Banco Gallego

Last updated
Banco Gallego, S.A.
SabadellGallego
Type Sociedad Anónima
ISIN ES0113051009
Industry Financial services
PredecessorBanco 21, S.A.
Founded Santiago de Compostela, Spain (July 22, 1991 (1991-07-22))
FounderManuel Pérez Sáenz
Defunct4 August 2014  OOjs UI icon edit-ltr-progressive.svg
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 and was integrated in Banco Sabadell at the beginning of 2014.

Contents

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%.

Sale

The nationalised bank was then auctioned off, with offers tabled by Banco Sabadell, Banco Espírito Santo (Portugal) and Banesco (Venezuela).

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References

  1. "El FROB nacionaliza el Banco Gallego" [FROB nationalises Banco Gallego] (in Spanish). lavozdegalicia.es.