Imminent transfer: Banco Galicia absorbs HSBC in Argentina and consolidates all accounts

As of June 23, 2025, Banco Galicia will complete the absorption process of HSBC in Argentina and will officially become the sole entity responsible for all accounts, services, and branches of the former British bank in the country. The integration means that HSBC customers will operate under the Banco Galicia brand and systems without any additional formalities.

The acquisition process began in April 2024 and was approved by the Central Bank in September of the same year. Since then, HSBC branches have begun operating under the provisional name "Galicia Más" and will now permanently change their logo and operations to fully integrate into the new unified bank.

The transaction had an estimated total value of $550 million, which included a cash payment of $275 million and the delivery of more than 11 million shares in the form of ADRs. With this acquisition, Galicia consolidates its position as Argentina's largest private bank in terms of deposits and loans.

HSBC (now Galicia Más) customers will maintain their products and benefits, but will now operate directly with Banco Galicia. The bank explains that account migration will be automatic and that users will be able to continue using their services without interruption.

One of the main challenges of this merger was integrating the IT systems and unifying the customer service platforms, something that has been underway for months. Furthermore, the new Galicia will seek to retain international clients who previously operated with HSBC, especially in the corporate segment.

With this merger, Grupo Financiero Galicia adds more than 750,000 new customers, 3,000 employees, and 100 new branches. Although 2025 will be a transition year, the transaction is expected to strengthen the bank at all levels and mark sustained growth for the coming years.