GRUPO FINALIERO GALICIA S.A. (GGAL): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico dos Serviços Financeiros Argentinos, o Grupo Financeriero Galicia S.A. (GGAL) surge como uma potência de soluções bancárias inovadoras, navegando estrategicamente na complexa interseção de finanças tradicionais e transformação digital de ponta. Ao alavancar um modelo de negócios sofisticado que combina com proezas tecnológicas, experiência no mercado local e estratégias centradas no cliente, GGAL se posicionou como um participante fundamental nos ecossistemas financeiros em rápida evolução da Argentina, oferecendo serviços abrangentes que atendem a diversos segmentos de clientes de consumidores individuais para grandes para grandes entidades corporativas.

GRUPO FINALIERO GALICIA S.A. (GGAL) - Modelo de negócios: Parcerias -chave

Aliança estratégica com provedores globais de tecnologia financeira

O Grupo Financeriero Galicia estabeleceu parcerias estratégicas com os seguintes provedores globais de tecnologia financeira:

Parceiro	Tipo de colaboração	Ano estabelecido
Visa International	Tecnologia de processamento de pagamento	2019
MasterCard	Soluções de pagamento digital	2018
IBM	Infraestrutura de computação em nuvem e segurança cibernética	2020

Parcerias com bancos argentinos locais e instituições financeiras

O Grupo Financeriero Galicia mantém parcerias com as seguintes instituições financeiras locais:

• Banco de la Nación Argentina
• Banco Provincia
• Banco Ciudad
• Banco Santander Rio

Colaboração com plataformas de pagamento digital e startups de fintech

Principais parcerias de pagamento digital e fintech incluem:

Fintech Partner	Foco de colaboração	Valor do investimento
Mercado Pago	Integração de pagamento móvel	ARS 250 milhões
Ualá	Soluções bancárias digitais	Ars 180 milhões
Ripio	Plataformas de transação de criptomoeda	ARS 100 milhões

Relacionamentos com órgãos regulatórios e agências financeiras governamentais

O Grupo Financeriero Galicia mantém a conformidade e as relações colaborativas com:

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

Investimento total de parceria em 2023: ARS 1,2 bilhão

GRUPO FINALIERO GALICIA S.A. (GGAL) - Modelo de negócios: Atividades -chave

Serviços bancários comerciais e de varejo

A partir de 2024, o Grupo Financeriero Galicia opera com:

Métrica bancária	Quantidade
Total de agências bancárias	280 ramos físicos
Rede ATM total	1.850 caixas eletrônicos
Total de clientes bancários de varejo	4,2 milhões de clientes ativos

Investimento e gestão de patrimônio

Detalhes do gerenciamento de portfólio de investimentos:

Categoria de investimento	Total de ativos sob gestão
Fundos mútuos	US $ 1,3 bilhão
Fundos de pensão	US $ 850 milhões
Private Banking	US $ 620 milhões

Desenvolvimento da plataforma bancária digital

• Usuários bancários móveis: 2,1 milhões
• Volume de transações online: 78% do total de transações
• Recursos da plataforma digital:
  • Gerenciamento de contas em tempo real
  • Depósito de cheque móvel
  • Transferências de dinheiro instantâneas

Gerenciamento de portfólio de crédito e empréstimo

Categoria de empréstimo	Balanço total em circulação
Empréstimos corporativos	US $ 2,4 bilhões
Empréstimos pessoais	US $ 1,6 bilhão
Empréstimos hipotecários	US $ 780 milhões

Serviços de consultoria financeira e de gerenciamento de riscos

Métricas de gerenciamento de riscos:

Indicador de gerenciamento de riscos	Percentagem
Taxa de empréstimo sem desempenho	2.3%
Índice de adequação de capital	15.6%
Taxa de cobertura de risco	180%

GRUPO FINALIERO GALICIA S.A. (GGAL) - Modelo de negócios: Recursos -chave

Extensa rede de filiais

A partir de 2023, o Grupo Financeriero Galicia opera 459 filiais físicas em toda a Argentina.

