Banco Gallego

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 will be integrated in Banco Sabadell at the beginning of 2014.

Banco Gallego, S.A.
SabadellGallego
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 
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

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).

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