Banco Español de Crédito, S.A. ( Spanish pronunciation: [ˈbaŋko espaˈɲol de ˈkɾeðito] ), “Spanish Credit Bank”) better known as Banesto , was a Spanish multinational financial services company. Prior to the Spanish Government's historical intervention in 1993, the first in the history of banking, Banesto was the third-largest financial group in Spain, operating around 1,770 branches , as well as the fifth-largest company of the IBEX 35 . The ambitious capital increase planned in 1993 by its Executive Chairman Mario Conde together with J.P. Morgan became the biggest restructuring plan in the history of Europe, involving asset sales and a rights issue of US$ 1.2 billion, after which Banesto was expected to become the largest financial firm in Europe. Although initially accepted by the Bank of Spain , it was later frustrated following intervention on the basis of financial transparency.
60-689: In October 1987, Mario Conde and Juan Abelló became major shareholders of Banesto. Soon after, on 30 November, Conde was appointed as the Executive Chairman, serving from 16 December 1987 to 29 December 1993. With a patrimonial hole in Banesto tentatively estimated at €3.6 billion (equivalent to roughly US$ 7.2 billion today) on 28 December 1993, Luis Carlos Croissier , the President of the Comisión Nacional del Mercado de Valores ,
120-615: A city located in the Basque part of northern Spain, when the Board of Trade promoted the creation of Banco de Bilbao as an issuing and discount bank. Banco de Vizcaya was founded in 1901 and carried out its first operations in Bilbao. Little by little, it spread throughout the country. In 1988, the merger agreement between Banco de Bilbao and Banco de Vizcaya was signed. And in 1989, the BBV brand
180-572: A fall in value estimated between 6.56% and 6.8% from 2,135 to 1,995 Spanish pesetas and sharp increases in loan delinquencies observed by the Spanish government in the previous quarter, Quarter three of 1993. Alfredo Pastor, then-Secretary of The State for the Economy stated that inspectors from the Bank of Spain had concluded that Banesto lacked resources to cover liabilities and that the management of
240-467: A fortune following the deal with Montedison, bought a significant amount of shares of Banesto , one of the largest banks in Spain, so to become members of the management board. Conde was eventually appointed executive chairman on 30 November 1987, becoming the youngest financial chairman of the moment. As a result of six years of an allegedly corrupt management of the bank and excessive credit-lending, there
300-760: A group of Spanish investors. The first headquarters, the Building of the Furniture Credit Society, was located in Paseo de Recoletos , Madrid. From 1940, Banesto began an expansion and absorption process of other entities that placed it amongst the most prominent Spanish banks. In 1955, Banesto acquired Banco de Vitoria , which it maintained as a subsidiary until its full integration in 2003, and in 1978 it acquired Banco Coca, then chaired by Ignacio Coca. Banesto acquired Banco del Pacífico in 1991 and integrated it. In 1993 it bought Banco de Concepción, but
360-659: A major shareholder of the Banco Espaňol de Crédito ( Banesto ) in October 1987, and, soon after, on 30 November, he was appointed as the Chairman of Banesto, serving from 16 December 1987 to 29 December 1993. His highly successful business career as well as exemplary public image ended when Banesto was declared in bankruptcy. With a patrimonial hole in Banesto tentatively estimated at 450,000,000,000 pesetas (roughly €2,704,000,000), on 28 December 1993, Luis Carlos Croissier ,
420-607: A new one, the Credit Bank of Spain , on 1 May 1902 , with a capital stock of 20 million pesetas represented by 80,000 shares with a nominal value of 250 pesetas. The bank's promoter was a French group chaired by Gustavo Pereire, administrator of the Company of the Iron Roads of Northern Spain. This initiative was joined by Cayetano Sánchez Bustillo and León Cocagne (deputy director of Banco Hipotecario de España) on behalf of
480-588: A private entity specialized in the mortgage business . In 2001, the implementation of the unified platform for all businesses and all countries was completed, and the BBVA brand was installed in the Group's entities in Latin America . In 2004, the banks of Chile (BHIF) and Colombia (Banco Ganadero) changed their commercial denomination and were simply called BBVA. In 2006, through a public auction, it acquired
