Edgar Filing: BBVA BANCO FRANCES SA

Form 6-k

FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

For the month of May 2006

Commission File Number: 001-12568

BBVA French Bank S.A.

(Translation of registrant’s name into English)

Reconquista 199, 1006

Buenos Aires, Argentina

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F X Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes No X

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes No X

Indicate by check mark whether by furnishing the information contained in this Form, the Registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:

Yes No X

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): N/A

BBVA Banco Francés S.A.

TABLE OF CONTENTS


Item
1.		Press release entitled “BBVA Banco Francés reports first quarter earnings for fiscal year 2006”

LOGO

CONTACT:

María Adriana Arbelbide

Investor Relations

Phone: (5411) 4341 5036

E-mail: marbelbide@bancofrances.com.ar

May 10, 2006

BBVA BANCO FRANCES (NYSE; BFR.N; BCBA:FRA.BA; LATIBEX: BFR.LA) REPORTS CONSOLIDATED FIRST QUARTER EARNINGS FOR FISCAL YEAR 2006

Executive summary

•

A further improvement in business. Net income for the first quarter of fiscal year 2006 registered a Ps.40.5 million gain, which compares favorably to a Ps.31 and a Ps.30 million gain posted in the December and the March 2005 quarter, respectively. Strong operating income was mainly driven by higher net financial income, which in turn was positively impacted by the sale of public sector loans and bonds, combined with an increase in net income from services and lower administrative expenses. Furthermore, Banco Francés maintained in place its strategy of improving its financial condition. Thus, during the present quarter, the Bank registered provisions that will allow completion of the mark-to-market valuation of public sector bonds issued by the Federal Government.

•

BBVA Banco Francés continued expanding in the Argentine market, ranking as the first private bank in terms of private sector deposits and among the first banks in terms of shareholders’ equity.

•

The Bank reinforced its efforts in credit activity, with a significant growth in private sector loans (Ps. 450 million increase during the first quarter), equivalent to 46% annualized.

•

A decrease in public sector exposure also helped BBVA Banco Francés to improve its portfolio composition, which now has a larger proportion of private sector assets.

•

Solid asset quality standards. The ratio of non-performing to total outstanding financings remained at 1.21%, similar to the previous quarter, while the coverage ratio reached 146.86% as of March 31, 2006. BBVA Banco Francés maintains its leading position in terms of such ratio in the financial system.

•

Higher fee income together with a decrease in administrative expenses, led to an improved efficiency ratio. The coverage of administrative expenses (excluding amortization) with income from services (including fees from FX purchase & sales) reached 75,3% in the March 2006 quarter.

- 1 -

First quarter of fiscal year 2006

Economic activity appears to be decelerating very gradually. Preliminary data for the first quarter of the year indicate that industrial production increased 7.0% y.o.y. vis-á-vis 8.8% in the fourth quarter of 2005. In aggregate terms, the EMAE, a monthly proxy for GDP, grew 9.3% y.o.y. in the first two months of the year spurred on mainly by construction, public works and tourism.

Consumer prices rose by 2.9% in the first quarter, well below the 4 % recorded in the same period of the previous year. Although core inflation remained above overall inflation, it accumulated an increase of 3.1% (4.8% in the first quarter of 2005). The government is implementing measures aiming at keeping inflation under control.

The fiscal primary balance reached Ps 4913.5 million in the first quarter of 2006. Total fiscal revenues rose by 25.8% y.o.y. during the period, but government expenditures had a larger increase of 27.8%. Even though tax collectioncontinue to grow at very strong rates, some expenditure items, mainly capital expenditures, tend to erode the fiscal primary balance progressively.

Strong import growth continued into 2006, leading to a very slight erosion of the trade surplus which fell by 4% in the first three months of the year. Due to stronger capital inflows the Central Bank increased its intervention in the FX market. Foreign currency purchases by the BCRA amounted to USD 2.7 billion, approximately USD 0.5 billion higher than the previous year (including purchases of Banco Nación). As in the second half of 2005, the Argentine peso continued to depreciate in the first quarter. The exchange rate closed at Ps. 3.0798 per U.S. dollar, almost 5 cents above the exchange rate at the end of December, that is a 1.6% increase.

The monetary base grew 4.8% on average during the first quarter of 2006. The Central Bank’s significant intervention in the foreign exchange market with the intention of restoring the level of the international reserves prior to a debt service payment to the International Monetary Fund was partially negated. The Central Bank also met the monetary program first quarter target, which now has target ranges over the monetary aggregate M2. The monetary policy became tighter, Central Bank auctions of Nobac at a variable interest rates succeeded in extending the maturities of these instruments and interest rates of deposits increased on average 70/80 bps during this period.

The Business

BBVA Banco Francés is a leading private sector bank, ranking first in terms of deposits and shareholders’ equity, according to the most recent statistics published by the Central Bank in February 2006. By the end of the first quarter of the current fiscal year, the Bank had Ps. 11.4 billion in deposits and total shareholders’ equity reached Ps. 1.8 billion, on a consolidated basis.

- 2 -

BBVA Banco Francés follows a universal strategy with a strong presence in the different market segments. Focused on the core business, the Bank bolsters its lending activity aiming to increase the relative proportion of private assets in its portfolio, while maintaining its market share in terms of deposits and further developing the transactional business. Furthermore, taking advantage of the sustained recovery of prices of public sector debt in the secondary market, during the present quarter, the Bank sold public sector assets and carried out further improvements in its asset and liability structure. Management expects to achieve 2006 goals, including a significant expansion of private loan portfolio with emphasis in the retail segment, by implementing a commercial strategy strongly oriented towards business, capitalizing the strong corporate culture that distinguishes BBVA Banco Francés in the market.

Presentation of Financial Information

•

All foreign currency transactions accounted for at a free exchange rate as of March 31, 2006 have been translated into pesos at the reference exchange rate of Ps. 3.0808 per U.S. dollar, published by the Central Bank of Argentina on that date.

•

This press release contains unaudited information that consolidates all of the banking activities of BBVA Banco Francés and its subsidiaries on a line-by-line basis. The Bank’s interest in the Consolidar Group is accounted for by the equity method; BBVA Banco Francés’ stake in the Consolidar Group and the Consolidar Group’s results are included in Investments in other companies and Income from equity investments, respectively.

