ABANCA Corporación Bancaria, S.A. is a Spanish bank based in
Galicia. It was created in 2011 following the "bankisation" of
Novacaixagalicia
Caixa de Aforros de Galicia, Vigo, Ourense e Pontevedra (trading as Novacaixagalicia) was the name of a short-lived Spanish savings bank based in Galicia. It was created following the forced merger of the two major savings banks in the region, Ca ...
savings bank
A savings bank is a financial institution whose primary purpose is accepting savings account, savings deposits and paying interest on those deposits.
History of banking, They originated in Europe during the 18th century with the aim of providi ...
. It operates in the
autonomous communities
eu, autonomia erkidegoa
ca, comunitat autònoma
gl, comunidade autónoma
oc, comunautat autonòma
an, comunidat autonoma
ast, comunidá autónoma
, alt_name =
, map =
, category = Autonomous administra ...
of Galicia,
Asturias
Asturias (, ; ast, Asturies ), officially the Principality of Asturias ( es, Principado de Asturias; ast, Principáu d'Asturies; Galician-Asturian: ''Principao d'Asturias''), is an autonomous communities of Spain, autonomous community in nor ...
and the province of
León, in other parts of Spain and in Portugal, as well as offices in the UK, France, Switzerland, Brazil, Venezuela, Panama, Mexico and the USA.
History
ABANCA
Formerly NCG Banco, S.A., which traded as Novagalicia Banco, was created in September 2011 following the bankisation process of Novacaixagalicia.
As Novagalicia Banco's predecessor, the savings bank
Novacaixagalicia
Caixa de Aforros de Galicia, Vigo, Ourense e Pontevedra (trading as Novacaixagalicia) was the name of a short-lived Spanish savings bank based in Galicia. It was created following the forced merger of the two major savings banks in the region, Ca ...
, was subsequently bailed out by the Government of Spain the majority of the shares in the company were held by the bailout program
Fund for Orderly Bank Restructuring Fund may refer to:
* Funding is the act of providing resources, usually in form of money, or other values such as effort or time, for a project, a person, a business, or any other private or public institution
** The process of soliciting and gathe ...
(90.57%). The
Novacaixagalicia Foundation holds 6.84% with the remaining 2.59% being held by private investors.
Evo Banco
On 12 March 2012 NCG Banco, S.A. began operating its assets outside of Galicia under the brand name EVO Banco and launched its main financial product the Cuenta Inteligente. In its first four weeks EVO Banco had attracted 8,290 clients and 70 million euros worth of investment.
On 9 September 2013 Novagalicia Banco announced that it would sell the EVO Banco division to the American
private equity firm
A private equity firm is an investment management company that provides financial backing and makes investments in the private equity of startup or operating companies through a variety of loosely affiliated investment strategies including leve ...
Apollo Global Management
Apollo Global Management, Inc. is an American global private-equity firm. It provides investment management and invests in credit, private equity, and real assets. As of March 31, 2022, the company had $512 billion of assets under management, ...
for 60 million euros.
Sale
Subsequently, Novagalicia Banco began opening branches in other cities in Spain under its own brand.
On 11 November 2013, the Spanish government bailout program
Fund for Orderly Bank Restructuring Fund may refer to:
* Funding is the act of providing resources, usually in form of money, or other values such as effort or time, for a project, a person, a business, or any other private or public institution
** The process of soliciting and gathe ...
(FROB) began the privatization process of Novagalicia Banco. After analyzing six bids presented by various Spanish banks, investments funds and international banks on December 18 the FROB opted to sell its shareholding to
Banco Etcheverría, S.A, a Venezuelan-owned Spanish bank, for €1.03 billion
The sale was finalised on 25 June 2014 when
Banesco
Banesco Banco Universal C.A. is a Venezuelan financial institution whose principal branch is located in Caracas. The bank is part of the Asociación Bancaria de Venezuela (Venezuela's Banking Association).
Banesco has 340 branches all over Vene ...
, Banco Etcheverría's parent company, made an initial payment of €403 million. Banesco would pay a further €200 million on 30 June 2017 and the final payment of €300 million a year later.
Rebranding
The following day, at an event held in the Galician capital,
Santiago de Compostela
Santiago de Compostela is the capital of the autonomous community of Galicia, in northwestern Spain. The city has its origin in the shrine of Saint James the Great, now the Cathedral of Santiago de Compostela, as the destination of the Way of St ...
, Novagalicia Banco revealed the new brand name for their bank: ABANCA (from ';
Galician for "the bank"), a change which went into effect the very same day in all branches throughout the region.
Merger
In December 2014 the company announced the merger of NCG Banco, S.A. with parent company Banco Echeverria, S.A. The company changed its legal name to ABANCA Corporación Bancaria, S.A. and its headquarters would be in the town of Betanzos, in the former headquarters of Banco Echeverria.
Acquisition
On 27 March 2018
Deutsche Bank
Deutsche Bank AG (), sometimes referred to simply as Deutsche, is a German multinational investment bank and financial services company headquartered in Frankfurt, Germany, and dual-listed on the Frankfurt Stock Exchange and the New York Sto ...
announced its private and commercial client business in Portugal would be acquired by Abanca for €6.5bn. The business resumed trading Start of business on 11 June 2019.
Operations
Headquarters
Abanca has two operating headquarters; the institutional and business address in
Vigo
Vigo ( , , , ) is a city and Municipalities in Spain, municipality in the province of Pontevedra, within the Autonomous communities of Spain, autonomous community of Galicia (Spain), Galicia, Spain. Located in the northwest of the Iberian Penins ...
, and the social and tax address in
A Coruña
A Coruña (; es, La Coruña ; historical English: Corunna or The Groyne) is a city and municipality of Galicia, Spain. A Coruña is the most populated city in Galicia and the second most populated municipality in the autonomous community and s ...
.
Investment portfolio
See also
* ''
Fondo de Reestructuración Ordenada Bancaria
FROB, the Spanish Executive Resolution Authority (formerly known as Fund for Orderly Bank Restructuring) is an entity of the Spanish government that manages the resolution processes of credit institutions and investment firms in their executive ph ...
''
*
List of banks in Spain
This is a list of banks in Spain. Spain has 10 banking groups that are directly supervised by the European Central Bank. As of September 2021, the "big four" in Spain are:
* Banco Santander
* BBVA
* Caixabank
* Banco Sabadell
There were formerly a ...
References
External links
;Official
www.abancacorporacionbancaria.com/www.abanca.com/gl/;Financial
NCG Banco, S.A.—
Comisión Nacional del Mercado de Valores
The National Securities Market Commission () (often abbreviated as CNMV) is the Spanish government agency responsible for the financial regulation of the securities markets in Spain. It is an independent agency that falls under the Ministry of ...
{{Members of Euro Banking Association
Banks of Spain
Companies based in Galicia (Spain)
Banks established in 2011
Banks under direct supervision of the European Central Bank