Distribuição de ramificação	Número de ramificações
Ramos físicos totais	459
Metropolitan Buenos Aires	212
Ramos provinciais	247

Infraestrutura bancária digital

As plataformas digitais do banco processam aproximadamente 78% do total de transações em 2023.

• Usuários bancários móveis: 2,3 milhões
• Plataformas bancárias online: 4 canais digitais distintos
• Volume anual de transação digital: 312 milhões de transações

Capital humano

A força de trabalho total da Grupo Fina Financhero Galicia em 2023: 8.647 funcionários.

Categoria de funcionários	Número
Funcionários profissionais	6,412
Gerenciamento	1,235

Recursos de marca e tecnologia

Investimento de tecnologia em 2023: US $ 87,4 milhões

• Orçamento de segurança cibernética: US $ 22,6 milhões
• Investimento de transformação digital: US $ 41,3 milhões
• Modernização do sistema bancário principal: US $ 23,5 milhões

Recursos financeiros

Total de ativos em dezembro de 2023: ARS 4,2 trilhões

Métrica financeira	Quantidade (ARS)
Total de ativos	4,200,000,000,000
Equidade dos acionistas	1,050,000,000,000

GRUPO FINALIERO GALICIA S.A. (GGAL) - Modelo de negócios: proposições de valor

Soluções financeiras abrangentes para indivíduos e empresas

A partir do quarto trimestre de 2023, o Grupo Financeriero Galicia oferece uma gama diversificada de produtos financeiros com ativos totais de ARS 3.348.746 milhões e uma carteira de empréstimos da ARS 1.777.870 milhões.

Categoria de produto	Valor total do portfólio	Quota de mercado
Bancos pessoais	Ars 872.345 milhões	26.5%
Banco corporativo	ARS 905.525 milhões	31.2%

Experiências bancárias digitais inovadoras

Estatísticas da plataforma digital para 2023:

• Usuários bancários móveis: 2,3 milhões
• Volume de transações online: 78,6 milhões de transações
• Penetração da plataforma digital: 65,4% da base total de clientes

Serviços de Consultoria Financeira Personalizada

Desempenho do segmento de gerenciamento de patrimônio em 2023:

Serviço de consultoria	Total de ativos gerenciados	Portfólio médio de clientes
Aviso de alto patrimônio líquido	ARS 456.789 milhões	Ars 12,5 milhões
Consultoria financeira corporativa	ARS 678.234 milhões	ARS 45,6 milhões

Taxas de juros competitivas e produtos financeiros

Ofertas de taxa de juros para 2024:

• Conta de poupança pessoal: 52,5% de taxa anual
• Depósito de termo: 58,7% de taxa anual
• Taxa de empréstimos corporativos: 45,3% de taxa anual

Experiência no mercado local e abordagem centrada no cliente

Métricas de posicionamento de mercado para 2023:

Métrica	Valor
Índice de satisfação do cliente	87.6%
Rede de filiais	266 locais
Total de clientes	3,5 milhões

GRUPO FINALIERO GALICIA S.A. (GGAL) - Modelo de negócios: Relacionamentos do cliente

Atendimento ao cliente personalizado

A partir de 2024, o Grupo Financeriero Galicia mantém uma rede de atendimento ao cliente dedicada com 3.200 representantes diretos de atendimento ao cliente em toda a Argentina. O banco opera 266 agências físicas com um tempo médio de interação do cliente de 18,5 minutos por sessão.

Canal de atendimento ao cliente	Volume de contato anual	Tempo médio de resolução
Suporte telefônico	2,4 milhões de contatos	12,3 minutos
Chat online	1,8 milhão de interações	8,7 minutos
Suporte no ramo	1,2 milhão de visitas	22,5 minutos

Plataformas de autoatendimento digital

As plataformas digitais da Grupo Fina Financiero Galicia atendem a 3,6 milhões de usuários de banco digital ativo em 2024.

• Aplicativo bancário móvel: 2,1 milhões de usuários ativos mensais
• Site de bancos online: 1,5 milhão de usuários ativos mensais
• Volume da transação digital: 78,4 milhões de transações anualmente

Gerentes de relacionamento dedicados para clientes corporativos

O banco mantém 412 gerentes especializados de relacionamento corporativo que atendem a 6.750 clientes corporativos e institucionais com receita anual acima de 500 milhões de ARS.