•

March 2005 figures presented for comparative purposes were adjusted according to the adjustment to prior years accounted for during the present fiscal year. See Note 2.3.p y 2.3.q to the Financial Statements.

FIRST QUARTER EARNINGS

Condensed Income Statement (1)


	Quarter ended						% Change Qtr ended 03/31/06 vs. Qtr ended
*in thousands of pesos except income per share, income per ADS and percentages*	03/31/06		12/31/05		03/31/05		12/31/05		03/31/05
Net Financial Income	287,724		262,988		187,893		9.41	%	53.13	%
Provision for loan losses	(18,174	)	(20,795	)	(10,455	)	-12.60	%	73.83	%
Net income from services	100,155		93,728		83,652		6.86	%	19.73	%
Administrative expenses	(163,616	)	(167,532	)	(134,394	)	-2.34	%	21.74	%
Operating income	206,089		168,389		126,696		22.39	%	62.66	%
Income (loss) from equity investments	9,381		4,311		8,085		117.61	%	16.03	%
Income (Loss) from Minority interest	(286	)	(678	)	(411	)	-57.82	%	-30.41	%
Other income/expenses	(173,174	)	(139,302	)	(94,358	)	24.32	%	83.53	%
Income tax and Minimum Presumed Tax	(1,468	)	(1,702	)	(7,886	)	-13.75	%	81.38	%
Net income for the period	40,542		31,018		32,126		30.70	%	26.20	%
Net income per share (2)	0.09		0.07		0.09		30.70	%	-1.44	%
Net income per ADS (3)	0.26		0.20		0.26		30.70	%	-1.44	%

(1)	Exchange rate: 3.0808 Ps. = 1 US$

(2)	Assumes 471,361,306 ordinary shares outstanding.

(3)	Each ADS represents three ordinary shares.

- 3 -

Net income for the quarter ended March 31, 2006 totaled Ps. 40.5 million, 30.7% and 26.2% higher than the figures posted in the December and the March 2005 quarter, respectively. During the present quarter the Bank registered a gain, which was accounted for in the Net financial income, related to the sale of public sector loans and bonds. In addition, net financial margin also benefited from the higher market valuation of public sector bonds and bills and notes from the Central Bank. On the other hand, growth in income from services, mainly related to a higher level of activity and an increase in capital market fees, combined with lower administrative expenses, led to a further expansion in operating income.

The loss in Other income/expenses is mainly explained by: i) a Ps.56.1 million charge related to the amortization of the loss derived from the payment of deposits under judicial injunctions, in accordance with the Central Bank’s regulations (which does not imply that the Bank waives its right to seek compensation from the Argentine Government in the future) ii) the provisions registered in Other expenses during the quarter to cover the taxable deferred asset stemming from the use of the deferred tax method, the opposite entry of which is included in Other income, and iii) the registration of general provisions that will allow the Bank to complete the mark-to-market valuation of public sector bonds issued by the Federal Government.


	Quarter ended						% Change Qtr ended 03/31/06 vs. Qtr ended
*in thousands of pesos except percentages*	03/31/06		12/31/05		03/31/05		12/31/05		03/31/05
Return on Average Assets (1)	1.11	%	0.87	%	0.87	%	28.45	%	28.15	%
Return on Average Shareholders´Equity (1)	8.90	%	6.91	%	7.56	%	28.80	%	17.79	%
Net fee Income as a % of Operating Income	25.82	%	26.28	%	30.81	%	-1.73	%	-16.18	%
Net fee Income as a % of Administrative Expenses	61.21	%	55.95	%	62.24	%	9.41	%	-1.66	%
Adm. Expenses as a % of Operating Income (2)	42.18	%	46.97	%	49.49	%	-10.18	%	-14.77	%

(1)	Annualized

(2)	Adm.Expenses / Net financial income + Net income from services

Net financial Income

Net financial income for this first quarter totaled Ps. 288 million as compared to Ps.263 million and Ps. 188 million registered in the December and the March 2005 quarters, respectively.

It is important to note that while the December 2005 quarter included an a gain related to the sale of public sector loans, the present quarter was positively impacted by a gain derived from the sale of public sector bonds and loans combined with an increase in the market value of public sector assets.

On the other hand, strength in net financial margin is also explained by the long CER-adjusted position that the Bank maintains in an environment of negative real interest rates.

- 4 -

As already mentioned, the increase in Net financial income as compared to the March 2005 quarter is mainly explained by the gain accounted for during the present quarter stemming from the sale of guaranteed loans and bonds, together with the increase in the market value of public sector assets.

Public Sector Exposure


	Quarter ended						% Change Qtr ended 03/31/06 vs. Qtr ended
*in thousands of pesos except percentages*	03/31/06		12/31/05		03/31/05		12/31/05		03/31/05
Public Sector - National Government	4,676,296		5,033,167		7,251,429		-7.09	%	-35.51	%
- Loans to the Federal government & Provinces	3,315,950		3,957,597		6,156,101		-16.21	%	-46.14	%
- Total bond portfolio	1,042,802		761,833		865,247		36.88	%	20.52	%
Compensatory bond	78,800		74,075		77,536		6.38	%	1.63	%
Compensatory bond to be credited	122,251		114,922		—		6.38	%	—
Other government bonds	841,751		572,836		787,711		46.94	%	6.86	%
- Trustees	323,244		313,741		285,453		3.03	%	13.24	%
- Allowences	(5,700	)	(4	)	(55,372	)	—		-89.71	%

Bills and Notes from Central Bank	1,627,560		1,655,150		668,483		-1.67	%	143.47	%

Total exposure to the Public Sector	6,303,856		6,688,317		7,919,912		-5.75	%	-20.40	%

The Bank’s long-term public sector exposure totaled Ps.4.6 billion by the end of the first quarter of fiscal year 2006, 7.1% and 35.5% lower than the balance registered in December and March 2005, respectively. During the present quarter the Bank further decreased its public sector portfolio, through the sale of guaranteed loans and public sector bonds.

During the June 2005 quarter the Bank accounted for the Peso and Dollar denominated Discount bonds received in exchange for the public sector debt that was included in the sovereign debt restructuring process.

