Banco Gallego

Banco Gallego, S.A.

Trade name	SabadellGallego
Company type	Sociedad Anónima
ISIN	ES0113051009
Industry	Financial services
Predecessor	Banco 21, S.A.
Founded	Santiago de Compostela, Spain (July 22, 1991 (1991-07-22))
Founder	Manuel Pérez Sáenz
Defunct	4 August 2014
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
Parent	Banco de Sabadell, S.A.
Website	www.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).

See also

• List of banks in Spain

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.

External links

• Official Banco Gallego website—(in Spanish)
• Banco Gallego, S.A. — Comisión Nacional del Mercado de Valores

• Banks portal