Abanca

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, in other parts of Spain and in Portugal, as well as offices in the UK, France, Switzerland, Brazil, Venezuela, Panama, Mexico and the USA.[1]

Not to be confused with the Brazilian alternative rock band A Banca.

ABANCA Corporación Bancaria, S.A.
Formerly
NCG Banco, S.A.
Sociedad anónima
IndustryFinancial services
PredecessorCaixa de Aforros de Galicia, Vigo, Ourense e Pontevedra
FoundedA 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
Websitewww.abanca.com

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, 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

On March 12, 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.[2] In its first four weeks EVO Banco had attracted 8,290 clients and 70 million euros worth of investment.

On September 9, 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.[3]

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 (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 June 25, 2014 when Banesco, Banco Etcheverría's parent company, made an initial payment of €403 million. Banesco would 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, 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

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 March 27, 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 June 11, 2019.

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
IndustryCompanyPercentage
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%
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gollark: Yes. You're clearly a less capable player.
gollark: It says decompression, not compression, but I guess it might help. Could be neat.
gollark: It's in "1.2.3 System Component".
gollark: The datasheet seems to suggest it has hardware gzip, which is kind of weird.

See also

References
  1. ABANCA. Disfruta de ABANCA en cualquier parte del mundo. Accessed 2019-10-09.
  2. "Novagalicia ya opera fuera de Galicia con la marca EVO Bank" (in Spanish). cincodias.com.
  3. http://www.lavozdegalicia.es/noticia/economia/2013/09/09/fondo-apollo-compra-evo-banco-60-millones-euros/00031378713451114770176.htm
Official
Financial
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