As for the compensatory bond to be received, during the December 2004 quarter the Bank had charged off the compensatory assets being objected to by the Central Bank. However, during the June 2005 quarter, a higher compensatory bond to be received was accounted for due to Banco Nación Loan – Fiduciary Fund (“Préstamo Banco Nación - Fondo Fiduciario”). In this respect, following the decision of the Managing Committee of the Trust Fund for Reconstruction of Companies, which stated that only 50% of the financing was to be converted into pesos while the difference was to be maintained in its original currency, the Bank would have to be compensated pursuant to the compensation mechanism applicable to financial institutions for the remaining 50%.

On May 16, 2005 the Bank filed a request with the Ministry of Economy and Production against Resolution No. 25. Although the Federal Government has yet not ruled on the matter, in May 2005 the Bank registered a 23.2 million dollar denominated liability and the corresponding amount to be compensated.

- 5 -

Total loan portfolio

The chart below shows the composition of the loan portfolio in monthly balances:


	Quarter ended						% Change Qtr ended 03/31/06 vs. Qtr ended
*in thousands of pesos except percentages*	03/31/06		12/31/05		03/31/05		12/31/05		03/31/05
Private & Financial sector loans	4,336,428		3,889,403		2,604,463		11.49	%	66.50	%
Advances	755,800		733,597		335,985		3.03	%	124.95	%
Notes discounted and purchased	573,946		560,863		230,413		2.33	%	149.09	%
Consumer Mortgages	397,296		394,678		393,141		0.66	%	1.06	%
Personal loans	414,918		355,649		202,458		16.67	%	104.94	%
Credit cards	417,461		393,893		252,664		5.98	%	65.22	%
Car secured loans	72,291		60,714		38,645		19.07	%	87.06	%
Loans to financial sector	195,054		119,745		57,694		62.89	%	238.08	%
Other loans	1,606,959		1,364,041		1,184,953		17.81	%	35.61	%
Unaccrued interest	(3,132	)	(2,577	)	(902	)	21.54	%	247.23	%
Adjustment and accrued interest & exchange differences receivable	48,352		44,361		32,947		9.00	%	46.76	%
Less: Allowance for loan losses	(142,517	)	(135,561	)	(123,535	)	5.13	%	15.37	%
Loans to public sector	3,315,950		3,957,597		6,156,101		-16.21	%	-46.14	%
Loans to public sector	1,778,177		2,190,019		3,805,569		-18.81	%	-53.27	%
Adjustment and accrued interest & exchange differences receivable	1,537,773		1,767,578		2,350,532		-13.00	%	-34.58	%
Net total loans	7,652,378		7,847,000		8,760,564		-2.48	%	-12.65	%

To rebuild the private sector loan portfolio, this quarter the Bank expanded by 11.5% (almost Ps. 450 million) its total private loans. Such growth was attained both in the commercial sector as well as in the retail segment. In the corporate and middle market segment, growth was driven by other loans (including foreign trade transactions), advances and notes discounted, which grew 17.8% (Ps. 250 million), 3% (Ps. 22.2 million) and 2.3% (Ps. 13 million), respectively, as compared to the previous quarter. As for the retail segment, personal loans and credit card financings expanded 16.7% (Ps. 59.2 million) and 6% (Ps. 23.6 million), respectively. Similarly, private loans grew Ps. 1.732 million during the last twelve months.

As previously mentioned, the Bank’s goals for the present fiscal year include the expansion of credit activity with the intention of rebuilding its traditional loan portfolio composition, more focused on the private sector than on public sector assets.

The decrease in public sector loan portfolio is mainly related to the sale of guaranteed loans that was carried out during the present quarter, and the reclassification of part of the negotiable obligations Fondo Fiduciario Provincial ($305 million), following the swap for government bonds BOGAR 2020.

- 6 -

Government and Private Securities

The following chart shows the total exposure of the Bank in government and private securities as of March 31, 2006, including repurchase agreement transactions. The increase in Total bond portfolio as compared to the previous quarter is mainly explained by the BOGAR 2020 portfolio (Ps. 305 million) received in exchange for negotiable obligations Fondo Fiduciario Provincial.


	Quarter ended						% Change Qtr ended 03/31/06 vs. Qtr ended
*in thousands of pesos except percentages*	03/31/06		12/31/05		03/31/05		12/31/05		03/31/05
Holdings	2,636,888		2,400,485		1,930,355		9.85	%	36.60	%
Trading	1,677,725		1,706,930		681,874		-1.71	%	146.05	%
Liquidity Requirements	—		—		—		—		—
Investment Accounts	358,053		437,655		642,458		-18.19	%	-44.27	%
Investment Accounts (RML - Liquidity Requirements)	—		—		—		—		—
Investment accounts - Compensatory bond	78,800		74,075		77,536		6.38	%	1.63	%
Other fixed income securities	528,010		181,829		583,859		190.39	%	-9.57	%
Allowances	(5,700	)	(4	)	(55,372	)	142400.00	%	-89.71	%

Repurchase Agreements	—		—		—		—		—
B.C.R.A. (Reverse repo)	—		—		—		—		—
Trading (Reverse repo)	—		—		—		—		—
Investment Accounts (reverse repo)	—		—		—		—		—
Trading (Reverse repo)	—		—		—		—		—

Net Position	2,636,888		2,400,485		1,930,355		9.85	%	36.60	%
Trading	1,677,725		1,706,930		681,874		-1.71	%	146.05	%
Investment Accounts	358,053		437,655		642,458		-18.19	%	-44.27	%
Investment Accounts (RML)	—		—		—		—		—
Investment accounts - Compensatory bond	78,800		74,075		77,536		6.38	%	1.63	%
Other fixed income securities	528,010		181,829		583,859		190.39	%	-9.57	%
Allowances	(5,700	)	(4	)	(55,372	)	142400.00	%	-89.71	%

Net Position in Other fixed income securities as of December 2005 includes Ps. 88.8 million of Private Bonds

(1)	Net Position excludes the compensatory bond to be received, which is accounted for in Other banking receivables (Ps. 122.3 million in March 2006)

During the June 2005 quarter the Bank registered the Dollar and Peso discount bonds, corresponding to the Public sector debt that was swapped in the last sovereign restructuring process and a higher compensatory bond to be received related to the Banco Nación Loan – Fiduciary Fund (1).

