Abanca

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ABANCA Corporación Bancaria, S.A.
Sociedad Anónima
Industry Financial services
Predecessor Caixa de Aforros de Galicia, Vigo, Ourense e Pontevedra
Founded A Coruña, Spain (September 15, 2011 (2011-09-15))
Headquarters Betanzos, Spain
Number of locations
  • NGB: 680 branches
  • Abroad: 10 offices
Area served
Nationwide
Key people
  • Javier Etcheverría de la Muela, Chairman
  • Juan Carlos Escotet, Vice-chairman
  • Francisco Botas, CEO
Services
AUM €56 billion (2014)
Number of employees
5,946 (2012)
Divisions
  • NCG Corporación Industrial, S.L.
  • NCG División Grupo Immobiliario, S.L.
Rating
Website www.abanca.com

ABANCA Corporación Bancaria, S.A. is a Spanish bank based in Galicia. It was created in 2011 following the "bankisation" of Novacaixagalicia savings bank. It operates in the autonomous communities of Galicia, Asturias and the province of León, and in other parts of Spain.

History

Novagalicia Banco

NCG Banco, S.A., which traded as Novagalicia Banco, was created on 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 helds 6.84% with the remaining 2.59% being held by private investors.

Evo Banco

On March 12, 2012, NCG Banco began operating its assets outside of Galicia under the brand name EVO Banco and launched its main financial product the Cuenta Inteligente.[1] In its first four weeks EVO Banco had attracted 8,290 clients and 70 million euros.

On September 9, 2013, NCG Banco announced that it would sell the EVO Banco division to the American private equity firm Apollo Global Management for 60 million euros.[2]

Sale

Subsequently, NCG 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 NCG 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 June 25, 2014 when Banesco, Banco Etcheverría's parent company, made an initial payment of €403 million. Banesco will pay a further €200 million on June 30, 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, NCG Banco revealed the new brand name for their banks: Abanca (from a banca; Galician for "the bank"), a change which went into effect the very same day in all branches.

Merger

In December 2014 the company announced the merger of NCG Banco, S.A. with Banco Echeverria, S.A. The company changed its legal name to ABANCA Corporación Banacaria, S.A. and its headquarters would be in the town of Betanzos, in the former headquarters of Banco Echeverria.

Operations

Headquarters

Abanca has two operating headquarters; the institutional and business address in Vigo, and the social and tax address in A Coruña.

Investment portfolio

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

References

  1. ^ "Novagalicia ya opera fuera de Galicia con la marca EVO Bank" (in Spanish). cincodias.com. 
  2. ^ http://www.lavozdegalicia.es/noticia/economia/2013/09/09/fondo-apollo-compra-evo-banco-60-millones-euros/00031378713451114770176.htm

External links

Official
  • www.ncgbanco.es
  • www.abanca.com/gl/
Financial
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