BANESCO S.A.

Banco Español de Crédito, S.A. (Spanish pronunciation: [ˈbaŋko espaˈɲol de ˈkɾeðito]), “Spanish Credit Bank”) better known as Banesto, was a Spanish multinational financial services company. Prior to the Spanish Government's historical intervention in 1993, the first in the history of banking, Banesto was the third-largest financial group in Spain,[2] operating around 1,770 branches,[1] as well as the fifth-largest company of the IBEX 35.[3] The ambitious capital increase planned in 1993 by its Executive Chairman Mario Conde together with J.P. Morgan became the biggest restructuring plan in the history of Europe, involving asset sales and a rights issue of US$1.2 billion, after which Banesto was expected to become the largest financial firm in Europe.[4] Although initially accepted by the Bank of Spain, it was later frustrated following intervention on the basis of financial transparency.