Valuation methods

As of December 31, 2005 the Bank marked to market: (i) secured bonds (BOGAR 2018 issued pursuant to Decree No.1579/2002 - under Resolution 539/2002 of the Ministry of Economy -); (ii) dollar denominated “Discount Bonds” and “GDP-linked Securities” received during the last sovereign restructuring process (which most recently were sold); and (iii) the Federal Government Bonds (BODEN 2012) received and to be received as compensation for the asymmetrical switch into pesos. The remaining public sector bonds are valued according to regulations in force. Furthermore, bills from the Central Bank are valued at market value.

- 7 -

Income from Securities and Short-Term Investments


	Quarter ended			% Change Qtr ended 03/31/06 vs. Qtr ended
*in thousands of pesos except percentages*	03/31/06	12/31/05	03/31/05	12/31/05		03/31/05
Income from securities and short-term Investments	94,671	24,207	16,641	291.09	%	468.90	%
Trading account	13,770	9,163	5,498	50.28	%	150.47	%
Investment account	3,975	1,594	—	-149.39	%	—
Investment account - Compensatory bond	5,667	669	484	747.60	%	1071.97	%
Other fixed income securities	71,259	12,781	10,660	457.52	%	568.49	%

CER adjustment	361	2,891	15,387	-87.52	%	-97.66	%

CER adjustment - Trading account	—	—	—	—		—
CER adjustment - Investment account	—	—	—	—		—
CER adjustment - Other fixed securities	361	2,891	15,387	-87.52	%	-97.66	%

Income from securities and short-term investments registered a Ps. 94.7 million gain in the quarter ended March 31, 2006, compared to a Ps. 24.2 million and a Ps.16.6 million gain posted in the December and the March 2005 quarter, respectively. The increase as compared to the previous quarter is mainly related to a higher market value of public sector bonds, and notes and bills from the Central Bank, together with a gain coming from the sale of public sector bonds.

Similarly higher income from securities and short-term investments as compared to the same quarter of previous fiscal year is related to a higher volume of securities in our LEBAC portfolio.

Funding Sources

BBVA Banco Francés is the leading private sector bank in terms of deposits, with a 10.5% market share in private sector deposits as of March 31, 2006.


	Quarter ended			% Change Qtr ended 03/31/06 vs. Qtr ended
*in thousands of pesos except percentages*	03/31/06	12/31/05	03/31/05	12/31/05		03/31/05
Total deposits	11,069,513	10,447,754	9,410,044	5.95	%	17.64	%
Current accounts	2,114,924	1,901,500	1,877,829	11.22	%	12.63	%
Peso denominated	2,110,545	1,893,871	1,872,507	11.44	%	12.71	%
Foreign currency	4,379	7,629	5,322	-42.60	%	-17.72	%
Savings accounts	3,048,699	3,000,508	2,513,095	1.61	%	21.31	%
Peso denominated	2,325,261	2,344,285	1,970,474	-0.81	%	18.01	%
Foreign currency	723,438	656,223	542,621	10.24	%	33.32	%
Time deposits	5,563,952	5,161,013	4,728,713	7.81	%	17.66	%
Peso denominated	3,530,695	3,141,377	2,964,483	12.39	%	19.10	%
CER adjusted time deposits	1,399,466	1,463,551	1,467,314	-4.38	%	-4.62	%
Foreign currency	633,791	556,085	296,916	13.97	%	113.46	%
Other	341,938	384,733	290,407	-11.12	%	17.74	%
Peso denominated	265,262	319,484	230,752	-16.97	%	14.96	%
Foreign currency	76,676	65,249	59,655	17.51	%	28.53	%

*Rescheduled deposits ()**	286,226	306,322	427,454	-6.56	%	-33.04	%
Peso denominated	286,226	306,322	427,454	-6.56	%	-33.04	%

Total deposits + Rescheduled deposits & CEDROS	11,355,739	10,754,076	9,837,498	5.59	%	15.43	%

^(*)	The payment of Rescheduled Deposits concluded in August 2005 in accordance with its original schedule, except those deposits that have a pending legal injunction.

- 8 -

During the first quarter, private deposits (both peso and dollar denominated deposits), like during the December 2005 quarter, maintained a positive trend, growing 4.2 % (Ps.4.2 billion) as compared to the prior quarter. On the other hand, public sector deposits grew by 3.6 % (Ps. 1.2 billion) during present quarter.

As for BBVA Banco Francés, total deposits in the Bank grew 6% and 17.6% as compared to the December and March 2005 quarters, respectively, excluding the effect of the reduction of rescheduled deposits. Such decrease (6.6% and 35.9% as compared to those same periods, respectively) is related to the scheduled maturity of rescheduled deposits in August 2005 and the payment of amounts to depositors pursuant to legal injunctions.

Growth in total deposits, as compared to the previous quarter, was reflected across our range of products, and in particular in current accounts and time deposits, which grew 11.2% (Ps 213 million) and 7.8% (Ps 403 million), respectively. Foreign currency-denominated deposits grew 11.9% in the last three-month period, amounting to USD 466.9 million (Ps. 1,438 million) as of March 31, 2006.

During the last twelve-month period growth was led by a 17.6% increase in time deposits and a 21.3% and a 12.7% growth in saving accounts and in current accounts, respectively.

Other Funding Sources

Changes shown in the following chart are affected by the depreciation of the peso. The 68.9% decrease in Other funding sources as compared to the March 2005 quarter is mainly explained by the repayment of rediscounts from the Central Bank (the financial support granted to the Bank during the liquidity crisis, with a financial cost of 3.5% interest rate plus CER adjustment) carried out in September 2005.


	Quarter ended			% Change Qtr ended 03/31/06 vs. Qtr ended
*in thousands of pesos*	03/31/06	12/31/05	03/31/05	12/31/05		03/31/05
Lines from other banks	317,153	297,291	218,071	6.68	%	45.44	%
Loans from the Central Bank	—	—	1,871,636	—		-100.00	%
Anticipated cancellations Res.381/04	—	—	-126,536	—		-100.00	%
Other loans from the Central Bank	102,378	98,972	24,185	3.44	%	323.31	%
Senior Bonds	298,394	288,871	318,887	3.30	%	-6.43	%
Other banking liabilities	717,925	685,134	2,306,243	4.79	%	-68.87	%
Subordinated Debt	—	—	—	—		—

Total other funding sources	717,925	685,134	2,306,243	4.79	%	-68.87	%

Foreign currency funding sources, expressed in dollars, are shown in the following chart. There was no significant change in other funding sources during the quarter.

