Summary
ABANCA Corporación Bancaria, S.A. is a Spanish bank based in Galicia. It was created in September in 2011 following the "bankisation" of Novacaixagalicia savings bank. It operates in the autonomous communities of Galicia, Asturias and the province of León, in other parts of Spain and in Portugal, as well as offices in the UK, Germany, France, Switzerland, Brazil, Venezuela, Panama, Mexico and the USA.[1]
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| Formerly | NCG Banco, S.A. (2011–2014) |
|---|---|
| Company type | Sociedad anónima |
| Industry | Financial services |
| Predecessor | Caixa de Aforros de Galicia, Vigo, Ourense e Pontevedra |
| Founded | A Coruña, Spain (15 September 2011) |
| Headquarters | , Spain |
Number of locations |
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Area served | Nationwide |
Key people |
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| Services | |
| AUM | €56 billion (2014) |
Number of employees | 5,946 (2012) |
| Divisions |
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| Rating | |
| Website | www |
Abanca has been designated as a Significant Institution since the entry into force of European Banking Supervision in late 2014, and as a consequence is directly supervised by the European Central Bank.[2][3]
History edit
ABANCA edit
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, 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 (90.57%). The Novacaixagalicia Foundation holds 6.84% with the remaining 2.59% being held by private investors.
Evo Banco edit
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.[4] 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 Apollo Global Management for 60 million euros.[5]
Sale edit
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 (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, 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 edit
The following day, at an event held in the Galician capital, Santiago de Compostela, Novagalicia Banco revealed the new brand name for their bank: ABANCA (from a banca; Galician for "the bank"), a change which went into effect the very same day in all branches throughout the region.
Merger edit
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 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 edit
Headquarters edit
Abanca has two operating headquarters; the institutional and business address in Vigo, and the social and tax address in A Coruña.
Investment portfolio edit
| Industry | Company | Percentage |
|---|---|---|
| Financial | Ahorro Corporación | 6.38% |
| Automotive | Grupo Copo | 21.1% |
| Seguros | Caser | 10.31% |
| Energy | CLH | 5% |
| Eólica Galenova | 100% | |
| Food | Sogevinus | 100% |
| Infrastructure | Itinere | 23.76% |
| Elecnor | 5.05% | |
| Textile | Adolfo Domínguez | 5.05% |
| Grupo Tavex | 5% | |
| Tourism | NH Hoteles | 2.71% |
| Technology | Tecnocom | 20.05% |
| Real estate | Quabit | 3.19%% |
| Construction | Sacyr Vallehermoso | 8.65% |
| General de Alquiler de Maquinaria | 4.95% | |
| Transport | Transmonbús | 33.96% |
| Shipbuilding | Naviera Elcano | 12% |
See also edit
References edit
- ^ ABANCA. Disfruta de ABANCA en cualquier parte del mundo. Accessed 2019-10-09.
- ^ "The list of significant supervised entities and the list of less significant institutions" (PDF). European Central Bank. 4 September 2014.
- ^ "List of supervised entities" (PDF). European Central Bank. 1 January 2023.
- ^ "Novagalicia ya opera fuera de Galicia con la marca EVO Bank" (in Spanish). cincodias.com. March 2012.
- ^ "Novagalicia Banco vende EVO a un fondo de la estadounidense Apollo por 60 millones de euros". 9 September 2013.
External links edit
- Official
- www.abancacorporacionbancaria.com/
- www.abanca.com
- Financial
- NCG Banco, S.A. — Comisión Nacional del Mercado de Valores