Banesto

Banco Español de Crédito, S.A.
Sociedad Anónima
Traded as BMAD: BTO
Industry Financial services
Founded 1902
Headquarters Madrid, Spain
Key people
 Antonio Basagoiti (Chairman), José García Cantera (CEO)
Products Retail, business and wholesale banking
€891.6 million (2009)[1]
Profit €559.8 million (2009)[1]
Total assets €126.2 billion (2009)[1]
Total equity €5.473 billion (2009)[1]
Number of employees
 8,905 (2009)[1]
Parent Banco Santander
Website banesto.es

Banesto (officially Banco Español de Crédito, S.A., "Spanish credit bank",) was a Spanish bank, 88.4% owned by the Santander Group. Banesto was the fifth-largest banking group in Spain,[2] operating around 1,770 branches.[1] Outside of Spain, it is known as the sponsor of a cycling team that featured Miguel Indurain, the first rider to win five consecutive Tours de France. Today's Movistar Team is the direct descendant of this team.

In 2012, Banco Santander announced it would absorb Banesto.[3]

History

Banesto acquired Banco del Pacifico in 1991 and renamed it. In 1993 it bought Banco de Concepcion, but the merger was suspended when Banco de España suspended Banesto. When Banco Santander acquired Banesto, Santander sold Banesto Uruguay, Chile, and Banco Shaw in Argentina. In 1994, Banco Santander sold Banesto Chile 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 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.[4]

Banesto Golf Tour

Starting in 2009, Banesto sponsored a women's golf mini-tour with 8 events, all in Spain.[5] The tour in 2010 is scheduled for 7 events.[6]

Banco Español de Crédito on Plaça de Catalunya, Barcelona
Banco Español de Crédito, Madrid

See also

References

  1. 1 2 3 4 5 6 "Annual Report 2009" (PDF) (in Spanish). Banesto. Retrieved 2010-04-11.
  2. ↑ "Banesto ratings affirmed with stable outlook, says Fitch". AFX News. Forbes. 23 April 2007. Retrieved 2008-12-30.
  3. ↑ "Santander absorbs Banesto and Banif and shuts branches". BBC News. 17 December 2012. Retrieved 29 September 2014.
  4. ↑ "Santander absorbs Banesto and Banif and shuts branches". BBC News Online. 17 December 2012. Retrieved 17 December 2012.
  5. ↑ tour2009.banestogolftour.com - 2009 results - accessed 2010-10-12
  6. ↑ banestogolftour.com - 2010 calendar - accessed 2010-10-12


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