Other dollar funding sources


	Quarter ended			% Change Qtr ended 03/31/06 vs. Qtr ended
*in thousands of dollars*	03/31/06	12/31/05	03/31/05	12/31/05		03/31/05
Lines from other banks	78,494	73,993	73,161	6.08	%	7.29	%
Senior Bonds	98,431	95,290	109,085	3.30	%	-9.77	%
Other banking liabilities	176,925	169,283	182,245	4.51	%	-2.92	%
Subordinated Debt	—	—	0	—		—
Total other funding sources	176,925	169,283	182,245	4.51	%	-2.92	%

- 9 -

Asset Quality

High asset quality standards distinguish BBVA Banco Francés in the financial system. The Bank was able to attain a 1.2% non-performing ratio with respect to all types of financing (i.e., loans, corporate senior debt purchased and guarantees granted by the Bank), with a 146.86% coverage. It is important to highlight that currently BBVA Banco Francés is one of the leading banks with regard to this ratio.

The higher aggregate amount of non-performing assets is related to the reclassification of corporate loans.


	Quarter ended						% Change Qtr ended 03/31/06 vs. Qtr ended
*in thousands of pesos except percentages*	03/31/06		12/31/05		03/31/05		12/31/05		03/31/05
Nonaccrual financing (1)	99,810		95,090		106,114		4.96	%	-5.94	%
Allowances	146,585		139,679		135,031		4.94	%	8.56	%
Nonaccrual financing/ total financing	1.21	%	1.12	%	1.09	%	7.62	%	10.33	%
Allowances /nonaccrual financing	146.86	%	146.89	%	127.25	%	-0.02	%	15.41	%

Total financing includes loans and Other banking receivables and Guarantees granted by the Bank

(1)	Nonaccrual financing include all loans to borrowers classified as “Problem”, “deficient Servicing”, “High Insolvency Risk”, “difficult Recovery”, “Irrecoverable” and “Irrecoverable for Technical decision” according to the new Central Bank debtor classification system.

The following chart shows the evolution of allowances for loan losses, which include allowances related to other banking receivables. Changes in the Increase and Decrease account are mainly explained by the reclassification of commercial loans, and the sale of commercial loans, respectively.


	Quarter ended			% Change Qtr ended 03/31/06 vs. Qtr ended
*in thousands of pesos except percentages*	03/31/06	12/31/05	03/31/05	12/31/05		03/31/05
Balance at the beginning of the quarter	137,406	124,890	128,742	10.02	%	6.73	%
Increase	18,174	20,795	10,455	-12.60	%	73.83	%
Provision increase/decrease - Exchange rate difference	249	1,332	-520	-81.31	%	147.88	%
Decrease	-11,336	-9,611	-8,835	17.95	%	28.31	%
Balance at the end of the quarter	144,493	137,406	129,842	5.16	%	11.28	%

Income from services net of other operating expenses

During the first quarter of fiscal year 2006, BBVA Banco Francés consolidated its position in the transactional business, showing a further increase in fees. Commercial efforts led to an increase in activity level, with a positive impact in income from services, which totaled Ps. 100.2 million in this first quarter; 6.9% and 19.8% higher that the figure posted in the December and the March 2005 quarter, respectively. The increase as compared to the December 2005 quarter was mainly driven by higher service charges on deposits accounts, credit cards, insurance and capital market fees.

- 10 -

Fee income growth as compared to the same quarter of the previous fiscal year is mainly explained by an increase in operational volume.


	Quarter ended						% Change Qtr ended 03/31/06 vs. Qtr ended
*in thousands of pesos except percentages*	03/31/06		12/31/05		03/31/05		12/31/05		03/31/05
Net income from services	100,155		93,728		83,652		6.86	%	19.73	%

Service charge income	122,714		116,715		97,691		5.14	%	25.61	%
Service charges on deposits accounts	44,546		42,432		36,867		4.98	%	20.83	%
Credit Cards and operations	21,142		21,521		17,234		-1.76	%	22.68	%
Insurance	8,295		6,846		4,611		21.16	%	79.89	%
Capital markets and securities activities	4,864		1,738		3,954		179.86	%	23.00	%
Fees related to Foreign trade	7,653		7,609		7,043		0.57	%	8.66	%
Other fees	36,214		36,567		27,982		-0.97	%	29.42	%

Services Charge expense	(22,560	)	(22,986	)	(14,039	)	-1.86	%	60.69	%

Income related to foreign currency exchange transactions is not accounted for in net income from services but it is in net financial income. As of March 2006, such income amounted to approximately Ps.17.7 million, compared to Ps. 20.1 million and Ps. 19.1 million registered in the December and March 2005 quarter, respectively. The Bank currently purchases and sells U.S. dollars through all of the Bank’s branches, its ATM network as well as over the Internet. The Bank also sells and purchases Euros, Brazilian reales and Uruguayan pesos.

Administrative expenses


	Quarter ended						% Change Qtr ended 09/30/05 vs. Qtr ended
*in thousands of pesos except percentages*	03/31/06		12/31/05		03/31/05		12/31/05		03/31/05
Administrative expenses	(163,616	)	(167,532	)	(134,394	)	-2.34	%	21.74	%

Personnel expenses	(92,181	)	(101,200	)	(71,367	)	-8.91	%	29.16	%
Electricity and Communications	(4,798	)	(4,632	)	(4,142	)	3.58	%	15.84	%
Advertising and Promotion	(11,168	)	(11,534	)	(7,129	)	-3.17	%	56.66	%
Honoraries	(5,228	)	(6,486	)	(5,281	)	-19.40	%	-1.00	%
Taxes	(5,362	)	(4,124	)	(4,484	)	30.02	%	19.58	%
Organization and development expenses	(1,908	)	2,916		(4,920	)	-165.43	%	-61.22	%
Amortizations	(6,968	)	(6,681	)	(6,391	)	4.30	%	9.03	%
Other	(36,003	)	(35,791	)	(30,680	)	0.59	%	17.35	%

Administrative expenses amounted to Ps. 163.6 million as of March 31, 2006; 2.3% lower and 21.7% higher than total expenses accounted for in the December and March 2005 quarter, respectively.

