|Traded as||BMAD: BTO|
|Key people||Antonio Basagoiti (Chairman), José García Cantera (CEO)|
|Products||Retail, business and wholesale banking|
|Operating income||€891.6 million (2009)|
|Profit||€559.8 million (2009)|
|Total assets||€126.2 billion (2009)|
|Total equity||€5.473 billion (2009)|
Banesto (officially Banco Español de Crédito, S.A., "Spanish credit bank",) is a Spanish bank, 88.4% owned by Banco Santander. Currently Banesto is the fifth-largest banking group in Spain, operating around 1,770 branches.
Outside of Spain, it is remembered as the sponsor of a cycling team that featured Miguel Indurain, the first rider to win five consecutive Tours de France. Today's Movistar team is the direct descendant of this team.
Banesto acquired Banco del Pacifico in 1991 and renamed it. In 1993 it bought Banco de Concepcion, but the merger was suspended when Banco de España suspended Banesto. When Banco Santander acquired Banesto, Santander sold Banesto Uruguay, Chile, and Banco Shaw in Argentina. In 1994, Banco Santander sold Banesto Chile to Banco Hipotecario de Fomento de Chile (BHIF). In 1998 BBVA bought BHIF.
The Santander Group announced in December 2012 that it would purchase the remaining 10% of Banesto that it does not currently own, and will merge the business with the existing Banco Santander business in Spain.
Banesto Golf Tour
- "Annual Report 2009" (PDF) (in Spanish). Banesto. Retrieved 2010-04-11.
- "Banesto ratings affirmed with stable outlook, says Fitch". AFX News (Forbes). 23 April 2007. Retrieved 2008-12-30.
- "Santander absorbs Banesto and Banif and shuts branches". BBC News Online. 17 December 2012. Retrieved 17 December 2012.
- tour2009.banestogolftour.com - 2009 results - accessed 2010-10-12
- banestogolftour.com - 2010 calendar - accessed 2010-10-12
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