Banco de Galicia y Buenos Aires is seeking Federal Reserve Board approval to upgrade its New York representative office to a branch.

Hector Arzeno, the Argentine bank's U.S. representative, said it needs a branch to manage its Treasury positions, diversify assets, provide banking Services to Argentine expatriates, market Argentine securities, and gain access to dollar funding.

The $2.5 billion-asset bank raised $100 million in fresh equity earlier this month through issuance of American depositary receipts.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.