Lower administrative expenses as compared to the previous quarter are mainly explained by a decrease in personnel expenses. In this regard, it is important to note that during the December 2005 quarter the Bank registered an adjustment in the bonus provisioning related to a higher profitability level.

- 11 -

Higher administrative expenses as compared to the same quarter of the previous fiscal year are mainly explained by an increase in personnel and advertising and promotion expenses. As previously mentioned, the increase in personnel expenses is mainly related to an adjustment in the bonus provisioning together with the salary increases ordered by the Government or agreed upon with the labor unions and the limitations of caps on the amounts of social security contributions and expenses. The increase in advertising and promotion expenses is explained by a more aggressive business strategy in an environment of growing economic activity.

As of March 31, 2006, the Bank had 3,668 employees - including consolidated companies (except for the Consolidar Group) - and a network of 230 consumer branches, 27 branches specialized in the middle-market segment, and 35 offices of Credilogros.

Other Income/Expenses

Other income/expenses for the first quarter reflected a Ps.173.2 million loss, compared to a Ps. 139.3 million and Ps.94.4 million loss registered in the December and March 2005 quarters, respectively. As previously mentioned, the present figures were negatively impacted by: i) a Ps.56.1 million charge related to the amortization of the loss derived from the payment of deposits under judicial injunctions, in accordance with the Central Bank’s regulations (which does not imply that the Bank waives its right to demand future compensation), ii) the provisions registered in Other expenses during the quarter to cover the taxable deferred asset stemming from the use of the deferred tax method, the opposite entry of which is included in Other income, and iii) the registration of general provisions that will allow completion of the mark-to-market valuation of public sector bonds issued by the Federal Government.

The Bank determined the charge for income tax by applying the effective 35% rate to taxable income estimated for each period considering the effect of temporary differences between book and taxable income. The Bank considered as temporary differences those that have a definitive reversal date in subsequent years. As of March 31, 2006 and December 2005, the Bank has estimated the existence of a net operating loss for income tax purposes.

Given the objection from the Central Bank to the capitalization of items arising from the application of the deferred tax method, the Bank has set up a provision for the net balance between the deferred tax assets and liabilities.

As of March 31, 2006 and December 31, 2005, the Bank records under Other Receivables (in the Tax Advance account) a taxable deferred asset amounting to Ps. Ps. 418 million and Ps. 360 million, respectively.

Income from equity investments

Income from equity investments sets forth net income from related companies, which are not consolidated, mainly the Consolidar Group. During the March 2006 quarter, the Bank registered a Ps. 9.3 million gain from its stake in the Consolidar Group.

- 12 -

Capitalization


	Quarter ended			% Change Qtr ended 03/31/06 vs. Qtr ended
*in thousands of pesos except percentages*	03/31/06	12/31/05	03/31/05	12/31/05		03/31/05
Capital Stock	471,361	471,361	471,361	0.00	%	0.00	%
Non-capitalized contributions	175,132	175,132	1,195,390	0.00	%	-85.35	%
Adjustments to stockholders equity	312,979	312,979	769,904	0.00	%	-59.35	%
Subtotal	959,472	959,472	2,436,655	0.00	%	-60.62	%
Reserves on Profits	428,698	428,698	430,500	0.00	%	-0.42	%
Unapropiated retained earnings (1)	223,637	183,095	-1,380,968	22.14	%	116.19	%
Unrealized valuation difference	230,282	230,282	230,282	0.00	%	0.00	%
Total stockholders´ equity	1,842,089	1,801,547	1,716,469	2.25	%	7.32	%

Following the resolutions of the Ordinary and Extraordinary Shareholder’s Meeting, held on April 28 2005, the Bank absorbed accumulated losses corresponding to 2002, 2003 and 2004 fiscal years, the Non-appropriated earnings of which totaled Ps.1,479,003,460.

Furthermore, the Bank registered an asset corresponding to the minimum presumed income tax for the fiscal years 2001, 2002, 2003 and 2004 for a total amount of approximately Ps. 92 million, the counterpart of which is accounted for in “Income (loss) adjustment to prior year”, under Stockholders equity.

Similarly, the Bank accounted for: (i) a Ps. 8 million (loss) adjustment to prior year related to software and to value transportation expenses, corresponding to the previous fiscal year and registered during 2005; and (ii) a Ps. 18 million (loss) adjustment to prior year due to a change in the accounting criteria on certain proyects, the counterpart of which was accounted for in intangible assets in 2004 balance sheet.


	Quarter ended						% Change Qtr ended 03/31/06 vs. Qtr ended
*in thousands of pesos except percentages*	03/31/06		12/31/05		03/31/05		12/31/05		03/31/05
Central Bank Minimum Capital Requirements	930,620		906,953		895,303		2.61	%	3.94	%
Central Bank Minimum Capital Requirements (a, b)	835,104		830,434		821,199		0.56	%	1.69	%
Market Risk	53,761		38,079		33,044		41.18	%	62.70	%
Increase in capital requirements related to custody	41,755		38,440		41,060		8.62	%	1.69	%

a) Central Bank Minimum Capital Requirements	748,569		632,789		555,620		18.30	%	34.73	%
Allocated to Asset at Risk	368,024		331,836		244,213		10.91	%	50.70	%
Allocated to Immobilized Assets	131,523		132,125		137,284		-0.46	%	-4.20	%
Interest Rate Risk	128,499		97,950		77,109		31.19	%	66.65	%
Loans to Public Sector and Securities in Investment	120,523		70,878		97,014		70.04	%	24.23	%
Non Compliance of Other Credit Regulations	—		197,645		—		-100.00	%	100.00	%

b) Minimum capital required for Pension Funds (AFJPs) to act as securities custodian and registrar of mortgage notes	835,104		768,793		821,199		8.63	%	1.69	%
5% of the securities in custody and book-entry notes	835,104		768,793		821,199		8.63	%	1.69	%

Bank Capital Calculated under Central Bank Rules	1,938,349		1,889,893		1,688,948		2.56	%	14.77	%
Core Capital	1,801,543		1,684,343		1,618,452		6.96	%	11.31	%
Minority Interest	194,413		188,960		176,829		2.89	%	9.94	%
Supplemental Capital	42,946		122,207		28,092		-64.86	%	-52.88	%
Deductions	(100,553	)	(105,617	)	(134,425	)	-4.79	%	-25.20	%
Excess over Required Capital	1,007,729		982,940		793,645		2.52	%	26.97	%

- 13 -

As of March 31, 2005 BBVA Banco Francés’s shareholders’ equity amounted to Ps. 1.8 billion with a Ps.1 billion excess capital over minimum requirements in accordance to Central Bank regulations. The excess over capital requirements must be calculated by taking highest of the capital requirements applicable to capital allocated to risk assets and to Pension Funds (AFJPs) for acting as securities custodians and registrars of mortgage notes.

