NCG Banco

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NCG Banco, S.A.
Trading name Abanca
Type Sociedad Anónima
Industry Financial services
Predecessor(s) Caixa de Aforros de Galicia, Vigo, Ourense e Pontevedra
Founded A Coruña, Spain (September 15, 2011 (2011-09-15))
Headquarters A Coruña, Spain
Number of locations
  • NGB: 680 branches
  • Abroad: 10 offices
Area served Nationwide
Key people
  • Javier Etcheverría de la Muela, Chairman
  • Juan Carlos Escotet, Vice-chairman
  • Francisco Botas, CEO
Services
AUM €56 billion (2014)
Owner(s) Banco Etcheverría, S.A (88.33%)
Employees 5,946 (2012)
Divisions
  • NCG Corporación Industrial, S.L.
  • NCG División Grupo Immobiliario, S.L.
Website www.abanca.com

NCG Banco, S.A., trading as Abanca, is a Spanish bank based in Galicia. It was created in 2011 following the "bankisation" of Novacaixagalicia savings bank. It operates in the autonomous communities of Galicia, Asturias and the province of León.

History[edit]

Evo Banco[edit]

On March 12, 2012, NCG Banco began operating its assets outside of Galicia under the brand name EVO Banco and launched its main financial product the Cuenta Inteligente.[1] In its first four weeks EVO Banco had attracted 8,290 clients and 70 million euros.

On September 9, 2013, NCG Banco announced that it would sell the EVO Banco division to the American private equity firm Apollo Global Management for 60 million euros.[2]

Sale[edit]

On 11 November 2013 the Spanish government bailout program Fund for Orderly Bank Restructuring (FROB) began the privatization process of NCG Banco. After analyzing six bids presented by various Spanish banks, investments funds and international banks on December 18 the FROB opted to sell its shareholding to Banco Etcheverría, S.A, a Venezuelan-owned Spanish bank, for €1.03 billion

The sale was finalised on June 25, 2014 when Banesco, Banco Etcheverría's parent company, made an initial payment of €403 million. Banesco will pay a further €200 million on June 30, 2017 and the final payment of €300 million a year later.

Rebranding[edit]

The following day, at an event held in the Galician capital, Santiago de Compostela, NCG Banco revealed the new brand name for their banks: Abanca (A banca; "The bank"), which went into effect the same day.

Operations[edit]

Headquarters[edit]

NCG has two operating headquarters; the social and tax address is located in A Coruña and the institutional and business address is in Vigo.

Shareholding[edit]

As NCG Banco's predecessor, the savings bank Novacaixagalicia, was nationalized by the Government of Spain the majority of the shares in the company are held by the bailout program Fund for Orderly Bank Restructuring (90.57%). The Novacaixagalicia Foundation holds 6.84% with the remaining 2.59% being held by private investors.

Investment portfolio[edit]

Industry Company Percentage
Financial Ahorro Corporación 6.38%
Automotive Grupo Copo 21.1%
Seguros Caser 10.31%
Energy CLH 5%
Eólica Galenova 100%
Food Sogevinus 100%
Infrastructure Itinere 23.76%
Elecnor 5.05%
Textile Adolfo Domínguez 5.05%
Grupo Tavex 5%
Tourism NH Hoteles 2.71%
Technology Tecnocom 20.05%
Real estate Quabit 3.19%%
Construction Sacyr Vallehermoso 8.65%
General de Alquiler de Maquinaria 4.95%
Transport Transmonbús 33.96%
Shipbuilding Naviera Elcano 12%

See also[edit]

References[edit]

External links[edit]

Official
Financial