Abanca
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| Sociedad Anónima | |
| Traded as | Grey Market: |
| Industry | Financial services |
| Predecessor | Caixa de Aforros de Galicia, Vigo, Ourense e Pontevedra |
| Founded | A Coruña, Spain (September 15, 2011) |
| Headquarters | Betanzos, Spain |
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Number of locations
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Area served
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Nationwide |
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Key people
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| Services | |
| AUM | €56 billion (2014) |
| Owner | Banesco Banco Universal S.A (100%) |
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Number of employees
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5,946 (2012) |
| Divisions |
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| Rating | |
| Website | www |
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.
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.
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. 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.
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.
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Wikipedia