BBVA Banco Frances S.A. (BFR)

BBVA Banco Frances S.A., together with its subsidiaries, provides financial services to large corporations, medium and small companies, and individuals in the Republic of Argentina. Its deposit products include non-interest-bearing demand deposits, saving accounts, time deposits, checking, and investment accounts. The company’s lending activities comprise short and medium-term financing, such as overdrafts on demand accounts, personal and car loans, credit card financing in the retail segment and notes discounted, working capital financing, foreign trade operations, and investment banking products, including trustees. In addition, BBVA Banco Frances offers insurance and payroll plans services; automated teller machine services, self-service terminals, call centers, home banking, and mobile phones banking services; credit and debit cards; and trust banking services. As of December 31, 2007, it operated a network of 232 branches and 591 automated teller machines. The company was founded in 1886. It was formerly known as Banco Frances del Rio de la Plata S.A. and changed its name to BBVA Banco Frances S.A. in 2000. The company is based in Buenos Aires, the Republic of Argentina. BBVA Banco Frances S.A. is a subsidiary of Banco Bilbao Vizcaya Argentaria S.A.

For the nine months ended 30 September 2006, BBVA Banco Frances S.A.'s interest income increased 10% to P$1.34B. Net interest income after loan loss provision increased 50% to P$619.9M. Net income increased 37% to P$877.2M. Net interest income reflects higher interest from public and private titles, as well as lower finance costs and loan loss provisions. Netincome reflects increased service income.