540-520: A strong financial solvency and a large financial structure, an adequate geographical diversification of business and risks and, as a consequence of all this, a greater potential for profit growth. After several years dedicated to external growth, BBVA takes advantage of the restructuring of the financial system in Spain to grow especially in Catalonia , one of the regions where it had the lowest market share. To this end, it acquired between 2012 and 2014
600-622: A trail of judicial problems. He paid a visit to prison (February 1998 – August 99) fulfilling part of the 4-year and a half sentence that the justice delivered vis-à-vis the "Argentia Trust" case. Regarding the "Banesto" case, he was sentenced to 10 years in prison in March 2000 by the Audiencia Nacional (raised to 20 years in 2002 by the Supreme Court ). He in fact served 11 years before being paroled. In 1998, he affiliated to
660-567: A venture capital fund specializing in financing projects and companies focused on climate change. In July 2022, BBVA joined the "Carbonplace" platform as a founder with the aim of facilitating access to carbon credits for individuals and companies. In 2023, the Dow Jones Sustainability Index (DJSI) awarded BBVA the highest score in the banking category in the European region for the fourth consecutive year. BBVA
SECTION 10
#1732791203103720-413: A women's golf mini-tour with eight events, all in Spain. The tour in 2010 is scheduled for seven events. Mario Conde Mario Antonio Conde ( Spanish: [ˈmaɾjo ˈkonde] ; born 14 September 1948) is a Spanish businessman, former banker, state lawyer and politician. He served as chairman of Banesto from November 1987 to December 1993, when he was dismissed and the firm intervened by
780-548: The Bank of Spain , in what would become the first major interference of a government in a financial institution. At the peak of his career in 1987, a 38-year-old Conde controlled over 1% of Spain's GDP . Son of a humble customs inspector , he was noted for his studying and hard-working capabilities, which led him to obtain the highest distinction of his year's Law promotion at the University of Deusto . Conde's career came to
840-709: The Democratic and Social Centre (CDS), and, postulated as prime ministerial candidate by the party, ran as candidate to the Congress of Deputies , 1st in the UCD list for Madrid vis-à-vis the 2000 general election . CDS failed to obtain parliamentary representation. A collaborator in Intereconomía , the media group further to the right in the mainstream Spanish scene, chiefly as panelist in El gato al agua , he became
900-719: The Extraordinary Prize of Degree . He joined the State Lawyers Corps in 1973, 1st in his promotion. First destined in Toledo, and later at the Ministry of Finance in Madrid, he left the public administration on voluntary leave in 1976, starting then a career in the private sector. Full of ambition, Conde, who has been described as the incarnation of the paradigm of yuppie in the 1980s in Spain, became
960-611: The Mexican Stock Exchange . It is also a part of the IBEX 35 as well as the Dow Jones EURO STOXX 50 . As of December 31, 2023, BBVA's assets amounted to around €775 billion, making it the second-largest Spanish financial institution by volume of assets. At that same date, it had 5,949 offices, 121,488 employees and 71.5 million customers, and was present in more than 30 countries. On April 2, 2018, it
1020-547: The Garanti bank from Dogus Holdings for €1.988 billion, bringing its share to 39.9% of the entity. In February 2017, it reached a new purchase agreement with Dogus to acquire 9.95% more from Garanti bank for €859 million, increasing its participation to 49.85% . On November 15, 2021, BBVA offered to purchase the remaining 50.15% of shares in Garanti bank. In May 2022, BBVA reached a 86% stake in Garanti BBVA. In 2021
1080-522: The President of the Comisión Nacional del Mercado de Valores the financial regulator of the national securities markets, decided to impose a trading halt on Banesto, and Luis Ángel Rojo, the Governor of the Bank of Spain , communicated the intervention of the banking entity, tasking Alfredo Sáenz Abad with chairing the board of directors of Banesto in a temporary basis. Conde, who stayed in preventive detention from December 1994 to January 1995, faced
