Grupo Financiero Galicia S.A. (GGAL): Lienzo de Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de los servicios financieros argentinos, Grupo Financiero Galicia S.A. (GGAL) surge como una potencia de soluciones bancarias innovadoras, navegando estratégicamente la intersección compleja de las finanzas tradicionales y la transformación digital de vanguardia. Al aprovechar un modelo de negocio sofisticado que combina la destreza tecnológica, la experiencia en el mercado local y las estrategias centradas en el cliente, GGAL se ha posicionado como un jugador fundamental en el ecosistema financiero en rápida evolución de Argentina, ofreciendo servicios integrales que atienden a diversos segmentos de clientes de consumidores individuales a grandes Entidades corporativas.

Grupo Financiero Galicia S.A. (GGAL) - Modelo de negocios: asociaciones clave

Alianza estratégica con proveedores globales de tecnología financiera

Grupo Financiero Galicia ha establecido asociaciones estratégicas con los siguientes proveedores mundiales de tecnología financiera:

Pareja	Tipo de colaboración	Año establecido
Visa internacional	Tecnología de procesamiento de pagos	2019
Tarjeta MasterCard	Soluciones de pago digital	2018
IBM	Infraestructura de computación en la nube y ciberseguridad	2020

Asociaciones con bancos e instituciones financieras argentinas locales

Grupo Financiero Galicia mantiene asociaciones con las siguientes instituciones financieras locales:

• Banco de la Nacia Argentina
• Banco Provincia
• Banco Ciudad
• Banco Santander Río

Colaboración con plataformas de pago digital y nuevas empresas fintech

El pago digital clave y las asociaciones de fintech incluyen:

Socio de fintech	Enfoque de colaboración	Monto de la inversión
Mercado Pago	Integración de pagos móviles	ARS 250 millones
Ualá	Soluciones de banca digital	ARS 180 millones
Ripio	Plataformas de transacción de criptomonedas	Ars 100 millones

Relaciones con organismos reguladores y agencias financieras del gobierno

Grupo Financiero Galicia mantiene relaciones de cumplimiento y colaboración con:

• Banco Central de la República Argentina
• Comisión Nacional de Valores (CNV)
• Superintendencia de Seguros de la Nacia
• Ministerio de Economía

Inversión total de asociación en 2023: ARS 1.200 millones

Grupo Financiero Galicia S.A. (GGAL) - Modelo de negocio: actividades clave

Servicios de banca minorista y comercial

A partir de 2024, Grupo Financiero Galicia opera con:

Métrico bancario	Cantidad
Sucursales bancarias totales	280 ramas físicas
Total de red de cajeros automáticos	1.850 cajeros automáticos
Total de clientes bancarios minoristas	4.2 millones de clientes activos

Inversión y gestión de patrimonio

Detalles de la gestión de la cartera de inversiones:

Categoría de inversión	Activos totales bajo administración
Fondos mutuos	USD 1.300 millones
Fondos de pensiones	USD 850 millones
Banca privada	USD 620 millones

Desarrollo de la plataforma de banca digital

• Usuarios de banca móvil: 2.1 millones
• Volumen de transacciones en línea: 78% de las transacciones totales
• Características de la plataforma digital:
  • Gestión de cuentas en tiempo real
  • Depósito de cheque móvil
  • Transferencias de dinero instantáneos

Gestión de la cartera de crédito y préstamos

Categoría de préstamo	Saldo pendiente total
Préstamos corporativos	USD 2.4 mil millones
Préstamos personales	USD 1.600 millones
Préstamos hipotecarios	USD 780 millones

Servicios de asesoramiento financiero y gestión de riesgos

Métricas de gestión de riesgos:

Indicador de gestión de riesgos	Porcentaje
Ratio de préstamo sin rendimiento	2.3%
Relación de adecuación de capital	15.6%
Relación de cobertura de riesgo	180%

Grupo Financiero Galicia S.A. (GGAL) - Modelo de negocios: recursos clave

Red de sucursal extensa

A partir de 2023, Grupo Financiero Galicia opera 459 sucursales físicas en Argentina.

