Banco Gallego, S.A. was a Spanish bank based in

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 S ...

, Galicia. Operating primarily in the region of Galicia the bank had branches throughout Spain. On the April 17, 2013 Banco Gallego was sold to

Banco Sabadell Banco de Sabadell, S.A. ( ca, Banc Sabadell) is a Spanish multinational financial services company headquartered in Alicante and Barcelona, Spain. It is the 4th-largest Spanish banking group. It includes several banks, brands, subsidiaries and a ...

for the symbolic sum of 1 euro and was integrated in Banco Sabadell at the beginning of 2014.

History

Bailout

On March 15, 2013 Banco Gallego was effectively nationalized when a share offer organized by the bank was only taken up by

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 ...

and some small investors. The Spanish government invested 80 million euros into the bank with a controlling stake of 99.95%.

Sale

The nationalised bank was then auctioned off, with offers tabled by

Banco Espírito Santo Banco Espírito Santo (BES) was a Portuguese bank based in Lisbon that on 4 August 2014 was split in two banks: Novo Banco, which kept its healthy operations, and a "bad bank" to keep its toxic assets. It once was the second-largest listed Por ...

(

Portugal Portugal, officially the Portuguese Republic ( pt, República Portuguesa, links=yes ), is a country whose mainland is located on the Iberian Peninsula of Southwestern Europe, and whose territory also includes the Atlantic archipelagos of ...

) and

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 ...

(

Venezuela Venezuela (; ), officially the Bolivarian Republic of Venezuela ( es, link=no, República Bolivariana de Venezuela), is a country on the northern coast of South America, consisting of a continental landmass and many islands and islets in th ...

References

External links

Official Banco Gallego website
��
Banco Gallego, 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 ...

{{Authority control 1991 establishments in Galicia (Spain) 2014 disestablishments in Galicia (Spain) Banco Sabadell Banks established in 1991 Banks disestablished in 2014 Defunct banks of Spain Companies based in Galicia (Spain) Santiago de Compostela Spanish companies established in 1991