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              Shearman &
      Sterling
      LLP

              FAX:
      646-848-5009

              www.shearman.com

              WRITER'S DIRECT
      NUMBER:

              (212)
      848-5009

                WRITER'S EMAIL
      ADDRESS:

                astolper@shearman.com

              August 28,
      2008

                  BY
      EDGAR AND FACSIMILE

              599
      LEXINGTON AVENUE

              NEW
      YORK, NY

              10022-6069

              ABU
      DHABI

              BEIJING

              BRUSSELS

              DÜSSELDORF

              FRANKFURT

              HONG
      KONG

              LONDON

              MANNHEIM

              MENLO
      PARK

              MUNICH

              NEW
      YORK

              PARIS

              ROME

              SAN
      FRANCISCO

              SÃO
      PAULO

              SHANGHAI

              SINGAPORE

              TOKYO

              TORONTO

              WASHINGTON,
      D.C.

      Mr. Matt
McNair

      Staff
Attorney

      Division
of Corporation Finance

      Securities
and Exchange Commission

      450 Fifth
Street, N.W.

      Washington,
D.C.  20549-0405

      Fax:
(202) 772-9208

      Banco Macro
S.A.,

      Form 20-F for Fiscal Year
Ended December 31, 2007

      Filed June 30,
2008

      File No.
001-32827

      Dear Mr.
McNair:

      Banco
Macro S.A., (the “Company”) has
received the Staff’s comment letter dated August 8, 2008 concerning the
above-referenced filing on Form 20-F.  On behalf of the Company, we
advise you as follows regarding your comments as noted below:

      SEC Comment No.
1.

      Item 3. Key
Information

      Selected
Financial Data, page 1

                1.

                Item
      3.A.3 on Form 20-F requires disclosure of the exchange rate in this
      section.  Please confirm that in future filings you will include
      a cross-reference to the section where exchange ratio information is
      located if it is disclosed other than in Item
3.

          Shearman
& Sterling LLP is a limited liability partnership organized in the United
States under
the laws of the State of Delaware, which laws limit the personal
liability of partners.

      Response
to Comment No. 1.

      In future
filings, the Company will include a cross-reference to the section where the
exchange ratio information is located if it is disclosed other than in Item
3.

      SEC Comment No.
2.

      Item 4.
Information on the Company

      C.
Organizational Structure

      Subsidiaries,
page 38

                2.

                Your
      disclosure does not fully comply with Item 4.C of Form
      20-F.  For example, it does not disclose the country of
      incorporation or residence of each subsidiary, nor does it disclose the
      proportion of ownership interest.  Please revise your future
      filings accordingly.

      Response
to Comment No. 2.

      The Company will fully comply with Item
4.C of Form 20-F in future filings.  This includes, but is not limited
to, disclosing the country of incorporation or residence of each subsidiary and
the proportion of ownership interest of each subsidiary.

      SEC Comment
No. 3.

      Item 7.
Major Shareholders and Related Party Transactions

      A. Major
Shareholders, page 82

                3.

                Please
      confirm that in future filings you will indicate whether the company’s
      major shareholders have different voting rights.  If major
      shareholders do not have different voting rights, please include an
      appropriate negative statement to that effect.  Refer to Item
      7.A.1(c) of Form 20-F

        Response to Comment No.
3.

      In future filings, the Company will
indicate whether the Company’s major shareholders have different voting
rights.  If the Company’s major shareholders do not have different
voting rights, the Company will include an appropriate negative statement to
that effect.

      SEC Comment
No. 4.

      Item 9. The
Offer and Listing

      A. Offer and
listing details, page 85

                  4.

                  This
      section does not fully comply with Item 9.A.4 of the Form
      20-F.  You must provide the annual high and low market prices
      for the five most recent full financial years.  Additionally,
      the host country market price must be provided for each covered period.
      Please revise your future filings to comply with this item
      requirement.

      Response to Comment No.
4.

      In future
filings, the Company will provide the annual high and low market prices for the
five most recent full financial years.  In addition, the Company will
provide the host country market price for each covered period in future
filings.

      SEC Comment No.
5.

      Item 10. Additional
Information

      Documents on Display, page
96

                5.

                The correct address for the
      public reference room of the Securities and Exchange Commission is 100 F
      Street, NE, Washington, D.C. 20549.  Please review your future
      filings accordingly.

      Response
to Comment No. 5.

      In future
filings, the Company will make certain that any references to the address of the
public reference room of the Securities and Exchange Commission reflect the
above address.

      SEC Comment No.
6.

      Exhibits

      Exhibits 12.1 and
12.2

              6.

                 The
      certifications omit a portion of the introductory language to paragraph
      4.  Please revise.  You may file an abbreviated
      amendment consisting of a cover page, explanatory note, signature page and
      paragraphs 1, 2, 4, and 5 of the certifications. Additionally, we remind
      you that certifications required under Exchange Act Rules 13a-14(a) and
      15d-14(a) must be in the exact form set forth in Form
      20-F.  Refer to Instructions as to Exhibits of the
      Form 20-F.

      Response
to Comment No. 6.

      The
Company has revised the certifications to include the language that was
inadvertently omitted from paragraph 4 of the certification.  Please
refer to the amendment, which includes a cover page, explanatory note, signature
page, and the amended certification.

      ******

      In accordance with the requests at the
end of your letter, the Company hereby acknowledges that it is responsible for
the adequacy and accuracy of the disclosure in its filing; staff comments or
changes to disclosure in response to staff comments do not foreclose the
Commission from taking any action with respect to the filing; and the Company
may not assert staff comments as a defense in any proceeding initiated by the
Commission or any person under the federal securities laws of the United
States.

      If you have any questions or wish to
discuss any matters relating to the foregoing, please contact me at 212-848-5009
or Mr. Jorge Horacio Brito of the Company at (011-54-11)
5222-8206.

      Very
truly yours,

      /s/
Antonia E. Stolper

                  cc:

                  Gregory Dundas – Senior Attorney –
      Securities and Exchange Commission

                  Paola Gayoso – Banco Macro
      S.A.