BBVA Banco Frances S.A. is an Argentine commercial bank that is mainly concentrated on the financial sector, especially through its activities related to banking/financial, pension fund manager and insurance. As of December 31, 2002, it operated a banking network of 241 branches throughout Argentina, excluding those of its subsidiaries. Until the Argentine financial system recovers critical mass, the Companys banking activities will concentrate on providing certain traditional commercial banking services which include the management of means of payment (with emphasis on electronic means), the provision of bank accounts for transactional purposes and operation of credit cards, transactional deposit taking, the provision of credit facilities limited to overdrafts on demand accounts, credit card financing and notes discounted.