1140-605: The Provincial Bank, which had been founded in 1953. It also expanded its presence in Argentina with the acquisition of Banco de Credito Argentino. It also entered into the pension funds business in Bolivia, founding BBVA Previsión AFP. In 1998, the bank entered Chile after buying Banco BHIF, and AFP Provida one year later. It also entered Brazil with the purchase of Banco Excel-Econômico; and in Argentina, BBVA bought
1200-462: The SCD's leadership, the party was reportedly at the verge of dissolution, amid heavy competition from other political parties, with—according to the SCD's director of communication—plenty of members ready to jump to the newly created Vox . In April 2016 he was rearrested, along with several family members and put into remand due to an apparently fraudulent transfer of capital. A cosmetics company he owns
1260-597: The US. In 2020, BBVA USA was sold to PNC Financial Services for US$ 11.6 billion. In 2010, the Group acquired 24.9% of the capital of Turkiye Garanti Bankasi AS , the second largest bank in Turkey, and reached an agreement with the Dogus Group — the reference shareholder of Garanti — to manage the entity jointly. Subsequently, this participation increased to 25.01%. In November 2014, BBVA acquired an additional 14.89% of
SECTION 20
#17327912031031320-590: The United States (Compass). Garanti Bank, the Group's franchise in Turkey , changed its name to Garanti BBVA. In January 2021, BBVA said that it was looking for plans to lower the costs, then in February 2021, it was reported that BBVA is planning to cut around 3000 jobs in Spain after a fall of 48% of its net profit in the fourth quarter of 2020. As of January 2023, BBVA had the following debt ratings with
1380-429: The bank by winning an auction put forward by the Bank of Spain, thus becoming the largest Spanish financial group. It offered 313.5 billion pesetas (US$ 2 billion), which meant an offer of 762 pesetas per share, compared to the 667 pesetas offered by BBV and 566 of Argentaria . In 2012, Santander announced it would absorb Banesto and rebrand all of its divisions and offices. Outside of Spain, Banesto became well-known as
1440-700: The bank virtually opened in Italy. In 1932, the Economic Research Department was created to disseminate knowledge of financial matters among society. In May 2010, BBVA created BBVA Research, a platform that merges the Economic Research Department with the Global Market unit. In 1988, the BBVA Foundation was created to support and promote scientific research and cultural creation, the dissemination of culture and knowledge, and
1500-431: The bank was also forced to admit it was directing profits and revenue from some sales of assets into reserves for losses from loans. The Spanish newspaper El País dubbed the shortfall in financial resources a "hole", which has had varying estimates. The British newspaper The Independent cited the shortfall as 605 billion Pesetas equating to $ 7.1 billion as of January 2019 (£5.6bn). Starting in 2009, Banesto sponsored
1560-409: The bank was not able to secure the necessary financing to remedy the situation. In addition to its suspension, the Spanish government removed its chairman Mario Conde , replacing him with a board containing representatives of five other private banks: BBV, (now BBVA ), BCH (now Santander), Argentaria (now a part of BBVA), Santander and Popular (now Santander) According to The New York Times ,
1620-550: The conductor of a short-lived late-night show called Una hora con Mario ("One hour with Mario") in June 2011. He was promoter of the political party Sociedad Civil y Democracia (SCD), registered in 2011. He was elected president of SCD in its constituent assembly, celebrated on 6 October 2012. He contested the 21 October 2012 Galician regional election , running 1st in the SCD list in Pontevedra . The party's political platform
1680-468: The financial capitals of Europe, America and Asia. Likewise, the bank initiated a policy of expansion in America through the purchase of local banks in various countries of the continent. In 2019 the Bank changed its name to BBVA, dropping local brand names in Argentina ( Francés ), Mexico ( Bancomer ), Peru ( Continental ), and the United States ( Compass ). In addition to the rebranding, Garanti in Turkey
1740-695: The financial inclusion and health of one million people and promoting sustainable development and investment. BBVA's link to sustainability and sustainable finance began in 2007, when it became one of the banks to participate in the first green bond issued by the EIB. In 2021, BBVA joined, as one of the 43 founding members, the "Net-Zero Banking Alliance" initiative, promoted by the United Nations to encourage banks' lending and investment portfolios to be net zero in greenhouse gas emissions by 2050. In March 2022, BBVA invested 18.5 million euros in "LowerCarbon",
