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Banco Galicia shifts corporate status to single-shareholder company

Banco de Galicia y Buenos Aires SA changed its legal corporate type from a sociedad anónima (SA), or a public limited company, to a sociedad anónima unipersonal (SAU), or single-shareholder company, according to a regulatory filing.

As a result, the Argentine bank, which is owned by Grupo Financiero Galicia SA, will be renamed Banco de Galicia y Buenos Aires SAU.

According to local legal sources, SAU status was first introduced in Argentina under a 2015 reform to the country's General Society Law; the legal status implies ownership of a company by a single shareholder that manages every decision of the company.