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.
 | |
| SabadellGallego | |
| Company type | Sociedad Anónima |
| ISIN | ES0113051009 |
| Industry | Financial services |
| Predecessor | Banco 21, S.A. |
| Founded | Santiago de Compostela, Spain (July 22, 1991) |
| Founder | Manuel Pérez Sáenz |
| Defunct | 4 August 2014  |
| Headquarters | Santiago de Compostela , Spain |
Number of locations | 183 branches |
Area served | Nationwide |
Key people |
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| Parent | Banco de Sabadell, S.A. |
| Website | www |
History
editBailout
editOn 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
editThe nationalised bank was then auctioned off, with offers tabled by Banco Sabadell, Banco Espírito Santo (Portugal) and Banesco (Venezuela).
References
edit- ^ "El FROB nacionaliza el Banco Gallego" [FROB nationalises Banco Gallego] (in Spanish). lavozdegalicia.es.
- ^ "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.
- ^ 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.
- ^ 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.
