Grupo Financiero Galicia SA said unit Banco de Galicia y Buenos Aires SA's board approved the issuance of class III negotiable obligations for a total amount of up to $550.0 million, or its equivalent in other currencies.

The debt will be issued under the bank's global program for short-, medium- and/or long-term notes for a maximum outstanding face value of up to $1.10 billion, or its equivalent in other currencies, according to a Jan. 26 filing.

Proceeds from the placement will be used for working capital in Argentina and the refinancing of liabilities, among other uses.