Additional information


	Quarter ended						% Change Qtr ended 03/31/06 vs. Qtr ended
*in pesos except percentages*	31/03/06		31/12/05		31/03/05		31/12/05		31/03/05
- Exchange rate	3.0808		3.0315		2.9233		1.63	%	5.39	%
- Quarterly CER adjustment (CPI)	2.96	%	3.04	%	3.10	%	-2.37	%	-4.51	%

Other developments

During the fiscal year 2005 the Bank sold its equity interest in Credilogros Compañía Financiera S.A. to Banco de Servicios y Transacciones S.A. and Grupo de Servicios y Transacciones S.A.. Following the completion of the due diligence process the aggregate price for the transaction remained at USD 16.9 million. Such transaction is still subject to the approval of the Central Bank of the Republic of Argentina.

The Ordinary and Extraordinary Shareholders Meeting, held on April 27^th 2006, approved, among other items, a cash dividend payment of Ps. 27 million, subject to the authorization of the Central Bank and of the bondholds. These authorizations were obtained on April 27^th and May 5^th 2006, respectively.

This press release contains or may contain certain forward-looking statements within the meaning of the United States Securities Litigation Reform Act of 1995, including, among other things, concerning the prospects of the Argentine economy, Banco Francés’s earnings, business plans, cost-reduction plans, and capitalization plan, and trends affecting BBVA Banco Francés’s financial condition or results of operations. Any forward-looking statements included in this press release are based on current expectations and estimates, but actual results and events may differ materially from anticipated future results and events. Certain factors which could cause the actual results and events to differ materially from the expected results or events include: (1) changes in the markets for BBVA Banco Francés’s products and services; (2) changes in domestic or international stock market prices, exchange rates or interest rates; (3) macroeconomic, regulatory, political or governmental changes; (4) increased competition; (5) changes in technology; or (6) changes in the financial condition, creditworthiness or solvency of the customers, debtors or counterparties of BBVA Banco Francés. Additional factors that could cause the actual results or events to differ materially from the expected results or events are described in the reports filed by BBVA Banco Francés with the United States Securities and Exchange Commission (SEC), including, but not limited to, BBVA Banco Francés’s annual report on Form 20-F and exhibits thereto. BBVA Banco Francés does not undertake to revise or update any of the information contained herein under any circumstances, including if at any moment following dissemination of such information it is no longer accurate or complete.

Conference call: A conference call to discuss this third quarter earnings will be held on Thursday, May 11, at 11:30 A.M. New York time - 12:30 A.M. Buenos Aires time. If you are interested in participating please dial (719) 457-2647 at least 5 minutes prior to our conference. Confirmation code: 4109723. To receive the tape of this conference call, please call (719) 457 2865.

Internet:

This press release is also available in http://www.bancofrances.com.ar

- 14 -

BBVA Banco Francés S.A. and subsidiaries (Grupo Consolidar: by the equity method)


(in thousands of $)	03/31/06		12/31/05		09/30/05		03/31/05
ASSETS :
Cash and due from banks	2,268,145		1,601,065		2,082,694		1,804,721
Government and Private Securities	2,561,493		2,306,859		1,690,065		1,823,141
Loans	7,652,378		7,847,000		8,039,265		8,760,564
- Loans to the private & financial sector	4,336,428		3,889,403		3,439,708		2,604,463
- Advances	755,800		733,597		589,216		335,985
- Notes discounted and purchased	573,946		560,863		465,023		230,413
- Secured with mortgages	397,296		394,678		384,324		393,141
- Car secured loans	72,291		60,714		53,283		38,645
- Credit cards	417,461		393,893		308,318		252,664
- Loans to financial sector	195,054		119,745		101,865		57,694
- Other loans	2,021,877		1,719,690		1,621,197		1,387,411
Less: Unaccrued interest	(3,132	)	(2,577	)	(1,925	)	(902	)
Plus: Interest & FX differences receivable	48,352		44,361		38,284		32,947
Less: Allowance for loan losses	(142,517	)	(135,561	)	(119,877	)	(123,535	)
- Public Sector loans	3,315,950		3,957,597		4,599,557		6,156,101
Less: Unaccrued interest	1,778,177		2,190,019		2,639,488		3,805,569
Plus: Interest & FX differences receivable	1,537,773		1,767,578		1,960,069		2,350,532
Other banking receivables	807,730		821,991		926,276		899,260
- Compensatory Bond	122,251		114,922		121,653		—
- Repurchase agreements	78,994		99,762		—		251,784
- Unlisted private securities	60,188		78,228		79,121		89,171
- Unlisted Private securities: Trustees	15,207		15,399		17,448		18,043
- Other banking receivables	533,066		515,525		713,067		546,569
- Less: provisions	(1,976	)	(1,845	)	(5,013	)	(6,307	)
Investments in other companies	287,214		277,829		273,270		259,290
Intangible assets	560,268		610,741		671,140		745,791
- Goodwill	23,822		25,459		27,116		30,431
- Organization and development charges	20,640		19,930		33,428		20,215
- Assets related to legal injunctions	515,806		565,352		610,596		695,145
Other assets	770,958		752,735		722,674		674,535