1800-431: The financial regulator of the national securities markets, decided to impose a trading halt on Banesto, and Luis Ángel Rojo, the Governor of the Bank of Spain, communicated the intervention of the banking entity, tasking Alfredo Sáenz Abad with chairing the board of directors of Banesto in a temporary basis. Conde, who stayed in preventive detention from December 1994 to January 1995, faced a trail of judicial problems. He
1860-403: The firm started an initiative to digitally transform the bank. Following implementation, it saw a 19% year-on-year increase in new customers. As of 2015, the total number of these clients stood at 14.8 million. In 2019, BBVA decides to unify its brand worldwide and introduces a new logo. This meant the disappearance of local names in Argentina (Francés), Mexico (Bancomer), Peru (Continental), and
Banesto - Misplaced Pages Continue
1920-542: The first in the world to contribute to gender equality. May 27, 2014 established BBVA Credit. Inc., Financial service with branch at 875W, Deer Valley Phoenix, Arizona, 85027, United States. In March 2022, in line with the European Commission and OECD's framework for financial competence for adults in the European Union, BBVA implements a plan to promote financial education programs aimed at improving
1980-482: The foundations of a "protestatary" brand of populism directed against the economic and political elites. BBVA Banco Bilbao Vizcaya Argentaria, S.A. ( Spanish pronunciation: [ˈbaŋko βilˈβao βiθˈkaʝa aɾxenˈtaɾja] ), better known by its initialism BBVA , is a Spanish multinational financial services company based in Madrid and Bilbao , Spain. It is one of the largest financial institutions in
2040-559: The four major rating agencies: The international presence of BBVA began in 1902, when the Banco de Bilbao opened a branch in Paris and in 1918 another in London , thus becoming the first Spanish bank with a presence abroad. In the 1970s, Banco de Bilbao, Banco de Vizcaya and Banco Exterior were configured as international groups, with the installation of operational and representative offices in
2100-522: The insurer Consolidar, created in 1994. In 2000, the merger of BBV Probursa with Bancomer occurred in Mexico to create BBVA Bancomer , the first bank in the country by volume of assets. At the beginning of 2004, the Group announced the takeover bid for 100% of the shares of Bancomer that did not yet belong to BBVA, buying all the shares of the Mexican bank. In 2004 it acquired 100% of Hipotecaria Nacional,
2160-455: The intervention of the banking entity, tasking Alfredo Sáenz Abad with chairing the board of directors of Banesto in a temporary basis. Conde, who stayed in preventive detention from December 1994 to January 1995, faced a trail of judicial problems. He was sentenced to 10 years in prison in March 2000 by the Audiencia Nacional (raised to 20 years in 2002 by the Supreme Court ). He in fact served 11 years before being paroled. Mario Conde
2220-419: The legal trademark would be renamed Scotiabank Azul until its full integration with Scotiabank. The total change was made in October 2018. In 2004, the Group began another line of international expansion with entry into the US market, with acquisitions of entities in the south of the country ( Sunbelt region ), taking advantage of the strength of its Mexican subsidiary BBVA Bancomer . In the second quarter of
2280-457: The magazine MC and has also published several books in Spanish about his experience of power, his life as a prisoner and his prison experience, Taoism and various religious beliefs as well as his most demanded work, "The System", a long book that details his personal experiences with the supposedly unofficial powers that rule the country from the shadows, those being bankers, politicians, media moguls, and so on. According to Xavier Casals , Conde set
2340-505: The merger was suspended when the Bank of Spain intervened Banesto. When Banco Santander acquired Banesto in 1994, they sold Banesto Uruguay , Chile , and Banco Shaw in Argentina . Banesto Chile was sold to Banco Hipotecario de Fomento de Chile (BHIF). In 1998 BBVA bought BHIF. Ana Patricia Botín , daughter of Santander president Emilio Botín , served as executive chair of the bank between 2002 and November 2010, when she moved to
