Abanca

ABANCA Corporación Bancaria, S.A.

Company type	Sociedad Anónima
Industry	Financial services
Predecessor	Caixa de Aforros de Galicia, Vigo, Ourense e Pontevedra
Founded	A Coruña, Spain (September 15, 2011 (2011-09-15))
Headquarters	Betanzos , Spain
Number of locations	NGB: 680 branches Abroad: 10 offices
Area served	Nationwide
Key people	Javier Etcheverría de la Muela, Chairman Juan Carlos Escotet, Vice-chairman Francisco Botas, CEO
Services	Retail banking Commercial banking
AUM	€56 billion (2014)
Owner	Banesco Banco Universal S.A (100%)
Number of employees	5,946 (2012)
Divisions	NCG Corporación Industrial, S.L. NCG División Grupo Immobiliario, S.L.
Website	www.abanca.com

ABANCA Corporación Bancaria, S.A. 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

Novagalicia Banco

NCG Banco, S.A., which traded as Novagalicia Banco, was created on September 2011 following the bankisation process of Novacaixagalicia.

As Novagalicia Banco's predecessor, the savings bank Novacaixagalicia, was subsequently bailed out by the Government of Spain the majority of the shares in the company were held by the bailout program Fund for Orderly Bank Restructuring (90.57%). The Novacaixagalicia Foundation helds 6.84% with the remaining 2.59% being held by private investors.

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. 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.

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"), a change which went into effect the very same day in all branches.

Merger

In December 2014 the company announced the merger of NCG Banco, S.A. with Banco Echeverria, S.A. The company changed its legal name to ABANCA Corporación Banacaria, S.A. and its headquarters would be in the town of Betanzos, in the former headquarters of Banco Echeverria.

Operations

Headquarters

Abanca has two operating headquarters; the institutional and business address in Vigo, and the social and tax address in A Coruña.

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

• Fondo de Reestructuración Ordenada Bancaria

External links

Official

• www.ncgbanco.es
• www.abanca.es

Financial

• NCG Banco, S.A. — Comisión Nacional del Mercado de Valores