History
Banco Español de Crédito is rooted in a French-owned banking company which, promoted by Isaac Pereire, was established in Madrid on 28 January 1856, under the new Credit Companies Law, bearing the name of Sociedad de Crédito Mobiliario Español.[13] The company was primarily dedicated to covering the budget deficit of the Government of Spain, through acquisitions of public debt, and the granting of financial credits to public companies.
After the Spanish–American War, the financial reforms of Raimundo Fernández Villaverde of 1900 and with the repatriation of the capitals of the former American colonies, the shareholders decide to liquidate the company and establish a new one, the Credit Bank of Spain, on 1 May 1902, with a capital stock of 20 million pesetas represented by 80,000 shares with a nominal value of 250 pesetas. The bank's promoter was a French group chaired by Gustavo Pereire, administrator of the Company of the Iron Roads of Northern Spain. This initiative was joined by Cayetano Sánchez Bustillo and León Cocagne (deputy director of Banco Hipotecario de España) on behalf of a group of Spanish investors. The first headquarters, the Building of the Furniture Credit Society, was located in Paseo de Recoletos, Madrid.
From 1940, Banesto began an expansion and absorption process of other entities that placed it amongst the most prominent Spanish banks. In 1955, Banesto acquired Banco de Vitoria, which it maintained as a subsidiary until its full integration in 2003, and in 1978 it acquired Banco Coca, then chaired by Ignacio Coca.
Banesto acquired Banco del Pacífico in 1991 and integrated it. In 1993 it bought Banco de Concepción, but the merger was suspended when the Bank of Spain intervened in Banesto. When Banco Santander acquired Banesto in 1994, they sold Banesto Uruguay, Chile, and Banco Shaw in Argentina. Banesto Chile was sold to Banco Hipotecario de Fomento de Chile (BHIF). In 1998 BBVA bought BHIF.
Ana Patricia Botín, daughter of Santander president Emilio Botín, served as executive chair of the bank between 2002 and November 2010, when she moved to the position of CEO of Santander UK.
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.[14]