2400-582: The name " BBVA Compass ". In 2009, it acquired the Guaranty Bank in Texas, following the collapse of this entity. In 2014, BBVA acquired the US digital banking company Simple for 117 million dollars. In its push towards a digital future in 2015 acquired the California company Spring Studio, specializing in user experience and digital design. By 2018, BBVA USA was one of the 30 largest banks in
2460-584: The old savings and housing corporation, Banco Granahorrar de Colombia, whose shares belonged to the Grancolombian group, and with the financial and economic crisis of the late 90s, it passed into the hands of the state through Fogafin. Later, it merged with BBVA Colombia, creating one of the largest banking groups in the country. In 2017 BBVA acquired the Mexican company Openpay, a startup fintech specializing in online payments. As of July 6, 2018 Scotiabank Chile assumed control of BBVA Chile, with which
Banesto - Misplaced Pages Continue
2520-567: The position of CEO of Santander UK . The Santander Group announced in December 2012 that it would purchase the remaining 10% of Banesto that it does not currently own, and will merge the business with the existing Banco Santander business in Spain. In December 1993, the Spanish National Stock Exchange Commission ( Comisión Nacional del Mercado de Valores ) suspended trading shares in Banesto following
2580-471: The purchase of Probursa, which later merged with BBVA Bancomer to form the financial group BBVA Bancomer that operates in the banking and insurance sector. In 1996, it entered Colombia with the acquisition of Banco Ganadero, and Argentina with the acquisition of BBVA Francés . It also made new acquisitions in Mexico, buying Banca Cremí and Banco de Oriente. In 1997, BBVA entered Venezuela by acquiring
2640-738: The recognition of talent through various awards, grants and scholarships. In 2007, BBVA set up the Microfinance Foundation in Latin America, a non-profit organization created with the aim of promoting the sustainable development of entrepreneurs in vulnerable situations. In 2021, the Organization for Economic Cooperation and Development (OECD) recognized the BBVA Microfinance Foundation as the first to contribute to development in Latin America and
2700-485: The sale of the laboratories to Merck Sharp & Dohme in 1984, they gained control of Antibióticos S.A., an important antibiotics firm. In March 1987, Conde and Abelló took part in what became the most ambitious transaction in the history of private business in Spain at the time, the sale of 100% of the shares of Antibióticos S.A. to Montedison for US$ 450 million (approximately US$ 1 billion today). The exceptionally wealthy Conde and his partner Abelló, who had amassed
2760-548: The share prices at the time, of 26.7 billion euros. Shortly after, both parties ended their talks after failing to agree on price. Later on in May 2024, BBVA presented a $ 13.11 billion takeover bid directly to Sabadell's shareholders. However, the Economy Ministry has the power to block any merger or acquisition of a bank, meaning that the Spanish government has six months to decide whether to block this takeover. In 2007,
2820-441: The sponsor of the cycling team that featured Miguel Indurain , the first rider to win five consecutive Tour de France . The team is currently now known as Movistar Team . Banco Español de Crédito is rooted in a French-owned banking company which, promoted by Isaac Pereire, was established in Madrid on 28 January 1856, under the new Credit Companies Law, bearing the name of Sociedad de Crédito Mobiliario Español . The company
2880-490: The spotlight when, age 24, he became the youngest State Lawyer in the history of Spain, achieving also the highest grade ever attained in the corps. He remarkably earned the title in little more than a year, when the average candidate took 5. After working for two years in the Ministry of Finance , Conde met Juan Abelló who, convinced of his talent, offered him a place as board member at his family's laboratory. Following
2940-478: The two financial groups nationalized by the Government of Spain (Unnim Banc and Catalunya Banc ), which grouped 6 Catalan savings banks. In 2020, BBVA entered into negotiations with smaller competitor Sabadell to create Spain's second-biggest domestic lender by assets; according to Reuters , the bank would have nearly 600 billion euros ($ 710.52 billion) in assets in Spain and a combined market value, based on