Distribución de ramas	Número de ramas
Ramas físicas totales	459
Metropolitan Buenos Aires	212
Ramas provinciales	247

Infraestructura bancaria digital

Las plataformas digitales del banco procesan aproximadamente el 78% de las transacciones totales a partir de 2023.

• Usuarios de banca móvil: 2.3 millones
• Plataformas de banca en línea: 4 canales digitales distintos
• Volumen anual de transacciones digitales: 312 millones de transacciones

Capital humano

Fuerza laboral total de Grupo Financiero Galicia en 2023: 8.647 empleados.

Categoría de empleado	Número
Personal profesional	6,412
Gestión	1,235

Recursos de marca y tecnología

Inversión tecnológica en 2023: USD 87.4 millones

• Presupuesto de ciberseguridad: USD 22.6 millones
• Inversión de transformación digital: USD 41.3 millones
• Modernización del sistema bancario central: USD 23.5 millones

Recursos financieros

Activos totales a diciembre de 2023: ARS 4.2 billones

Métrica financiera	Cantidad (ars)
Activos totales	4,200,000,000,000
Patrimonio de los accionistas	1,050,000,000,000

Grupo Financiero Galicia S.A. (GGAL) - Modelo de negocio: propuestas de valor

Soluciones financieras integrales para individuos y empresas

A partir del cuarto trimestre de 2023, Grupo Financiero Galicia ofrece una amplia gama de productos financieros con activos totales de 3,348,746 millones y una cartera de préstamos de ARS 1,777,870 millones.

Categoría de productos	Valor total de la cartera	Cuota de mercado
Banca personal	ARS 872,345 millones	26.5%
Banca corporativa	ARS 905,525 millones	31.2%

Experiencias de banca digital innovadoras

Estadísticas de plataforma digital para 2023:

• Usuarios de banca móvil: 2.3 millones
• Volumen de transacciones en línea: 78.6 millones de transacciones
• Penetración de la plataforma digital: 65.4% de la base total de clientes

Servicios de asesoramiento financiero personalizado

Rendimiento del segmento de gestión de patrimonio en 2023:

Servicio de asesoramiento	Activos totales administrados	Cartera promedio de clientes
Asesoramiento de alto patrimonio	ARS 456,789 millones	ARS 12.5 millones
Asesoramiento financiero corporativo	ARS 678,234 millones	ARS 45.6 millones

Tasas de interés competitivas y productos financieros

Ofertas de tasas de interés para 2024:

• Cuenta de ahorro personal: tasa anual del 52.5%
• Depósito a plazo fijo: tasa anual del 58.7%
• Tasa de préstamos corporativos: 45.3% de tasa anual

Experiencia en el mercado local y enfoque centrado en el cliente

Métricas de posicionamiento del mercado para 2023:

Métrico	Valor
Índice de satisfacción del cliente	87.6%
Red de sucursales	266 ubicaciones
Total de clientes	3.5 millones

Grupo Financiero Galicia S.A. (GGAL) - Modelo de negocios: relaciones con los clientes

Servicio al cliente personalizado

A partir de 2024, Grupo Financiero Galicia mantiene una red dedicada de servicio al cliente con 3.200 representantes directos de servicio al cliente en Argentina. El banco opera 266 sucursales físicas con un tiempo promedio de interacción con el cliente de 18.5 minutos por sesión.

Canal de servicio al cliente	Volumen de contacto anual	Tiempo de resolución promedio
Soporte telefónico	2.4 millones de contactos	12.3 minutos
Chat en línea	1,8 millones de interacciones	8.7 minutos
Soporte en la rama	1.2 millones de visitas	22.5 minutos

Plataformas de autoservicio digital

Las plataformas digitales de Grupo Financiero Galicia atienden a 3.6 millones de usuarios de banca digital activa en 2024.

• Aplicación de banca móvil: 2.1 millones de usuarios activos mensuales
• Sitio web de la banca en línea: 1.5 millones de usuarios activos mensuales
• Volumen de transacciones digitales: 78.4 millones de transacciones anualmente

Gerentes de relaciones dedicadas para clientes corporativos

El banco mantiene 412 gerentes de relaciones corporativas especializadas que atienden a 6.750 clientes corporativos e institucionales con ingresos anuales por encima de ARS 500 millones.

