Banco Etcheverría was a Spanish bank. The family-owned bank was the oldest in the
Spanish financial system, and the 11th oldest surviving bank in the world, older by over half a century than the
Bank of Spain itself. It was founded in
Betanzos,
A Coruña
A Coruña (; ; also informally called just Coruña; historical English: Corunna or The Groyne) is a city and municipality in Galicia, Spain. It is Galicia's second largest city, behind Vigo. The city is the provincial capital of the province ...
(
Spain
Spain, or the Kingdom of Spain, is a country in Southern Europe, Southern and Western Europe with territories in North Africa. Featuring the Punta de Tarifa, southernmost point of continental Europe, it is the largest country in Southern Eur ...
) in 1717 by Juan Etcheverry (née Jean d’Etcheverry), a
French businessman and tannery owner who had settled in
Galicia.
His family inherited and continued the bank business through generations; the primitive Etcheverry transformed the surname to Etcheverría to adapt to Spanish spelling (although the standard Spanish spelling is now Echeverría). The name comes from the
Basque
Basque may refer to:
* Basques, an ethnic group of Spain and France
* Basque language, their language
Places
* Basque Country (greater region), the homeland of the Basque people with parts in both Spain and France
* Basque Country (autonomous co ...
surname
Etxeberria, meaning "new house". In 1964 it became a
''sociedad anónima''. Its current
stockholders (Francisco Javier, Asunción, María Cruz and Magdalena Etcheverría de la Muela) are all from the Etcheverría family, except the
Caixa Galicia savings bank, which bought a 37.12% stake in 2002 for 13.25 million euros.
It had offices in all four Galician provinces, and in
Madrid
Madrid ( ; ) is the capital and List of largest cities in Spain, most populous municipality of Spain. It has almost 3.5 million inhabitants and a Madrid metropolitan area, metropolitan area population of approximately 7 million. It i ...
. It specialized in personal banking and wealth management.
In December 2012 Venezuela's largest bank, Banesco, bought the largest stake in Banco Etcheverría by acquiring the 44.7% owned in the latter by nationalized Spanish bank Novagalicia Banco (NGB) and shares owned by the Etcheverría family.
After Banesco's entry, the following table reflects the voting rights:
In 2014, the bank was acquired by
Abanca; ABANCA and Banco Etcheverría were merged into ABANCA Grupo Banesco.
References
Banco Etcheverría siteNews about Banco Etcheverría
Defunct banks of Spain
Banks established in 1717
Companies based in Galicia (Spain)
1717 establishments in Spain
2014 disestablishments in Galicia (Spain)
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