Suporte bancário móvel e online

A infraestrutura bancária digital suporta 92,6% do total de transações de clientes em 2024, com um tempo médio de interação digital de 4,2 minutos por sessão.

Categoria de Serviço Digital	Transações mensais	Taxa de satisfação do usuário
Transferências de fundos	3,2 milhões	94.3%
Pagamentos de contas	2,7 milhões	91.6%
Gerenciamento de contas	2,1 milhões	96.2%

Programas de fidelidade do cliente

O Grupo Financeriero Galicia opera um programa de fidelidade com 1,9 milhão de participantes ativos, gerando 42,6 milhões de pontos de recompensa anualmente.

• Taxa de resgate de ponto de recompensa: 67,3%
• Pontos anuais médios obtidos por cliente: 22.500
• Comerciantes parceiros: 1.240 em toda a Argentina

GRUPO FINALIERO GALICIA S.A. (GGAL) - Modelo de negócios: Canais

Rede de ramificação física

A partir de 2024, o Grupo Financeriero Galicia opera 266 filiais físicas em toda a Argentina.

Categoria de ramificação	Número de ramificações	Cobertura geográfica
Metropolitan Buenos Aires	127	46.2%
Ramos provinciais	139	53.8%

Aplicativo bancário móvel

Estatística de aplicação da Galicia Móvil:

• 2,3 milhões de usuários mensais ativos
• Mais de 78% das transações bancárias digitais concluídas através da plataforma móvel
• Duração média da sessão: 4,7 minutos

Plataforma bancária on -line

Métricas da plataforma de banco da Web on -line da Galicia:

Métrica da plataforma	2024 dados
Usuários registrados	1,9 milhão
Usuários ativos mensais	1,6 milhão
Transações diárias	385,000

Suporte de call center

Desempenho do canal de atendimento ao cliente:

• Disponibilidade de suporte 24/7
• Tempo médio de resposta: 47 segundos
• Taxa de satisfação do cliente: 89,3%
• Agentes de suporte total: 672

Canais de marketing e comunicação digital

Plataforma digital	Seguidores/assinantes	Taxa de engajamento
Instagram	215,000	3.7%
Facebook	340,000	2.9%
LinkedIn	95,000	1.6%
YouTube	45,000	2.3%

GRUPO FINALIERO GALICIA S.A. (GGAL) - Modelo de negócios: segmentos de clientes

Clientes bancários de varejo individuais

A partir de 2024, o Grupo Financeriero Galicia atende a aproximadamente 3,2 milhões de clientes bancários de varejo individuais na Argentina.

Demografia demográfica do cliente	Número de clientes	Penetração de mercado
Jovens adultos (18-35)	890,000	27.8%
Adultos de meia-idade (36-55)	1,450,000	45.3%
Idosos (56+)	860,000	26.9%

Pequenas e médias empresas

O Grupo Financeriero Galicia suporta 125.000 clientes de PME com serviços financeiros especializados.

• Microenterprises: 62.500 clientes
• Pequenas empresas: 45.000 clientes
• Médio Empresas: 17.500 clientes

Clientes corporativos e institucionais

O banco atende 2.350 clientes corporativos e institucionais em vários setores.

Setor	Número de clientes	Exposição média ao crédito
Fabricação	580	ARS 850 milhões
Agricultura	420	Ars 1,2 bilhão
Serviços	670	ARS 620 milhões
Instituições financeiras	680	Ars 1,5 bilhão

Indivíduos de alta rede

O Grupo Financeriero Galicia gerencia serviços bancários privados para 18.500 clientes de alta rede.

• Clientes com ativos acima do ARS 50 milhões: 6.200
• Clientes com ativos entre ARS 10-50 milhões: 12.300

Consumidores bancários emergentes em primeiro lugar

A plataforma bancária digital serve 1,4 milhão de usuários digitais ativos em 2024.