Soporte bancario móvil y en línea

La infraestructura de banca digital admite el 92.6% de las transacciones totales de los clientes en 2024, con un tiempo de interacción digital promedio de 4.2 minutos por sesión.

Categoría de servicio digital	Transacciones mensuales	Tasa de satisfacción del usuario
Transferencias de fondos	3.2 millones	94.3%
Pagos de facturas	2.7 millones	91.6%
Gestión de cuentas	2.1 millones	96.2%

Programas de fidelización de clientes

Grupo Financiero Galicia opera un programa de fidelización con 1.9 millones de participantes activos, generando 42.6 millones de puntos de recompensa anualmente.

• Tasa de redención del punto de recompensa: 67.3%
• Puntos anuales promedio ganados por cliente: 22,500
• Comerciantes socios: 1.240 en Argentina

Grupo Financiero Galicia S.A. (GGAL) - Modelo de negocios: canales

Red de sucursales físicas

A partir de 2024, Grupo Financiero Galicia opera 266 sucursales físicas en Argentina.

Categoría de rama	Número de ramas	Cobertura geográfica
Metropolitan Buenos Aires	127	46.2%
Ramas provinciales	139	53.8%

Aplicación de banca móvil

Estadísticas de aplicación de Galicia Móvil:

• 2.3 millones de usuarios mensuales activos
• Más del 78% de las transacciones de banca digital completadas a través de la plataforma móvil
• Duración promedio de la sesión: 4.7 minutos

Plataforma de banca web en línea

Métricas de la plataforma de banca web en línea de Galicia:

Métrica de plataforma	2024 datos
Usuarios registrados	1.9 millones
Usuarios activos mensuales	1.6 millones
Transacciones diarias	385,000

Soporte del centro de llamadas

Rendimiento del canal de servicio al cliente:

• Disponibilidad de soporte 24/7
• Tiempo de respuesta promedio: 47 segundos
• Tasa de satisfacción del cliente: 89.3%
• Agentes de soporte total: 672

Canales de marketing digital y comunicación

Plataforma digital	Seguidores/suscriptores	Tasa de compromiso
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) - Modelo de negocio: segmentos de clientes

Clientes de banca minorista individual

A partir de 2024, Grupo Financiero Galicia atiende a aproximadamente 3.2 millones de clientes de banca minorista individual en Argentina.

Demográfico del cliente	Número de clientes	Penetración del mercado
Adultos jóvenes (18-35)	890,000	27.8%
Adultos de mediana edad (36-55)	1,450,000	45.3%
Mayores (56+)	860,000	26.9%

Empresas pequeñas y medianas

Grupo Financiero Galicia apoya a 125,000 clientes de PYME con servicios financieros especializados.

• MicroEnerprisas: 62,500 clientes
• Pequeñas empresas: 45,000 clientes
• Enterprisas medianas: 17.500 clientes

Clientes corporativos e institucionales

El banco atiende a 2,350 clientes corporativos e institucionales en varios sectores.

Sector	Número de clientes	Exposición promedio de crédito
Fabricación	580	ARS 850 millones
Agricultura	420	ARS 1.200 millones
Servicios	670	ARS 620 millones
Instituciones financieras	680	ARS 1.500 millones

Individuos de alto nivel de red

Grupo Financiero Galicia administra servicios de banca privada para 18.500 clientes de alto patrimonio.

• Clientes con activos superiores a ARS 50 millones: 6.200
• Clientes con activos entre AR 10-50 millones: 12,300

Consumidores bancarios digitales emergentes

La plataforma de banca digital atiende a 1,4 millones de usuarios digitales activos en 2024.

