Banco Gallego

Banco Gallego, S.A.
SabadellGallego
Company typeSociedad Anónima
ISINES0113051009
IndustryFinancial services
PredecessorBanco 21, S.A.
FoundedSantiago de Compostela, Spain (July 22, 1991 (1991-07-22))
FounderManuel Pérez Sáenz
Defunct4 August 2014 Edit this on Wikidata
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
ParentBanco de Sabadell, S.A.
Websitewww.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 had branches throughout Spain. On the April 17, 2013 Banco Gallego was sold to Banco Sabadell for the symbolic sum of 1 euro[2] and was 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%.[3][4]

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.
  2. ^ "Sabadell compra Banco Gallego por 1 euro tras otra inyección pública de 245 millones para saneamiento". Faro de Vigo (in Spanish). 2013-04-20. Retrieved 2024-09-27.
  3. ^ PÉREZ, JULIO (2013-03-15). "El Estado asume el 99,95% del capital del Banco Gallego". Faro de Vigo (in Spanish). Retrieved 2024-09-27.
  4. ^ VIGO, JULIO PÉREZ- (2013-04-05). "Sabadell parte como favorito en la puja por el Gallego, que cierra hoy el plazo de ofertas". Faro de Vigo (in Spanish). Retrieved 2024-09-27.