Banco Gallego

Banco Gallego, S.A.
SabadellGallego
Sociedad Anónima
ISIN ES0113051009
Industry Financial services
Predecessor Banco 21, S.A.
Founded Santiago de Compostela, Spain (July 22, 1991 (1991-07-22))
Founder Manuel Pérez Sáenz
Headquarters Santiago de Compostela, Spain
Number of locations
 183 branches
Area served
 Nationwide
Key people
  • Juan Manuel Urgoiti López-Ocaña, Chairman
  • José Luis Losada Rodríguez, Director-general
Parent Banco de Sabadell, S.A.
Website www.bancogallego.es

Banco Gallego, S.A. was a Spanish bank based in Santiago de Compostela, Galicia.[1] Operating primarily in the region of Galicia the bank has branches throughout Spain. On the April 17, 2013 Banco Gallego was sold to Banco Sabadell for the symbolic sum of 1 euro and will be integrated in Banco Sabadell at the beginning of 2014.

History

Bailout

On March 15, 2013 Banco Gallego was effectively nationalized when a share offer organized by the bank was only taken up by Fund for Orderly Bank Restructuring and some small investors. The Spanish government invested 80 million euros into the bank with a controlling stake of 99.95%.

Sale

The nationalised bank was then auctioned off, with offers tabled by Banco Sabadell, Banco Espírito Santo (Portugal) and Banesco (Venezuela).

References

  1. ↑ "El FROB nacionaliza el Banco Gallego" [FROB nationalises Banco Gallego] (in Spanish). lavozdegalicia.es.
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