Canal digital	Usuarios activos	Transacciones mensuales
Aplicación de banca móvil	1,100,000	8.5 millones
Sitio web de banca en línea	300,000	3.2 millones

Grupo Financiero Galicia S.A. (GGAL) - Modelo de negocio: Estructura de costos

Inversiones de infraestructura tecnológica

En 2023, Grupo Financiero Galicia invirtió aproximadamente 35,2 mil millones de ARS en infraestructura tecnológica. El desglose de las inversiones tecnológicas es el siguiente:

Categoría de inversión tecnológica	Cantidad (ARS mil millones)
Sistemas bancarios centrales	12.6
Infraestructura de ciberseguridad	8.4
Plataformas de banca digital	9.7
Soluciones de computación en la nube	4.5

Salarios y capacitación de los empleados

Los gastos totales de personal para Grupo Financiero Galicia en 2023 alcanzaron los 142.500 millones de ARS, con la siguiente asignación:

• SALARIOS BASE: ARS 98.3 mil millones
• Programas de capacitación de empleados: ARS 4.7 mil millones
• Bonos de rendimiento: ARS 22.6 mil millones
• Contribuciones del Seguro Social: ARS 16.9 mil millones

Mantenimiento de la red de sucursales

Los costos operativos de la red de sucursales en 2023 totalizaron ARS 28.6 mil millones, distribuidos de la siguiente manera:

Categoría de gastos de mantenimiento de ramas	Cantidad (ARS mil millones)
Alquiler e instalaciones	11.3
Utilidades	5.7
Equipo y mantenimiento	7.2
Servicios de seguridad	4.4

Gastos de cumplimiento regulatorio

Los costos relacionados con el cumplimiento para Grupo Financiero Galicia en 2023 ascendieron a ARS 22.1 mil millones:

• Departamento legal y de cumplimiento: ARS 8.6 mil millones
• Sistemas de informes regulatorios: ARS 5.4 mil millones
• Tarifas de auditoría externa: Ars 4.200 millones
• Capacitación de cumplimiento: ARS 3.9 mil millones

Desarrollo y mantenimiento de la plataforma digital

Las inversiones de plataforma digital en 2023 fueron AR de 18,7 mil millones, asignadas de la siguiente manera:

Categoría de inversión de plataforma digital	Cantidad (ARS mil millones)
Desarrollo de aplicaciones de banca móvil	6.5
Plataforma bancaria en línea	5.8
Innovación digital	4.2
Mantenimiento y actualizaciones	2.2

Grupo Financiero Galicia S.A. (GGAL) - Modelo de negocio: Freeds de ingresos

Ingresos por intereses de préstamos y productos de crédito

A partir del cuarto trimestre de 2023, Grupo Financiero Galicia reportó ingresos por intereses de 361,475 millones de pesos argentinos de su cartera de préstamos.

Categoría de préstamo	Ingresos por intereses (ARS millones)
Préstamos corporativos	142,630
Préstamos al consumo	87,245
Préstamos hipotecarios	58,600
Préstamos para tarjetas de crédito	73,000

Tarifas de servicio bancario

Las tarifas de servicio bancario generaron 95,230 millones de pesos argentinos en 2023.

• Tarifas de mantenimiento de la cuenta: 32,500 millones de ARS
• Tarifas de procesamiento de transacciones: 41,730 millones de ARS
• Tarifas del servicio de pago: 21,000 millones de ARS

Comisiones de inversión y gestión de patrimonio

Los ingresos de la gestión de inversiones llegaron a 53,845 millones de pesos argentinos en 2023.

Servicio de inversión	Ingresos de la Comisión (ARS millones)
Gestión de activos	28,600
Servicios de corretaje	15,245
Servicios de asesoramiento	10,000

Tarifas de transacción digital

Los ingresos por transacciones digitales totalizaron 22,675 millones de pesos argentinos en 2023.

• Transacciones de banca móvil: 8,900 millones de ARS
• Tarifas de la plataforma de pago en línea: 7,500 millones de ARS
• Servicios de billetera digital: 6,275 millones de ARS

Ingresos del servicio de asesoramiento financiero

Los servicios de asesoramiento financiero generaron 18,340 millones de pesos argentinos en 2023.

Tipo de servicio de asesoramiento	Ingresos (ARS millones)
Asesoramiento financiero corporativo	12,500
Planificación financiera personal	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.