Banco Etcheverría


Banco Etcheverría was a Spanish bank. The family-owned bank was the oldest in the Spanish financial system, and the 11th oldest surviving bank in the world, older by over half a century than the Bank of Spain itself. It was founded in Betanzos, A Coruña in 1717 by Juan Etcheverry, a French businessman and tannery owner who had settled in Galicia.
His family inherited and continued the bank business through generations; the primitive Etcheverry transformed the surname to Etcheverría to adapt to Spanish spelling. The name comes from the Basque surname Etxeberria, meaning "the new house". In 1964 it became a sociedad anónima. Its current stockholders are all from the Etcheverría family, except the Caixa Galicia savings bank, which bought a 37.12% stake in 2002 for 13.25 million euros.
It had offices in all four Galician provinces, and in Madrid. It specialized in personal banking and wealth management.
In December 2012 Venezuela's largest bank, Banesco, bought the largest stake in Banco Etcheverría by acquiring the 44.7% owned in the latter by nationalized Spanish bank Novagalicia Banco and shares owned by the Etcheverría family.
After Banesco's entry, the following table reflects the voting rights:
Share-holderRights to Vote
Banco Banesco44.73%
Domingo Etcheverría de la Muela12.63%
Cruz Etcheverría de la Muela11.72%
Mª Magdalena Etcheverría de la Muela11.72%
Alberto Gómez Etcheverría5,01%
Mª Asunción Etcheverría de la Muela3,99%

In 2014, the bank was acquired by Abanca; ABANCA and Banco Etcheverría were merged into ABANCA Grupo Banesco.