Canal digital	Usuários ativos	Transações mensais
Aplicativo bancário móvel	1,100,000	8,5 milhões
Site bancário online	300,000	3,2 milhões

GRUPO FINALIERO GALICIA S.A. (GGAL) - Modelo de negócios: Estrutura de custos

Investimentos de infraestrutura de tecnologia

Em 2023, a Grupo Financeriero Galicia investiu aproximadamente 35,2 bilhões de ARS em infraestrutura tecnológica. O colapso dos investimentos em tecnologia é o seguinte:

Categoria de investimento em tecnologia	Valor (bilhões de ars)
Sistemas bancários principais	12.6
Infraestrutura de segurança cibernética	8.4
Plataformas bancárias digitais	9.7
Soluções de computação em nuvem	4.5

Salários e treinamento de funcionários

O total de despesas de pessoal para o Grupo Fina Financhero Galicia em 2023 atingiu o ARS 142,5 bilhões, com a seguinte alocação:

• Salários base: Ars 98,3 bilhões
• Programas de treinamento de funcionários: Ars 4,7 bilhões
• Bônus de desempenho: Ars 22,6 bilhões
• Contribuições do Seguro Social: Ars 16,9 bilhões

Manutenção da rede de filiais

Os custos operacionais da rede de filiais em 2023 totalizaram o ARS 28,6 bilhões, distribuídos da seguinte forma:

Categoria de despesa de manutenção de ramificação	Valor (bilhões de ars)
Aluguel e instalações	11.3
Utilitários	5.7
Equipamento e manutenção	7.2
Serviços de segurança	4.4

Despesas de conformidade regulatória

Os custos relacionados à conformidade para o Grupo Fina FinaNiero Galicia em 2023 chegaram ao ARS 22,1 bilhões:

• Departamento Legal e de Conformidade: ARS 8,6 bilhões
• Sistemas de relatórios regulatórios: ARS 5,4 bilhões
• Taxas de auditoria externa: Ars 4,2 bilhões
• Treinamento de conformidade: Ars 3,9 bilhões

Desenvolvimento e manutenção da plataforma digital

Os investimentos em plataforma digital em 2023 foram de 18,7 bilhões de ARs, alocados da seguinte forma:

Categoria de investimento em plataforma digital	Valor (bilhões de ars)
Desenvolvimento de aplicativos bancários móveis	6.5
Plataforma bancária online	5.8
Inovação digital	4.2
Manutenção e atualizações	2.2

GRUPO FINALIERO GALICIA S.A. (GGAL) - Modelo de negócios: fluxos de receita

Receita de juros de empréstimos e produtos de crédito

A partir do quarto trimestre de 2023, o Grupo Fina Financial da Galicia relatou receita de juros de 361.475 milhões de pesos argentinos de sua carteira de empréstimos.

Categoria de empréstimo	Receita de juros (milhões de ars)
Empréstimos corporativos	142,630
Empréstimos ao consumidor	87,245
Empréstimos hipotecários	58,600
Empréstimos para cartão de crédito	73,000

Taxas de serviço bancário

As taxas de serviço bancário geraram 95.230 milhões de pesos argentinos em 2023.

• Taxas de manutenção de conta: 32.500 milhões de ARs
• Taxas de processamento de transações: 41.730 milhões de ARs
• Taxas de serviço de pagamento: 21.000 milhões de ars

Comissões de investimento e gerenciamento de patrimônio

As receitas de gerenciamento de investimentos atingiram 53.845 milhões de pesos argentinos em 2023.

Serviço de investimento	Receita da Comissão (Milhões de ARS)
Gestão de ativos	28,600
Serviços de corretagem	15,245
Serviços de consultoria	10,000

Taxas de transação digital

As receitas de transações digitais totalizaram 22.675 milhões de pesos argentinos em 2023.

• Transações bancárias móveis: 8.900 milhões de ARs
• Taxas de plataforma de pagamento on -line: 7.500 milhões de ARs
• Serviços de carteira digital: 6.275 milhões de ARs

Receitas de serviço de consultoria financeira

Os serviços de consultoria financeira geraram 18.340 milhões de pesos argentinos em 2023.

Tipo de serviço de consultoria	Receita (Milhões de ARS)
Consultoria financeira corporativa	12,500
Planejamento financeiro pessoal	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.