3000-672: The world, and is present mainly in Spain , Portugal , Mexico , South America , Turkey , Italy and Romania . The bank was founded as Banco de Bilbao, on May 28, 1857, in Bilbao. BBVA's operational headquarters are located in Madrid , in the Ciudad BBVA complex. It is Spain's second-largest bank after Banco Santander . It is listed on the Madrid Stock Exchange , the New York Stock Exchange and on
3060-619: The year, the Group announced the purchase of Valley Bank in California through BBVA Bancomer. In 2005, it bought the Banco Laredo (located in Texas ), and in 2006 the Texas Regional Bancshares ( Texas State Bank ). In 2007, BBVA acquired Alabama Compass Bank in the US, strengthening its franchise in that country. Later, BBVA unified its corporate image in the country by reorganizing its entire portfolio of brands under
SECTION 50
#17327912031033120-402: Was a patrimonial hole in Banesto tentatively estimated at €3.6 billion (equivalent to roughly US$ 7.2 billion today) on 28 December 1993. Luis Carlos Croissier , the President of the Comisión Nacional del Mercado de Valores , the financial regulator of the national securities markets, decided to impose a trading halt on Banesto, and Luis Ángel Rojo, the Governor of the Bank of Spain, communicated
3180-409: Was adopted. In 1991, the Spanish government of Felipe González created the public bank Argentaria, grouping in it the Spanish public banks. Subsequently, between 1993 and 1998 the process of privatization of the entity was carried out. BBV and Argentaria announced their merger project on October 19, 1999, with the aim of continuing to create value. The new bank (BBVA) was born with a significant size,
3240-515: Was focused on attacking the "autonomic state" , which SCD described as "inefficient". Regarding the November 2012 Catalan regional election , SCD did not contest at the ballots, but Conde endorsed and called to vote for Citizens . Conde left the post of party leader on 21 May 2013, and months later, in September 2013, María Jamardo assumed as new President. By February 2014, when Jamardo left
3300-452: Was implicated in the fraud, which combined a failure to pay some workers with the large quantities of money found offshore. During most of his life, Conde and some important figures of Spanish society have defended him, saying that his arrest, charges, imprisonment and overall downfall were staged by several powerful figures, including former prime ministers Felipe Gonzalez and José María Aznar . After his exploits with Banesto he founded
3360-421: Was primarily dedicated to covering the budget deficit of the Government of Spain , through acquisitions of public debt , and the granting of financial credits to public companies. After the Spanish–American War , the financial reforms of Raimundo Fernández Villaverde of 1900 and with the repatriation of the capitals of the former American colonies, the shareholders decide to liquidate the company and establish
3420-418: Was ranked the 42nd largest bank in the world by total assets. In 2022 BBVA was recognized as the country's overall best-performing bank by The Banker . BBVA 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 . The history of BBVA began in 1857 in Bilbao ,
3480-440: Was renamed Garanti BBVA . The Banco de Vizcaya acquired the Commercial Bank of Mayagüez in Puerto Rico in 1979, a bank founded in 1967 by a group of merchants and industrialists. When it became BBVA Puerto Rico, in 1992 it began a growth stage through acquisitions, which gave rise to BBVA Puerto Rico. In 1995, the group entered Peru , with the privatization and subsequent acquisition of Banco Continental, and in Mexico , with
3540-444: Was seen for many years as the ultimate societal role-model. His embodiment of the self-made man was admired by many, dubbing him "the real life Great Gatsby " but also "Spain's Machiavelli ". He was born on 14 September 1948 in Tui , in the province of Pontevedra . He earned a Licentiate degree in Law at the University of Deusto , getting the best academic record of his promotion, full of Honours as well as he also obtained
3600-400: Was sentenced to 10 years in prison in March 2000 by the Audiencia Nacional (raised to 20 years in 2002 by the Supreme Court ). He served 11 years before being paroled. After the intervention, the team of managers from BBV , headed by Alfredo Sáenz, assumed initial control of the bank and were responsible for executing a sanitation plan. On April 25, 1994, Banco Santander gained control of
#102897