Banco Banex S.A. securitize Argentine personal loans

ING Bank N.V. Sucursal Argentina (?ING?), in its capacity as financial trustee of Fideicomiso Financiero Banex Créditos VIII, has issued securities for a total amount of Ar$ 39.831.287. The issuance took place on March 29, 2005 including: Certificates Class ?A? for Ar$ 28.100.493 (approximately US$ 9.6 million), Certificates Class ?B? for Ar$ 3.746.732., Certificates Class ?C? for Ar$ 2.363.962 and Certificates Class ?D? for Ar$ 5.620.100. This transaction was authorized for public offering by the Comisión Nacional de Valores (the Argentine Securities Commission) and is listed in the Buenos Aires Stock Exchange.

Fideicomiso Financiero Banex Créditos VIII was created under the Fiduciary Securities Global Program ?BANEX ASSET BACKED SECURITIES? established by Banco Banex S.A., an Argentine financial institution authorized to act as commercial bank. Historically, Banco Banex S.A. has lend in transactions in which collection of the loan is made through direct discounts in the payrolls (i) of employees working for companies that have adhered to the bank payment of salaries or to retired persons which paid through banks or (ii) through mutual institutions, cooperatives or trade union associations.

Fideicomiso Financiero Banex Créditos VIII holds all rights to receive the proceeds from (a) the cash flows of collections received by Banco Banex S.A., from loans granted to (i) employees of the Provincia de San Luis public administration; (ii) pensioners of the Argentine Government whose retirement pensions are paid through Banco Banex S.A. and (iii) pensioners of the Argentine Governent where a cooperative association is in charge of the loan collection through the ?ANSES? (Argentine Social Security Administration) code of salaries discount; and (b) the cash flows of the remaining trust assets of Fideicomiso Financiero Serie I (containing substantially similar assets) assigned by Banco Société Générale S.A., in its capacity as financial trustee of such trust.

Moody?s Latin America Calificadora de Riesgo S.A. assigned a ?Aa2.ar? rating to Certificates Class ?A?, ?A2.ar? rating to Certificates Class ?B? and a ?B1.ar? rating to Certificates Class ?D?.

Ernst & Young ? Pistrelli, Henry Martin Asesores S.R.L. is the Control and Review Agent of the issuance and Infupa S.A. was the Arranger.

Banco Banex S.A. and ING Bank N.V., Argentine Branch were represented by Cabanellas, Etchebarne, Kelly & Dell´Oro Maini, through partner Atilio Dell´Oro Maini and associates Alejandro Noblía and Zenobio Macchiavello.

Marval, O?Farrell & Mairal advised Banco Société Générale S.A. through a team consisting of partner Roberto E. Silva, Jr. and associates Sonia F. Salvatierra and M. Cecilia Roude.