Banco Etcheverría

Banco Etcheverría was a Spanish bank. It was the oldest bank in the Spanish financial system, and the 11th oldest surviving bank in the world, older by over half a century than the Bank of Spain itself. It was founded in Betanzos, A Coruña (Spain) in 1717 by Juan Etcheverry, a French businessman established in Galicia who also created a tanning factory.

His family inherited and continued the bank business through generations; the primitive Etcheverry transformed into Etcheverría to adapt to Spanish spelling (although the standard Spanish spelling is now Echeverría) The name comes from the Basque language Euskera - Etxeberria, meaning "new house". In 1964 it became a Sociedad Anónima. Its stockholders (Francisco Javier, Asunción, María Cruz and Magdalena Etcheverría de la Muela) are all from the Etcheverría family, except the Caixa Galicia corporation, which bought a 37,12% in 2002 for 13,25 million Euro.^[2]

It currently has offices in all four Galician provinces as well as in Madrid.^[3] The bank has specialized in personal banking and wealth management.^[4]

In December 2012, Venezuela's largest bank, Banesco, announced it has bought a majority stake in Banco Etcheverría by acquiring the 44.7% owned in the latter by nationalized Spanish bank Novagalicia Banco (NGB) as well as shares owned by the Etcheverría family.^[5]

After Banesco's entry, the following table reflects the voting rights:

In 2014, the bank was acquired by NCG Banco.

References