Abanca: Difference between revisions
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'''NCG Banco, S.A.''', trading as '''Abanca''', is a [[Spain|Spanish]] bank based in [[Galicia (Spain)|Galicia]]. It was created in 2011 following the "bankisation" of [[Novacaixagalicia]] [[Savings bank (Spain)|savings bank]]. It operates in the [[autonomous communities]] of Galicia, [[Asturias]] and the province of [[Province of León|León]]. |
'''NCG Banco, S.A.''', trading as '''Abanca''', is a [[Spain|Spanish]] bank based in [[Galicia (Spain)|Galicia]]. It was created in 2011 following the "bankisation" of [[Novacaixagalicia]] [[Savings bank (Spain)|savings bank]]. It operates in the [[autonomous communities]] of Galicia, [[Asturias]] and the province of [[Province of León|León]], and in other parts of Spain. |
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==History== |
==History== |
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===Sale=== |
===Sale=== |
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Subsequently, NGC began opening branches in other cities in Spain under its own brand. |
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On 11 November 2013 the Spanish government bailout program [[Fondo de Reestructuración Ordenada Bancaria|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|Banco Etcheverría, S.A]], a Venezuelan-owned Spanish bank, for €1.03 billion |
On 11 November 2013 the Spanish government bailout program [[Fondo de Reestructuración Ordenada Bancaria|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|Banco Etcheverría, S.A]], a Venezuelan-owned Spanish bank, for €1.03 billion |
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Revision as of 16:45, 28 August 2014
  | |
| Abanca | |
| Company type | Sociedad Anónima |
| Industry | Financial services |
| Predecessor | Caixa de Aforros de Galicia, Vigo, Ourense e Pontevedra |
| Founded | A Coruña, Spain (September 15, 2011) |
| Headquarters | A Coruña , Spain |
Number of locations |
|
Area served | Nationwide |
Key people |
|
| Services | |
| AUM | €56 billion (2014) |
| Owner | Banco Etcheverría, S.A (88.33%) |
Number of employees | 5,946 (2012) |
| Divisions |
|
| Website | www |
NCG Banco, S.A., trading as Abanca, 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.
History
Evo Banco
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.[1] 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.[2]
Sale
Subsequently, NGC 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.
Rebranding
The following day, at an event held in the Galician capital, Santiago de Compostela, NCG Banco revealed the new brand name for their banks: Abanca (A banca; "The bank"), which went into effect the same day.
Operations
Headquarters
NCG has two operating headquarters; the social and tax address is located in A Coruña and the institutional and business address is in Vigo.
Shareholding
As NCG Banco's predecessor, the savings bank Novacaixagalicia, was nationalized by the Government of Spain the majority of the shares in the company are held by the bailout program Fund for Orderly Bank Restructuring (90.57%). The Novacaixagalicia Foundation holds 6.84% with the remaining 2.59% being held by private investors.
Investment portfolio
| Industry | Company | Percentage |
|---|---|---|
| Financial | Ahorro Corporación | 6.38% |
| Automotive | Grupo Copo | 21.1% |
| Seguros | Caser | 10.31% |
| Energy | CLH | 5% |
| Eólica Galenova | 100% | |
| Food | Sogevinus | 100% |
| Infrastructure | Itinere | 23.76% |
| Elecnor | 5.05% | |
| Textile | Adolfo Domínguez | 5.05% |
| Grupo Tavex | 5% | |
| Tourism | NH Hoteles | 2.71% |
| Technology | Tecnocom | 20.05% |
| Real estate | Quabit | 3.19%% |
| Construction | Sacyr Vallehermoso | 8.65% |
| General de Alquiler de Maquinaria | 4.95% | |
| Transport | Transmonbús | 33.96% |
| Shipbuilding | Naviera Elcano | 12% |
See also
References
External links
- Official
- Financial
 Members of the Euro Banking Association | |
|---|---|
| Austria | |
| Belgium | |
| Cyprus | |
| Denmark | |
| Finland | |
| France | |
| Germany | |
| Greece | |
| Hungary | |
| Ireland | |
| Italy | |
| Luxembourg | |
| Netherlands | |
| Portugal | |
| Slovenia | |
| Spain | |
| Sweden | |
| United Kingdom |
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