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Banco Etcheverría

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Banco Etcheverría

Banco Etcheverría, S.A.
Type Sociedad Anónima
Industry Private banking and wealth management
Founded Betanzos, Galicia (1717)
Founder(s) Jean D’Etcheverry
Headquarters A Coruña, Spain
Key people Javier Etcheverría, Chairman
Domingo Etcheverría, Vice-Chairman
Francisco Botas, CEO
Employees 150 (2007)[1]
Website www.bancoetcheverria.es

Banco Etcheverría is the oldest bank in the Spanish financial system, and the 11th oldest surviving bank in the world. It is 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 an S.A. (corporation). 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]

On December 2012, Venezuela's largest bank, Banesco, announced it has bought a majority stake in the Etcheverría bank 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:

Shareholders

Share-holder Rights to Vote
Banco Banesco 44.73%
Domingo Etcheverría de la Muela 12.63%
Mª Cruz Etcheverría de la Muela 11.72%
Mª Magdalena Etcheverría de la Muela 11.72%
Alberto Gómez Etcheverría 5,01%
Mª Asunción Etcheverría de la Muela 3,99%

References

  1. Banco Etcheverría site
  2. News about Banco Etcheverría


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