Banco Etcheverría was a Spanish bank. The family-owned bank was the oldest 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 (née Jean d’Etcheverry), a French businessman and tannery owner who had settled in Galicia.
His family inherited and continued the bank business through generations; the primitive Etcheverry transformed the surname to Etcheverría to adapt to Spanish spelling (although the standard Spanish spelling is now Echeverría). The name comes from the Basque surname Etxeberria, meaning "new house". In 1964 it became a sociedad anónima. Its current stockholders (Francisco Javier, Asunción, María Cruz and Magdalena Etcheverría de la Muela) are all from the Etcheverría family, except the Caixa Galicia savings bank, which bought a 37.12% stake in 2002 for 13.25 million euros.[2]
It had offices in all four Galician provinces, and in Madrid.[3] It specialized in personal banking and wealth management.[4]
In December 2012 Venezuela's largest bank, Banesco, bought a majority stake in Banco Etcheverría by acquiring the 44.7% owned in the latter by nationalized Spanish bank Novagalicia Banco (NGB) and shares owned by the Etcheverría family.[5]
After Banesco's entry, the following table reflects the voting rights:[citation needed]
| 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% |
In 2014, the bank was acquired by Abanca; ABANCA and Banco Etcheverría were merged into ABANCA Grupo Banesco.[6]
References
- ^ www.eleconomista.es
- ^ http://www.cadenanoroeste.com/buscavoz/ver_resultado.jsp?TEXTO=100000025651&lnk=12745,OPERATORIA,ETCHEVERRIA,24000,BANCA[permanent dead link]
- ^ "AEGAMA: Asociacion de Empresarios Gallegos en Madrid". Archived from the original on 2006-05-23. Retrieved 2006-07-19.
- ^ http://www.cadenanoroeste.com/buscavoz/ver_resultado.jsp?TEXTO=1530898&lnk=MUELA,ETCHEVERRIA,CONVIRTIENDOSE,BANCA,ACCIONISTAS[permanent dead link]
- ^ "Venezuela's Banesco buys majority stake in Spanish bank Banco Etcheverría - BNamericas". Archived from the original on 2016-01-26. Retrieved 2012-12-26.
- ^ "Aprobada la fusión de Accionistas de ABANCA y Banco Etcheverría". ABANCA (in Galician). 6 October 2014.
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