Total assets	14,908,186		14,218,220		14,405,384		14,967,302


	03/31/06		12/31/05		09/30/05		03/31/05
LIABILITIES:
Deposits	11,355,739		10,754,076		10,842,937		9,837,498
- Demand deposits	2,114,924		1,901,500		2,000,759		1,877,829
- Saving accounts	3,048,699		3,000,508		2,829,040		2,513,095
- Time deposits	5,563,952		5,161,013		5,303,731		4,728,713
- Rescheduled deposits - CEDROS ^(*)	286,226		306,322		345,821		427,454
- Other deposits	341,938		384,733		363,586		290,407
Other banking Liabilities	1,218,486		1,237,848		1,335,874		3,030,334
Other provisions	320,610		208,682		278,364		264,074
- Other contingencies	320,167		207,917		274,577		260,261
- Guarantees	443		765		3,787		3,813
Subordinated debt	—		—		—		—
Other liabilities	147,098		192,189		135,998		97,484
Minority interest	24,164		23,878		23,201		21,443

Total liabilities	13,066,097		12,416,673		12,616,374		13,250,833

Total stockholders´ equity	1,842,089		1,801,547		1,789,010		1,716,469

Total liabilities + stockholders’ equity	14,908,186		14,218,220		14,405,384		14,967,302

^(*)	The payment of rescheduled deposits concluded in August 2005 in accordance with its original schedule, except those deposits that have a pending legal injuction.

- 15 -

BBVA Banco Francés S.A. and subsidiaries (Grupo Consolidar: by the equity method)

INCOME STATEMENT


	03/31/06		12/31/05		09/30/05		03/31/05
Financial income	427,306		390,000		355,805		350,938
- Interest on Cash and Due from Banks	7,106		7,553		6,769		5,029
- Interest on Loans Granted to the Financial Sec.	3,603		2,539		1,877		1,031
- Interest on Overdraft	17,881		14,551		11,423		7,021
- Interest on Notes discounted and purchased	9,697		8,631		6,122		3,945
- Interest on mortgages	10,587		10,406		10,244		10,558
- Interest on car secured loans	1,405		1,150		952		703
- Interest on Credit Card Loans	6,374		6,623		6,328		5,301
- Interest on Other Loans	46,920		44,179		39,599		30,820
- Income from securities and short term investments	94,552		24,207		40,443		16,641
- Interest on Government guaranteed loans Decreet 1387/01	66,043		104,596		49,144		60,659
- From Other Banking receivables	4,683		3,787		3,249		1,347
- CER	130,586		133,162		144,774		185,702
- CVS	—		—		—		—
- Foreign exchange difference	16,767		20,039		20,869		15,161
- Other	11,102		8,577		14,012		7,020
Financial expenses	(139,582	)	(127,012	)	(157,566	)	(163,045	)
- Interest on Current Account Deposits	(7,793	)	(9,037	)	(7,284	)	(3,403	)
- Interest on Saving Account Deposits	(1,139	)	(1,072	)	(1,000	)	(819	)
- Interest on Time Deposits	(58,922	)	(47,704	)	(45,412	)	(31,978	)
- Interest on Other Banking Liabilities	(9,404	)	(9,015	)	(8,252	)	(4,335	)
- Other interests (includes Central Bank)	(4,785	)	(4,485	)	(16,015	)	(20,875	)
- Mandatory contributions and taxes on interest income	(10,293	)	23,523		(8,409	)	(8,095	)
- CER	(46,999	)	(47,033	)	(71,333	)	(93,001	)
- Foreign exchange difference	—		93		(55	)	(393	)
- Other	(247	)	(32,282	)	194		(146	)
Net financial income	287,724		262,988		198,239		187,893
Provision for loan losses	(18,174	)	(20,795	)	(44,872	)	(10,455	)
Income from services, net of other operating expenses	100,155		93,728		90,951		83,652
Administrative expenses	(163,616	)	(167,532	)	(149,224	)	(134,394	)
Income (loss) from equity investments	9,381		4,311		6,443		8,085
Net Other income	(173,174	)	(139,302	)	(73,773	)	(94,358	)
Income (loss) from minority interest	(286	)	(678	)	(1,009	)	(411	)
Income before tax	42,010		32,720		26,755		40,012
Income tax	(1,468	)	(1,702	)	(906	)	(7,886	)

Net income	40,542		31,018		25,849		32,126

- 16 -

BBVA Banco Francés S.A. and subsidiaries (Grupo Consolidar consolidated on a line by line basis)


	03/31/06		12/31/05		06/30/05		03/31/05
ASSETS
Cash and due from banks	2,292,102		1,611,506		2,102,868		1,814,912
Government Securities	3,836,916		3,504,311		2,788,755		2,399,228
Loans	8,311,247		8,481,476		8,649,434		9,700,847
Other banking receivables	818,615		831,450		929,948		908,998
Investments in other companies	51,744		50,297		48,905		47,346
Other assets	1,449,129		1,504,708		1,533,339		1,551,486

TOTAL ASSETS	16,759,753		15,983,748		16,053,249		16,422,817


	03/31/06		12/31/05		06/30/05		03/31/05
LIABILITIES
Deposits	11,218,840		10,613,086		10,657,701		9,617,800
Other banking liabilities	1,223,344		1,244,795		1,337,152		3,042,710
Other liabilities	2,281,068		2,135,360		2,082,582		1,869,352
Minority interest	194,412		188,960		186,804		176,486

TOTAL LIABILITIES	14,917,664		14,182,201		14,264,239		14,706,348

TOTAL STOCKHOLDERS´ EQUITY	1,842,089		1,801,547		1,789,010		1,716,469

STOCKHOLDERS´EQUITY + LIABILITIES	16,759,753		15,983,748		16,053,249		16,422,817


	03/31/06		12/31/05		06/30/05		03/31/05
NET INCOME
Net Financial Income	372,495		272,874		272,874		237,159
Provision for loan losses	(18,174	)	(44,872	)	(44,872	)	(10,455	)
Net Income from Services	188,474		167,320		167,320		153,009
Administrative expenses	(212,654	)	(201,395	)	(201,395	)	(178,410	)
Net Other Income	(275,024	)	(159,129	)	(159,129	)	(150,868	)
Income (loss) from minority interest	(5,450	)	(5,758	)	(5,758	)	(4,974	)

Income before tax	49,667		29,040		29,040		45,461

Income tax	(9,125	)	(3,191	)	(3,191	)	(13,335	)

Net income	40,542		25,849		25,849		32,126

- 17 -

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	BBVA Banco Francés S.A.

Date: May 10, 2006	By:	/s/ Marcelo G. Canestri
	Name:	Marcelo G.Canestri
	Title:	Chief Financial Officer

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