HSBC integration totaled ARS 105.3 billion in Q3 2025.
• Employee count stood at 9,183 as of late 2025.

Grupo Financiero Galicia S.A. (GGAL) - Canvas Business Model: Revenue Streams

You're looking at how Grupo Financiero Galicia S.A. (GGAL) is bringing in the money as of late 2025, which is a mix of traditional banking income and post-merger adjustments. Honestly, the revenue picture is dominated by interest income, but the non-interest lines are showing some interesting movement, especially after the regulatory changes.

The overall top-line number for the third quarter of 2025 was reported as $2.2 billion in total revenue. Still, you need to look deeper into the components to see where the real operational strength-or weakness-is showing up.

Here's a breakdown of the key revenue components we have data for, focusing on the most recent reported periods:

Revenue Stream Component	Latest Reported Period Data	Comparison/Context
Total Revenue	$2.2 billion	Q3 2025
Net Interest Income (NII)	ARS 1,245,416 million	Q3 2025, up from ARS 1,004,408.05 million a year ago
Net Interest Income (NII) Change	-36% decrease	Q2 2025 vs. Q2 2024
Net Fee Income Growth	30% increase	YoY in Q2 2025
Net Fee Income Growth	9% growth	Q3 2025
Gains from FX Trading/Quotation Differences	153% increase	Q2 2025 vs. Q1 2025
Gains from Gold and FX Quotation Differences	12% increase	Q3 2025
Profit from Galicia Asset Management (Fondos Fima)	ARS 24,708 million	Q3 2025
Profit from Galicia Seguros	ARS 12,481 million	Q3 2025

The Net Interest Income (NII) stream, which covers lending and government securities, saw a 36% drop in Q2 2025 year-over-year, though the Q3 figure in Argentine Pesos was actually higher than the prior year's Q3. This suggests some volatility in the core banking margin, likely due to the Argentine system's funding cost dynamics.

On the non-interest income side, the removal of FX market restrictions really juiced the trading revenue. You saw foreign currency trading jump by 153% in Q2 2025 compared to the first quarter. Also, the fee-based income is holding up well; Net Fee Income grew 30% year-over-year in Q2 2025, driven by credit card fees up 51% and deposit fees up 28%. By Q3, net fee income was still growing at 9%.

For the insurance and asset management side, which the outline points to as insurance premiums and asset management fees, we can look at the reported profits from those specific subsidiaries for Q3 2025:

• Profit from Galicia Asset Management (Fondos Fima): ARS 24,708 million.
• Profit from Galicia Seguros: ARS 12,481 million.

It's important to note that the Q3 results were heavily impacted by non-recurring items, so these operating revenue streams are what management is focusing on for sustainable earnings. Finance: draft 13-week cash view by Friday.