Our story begins when a group of entrepreneurs founded Banesco Casa de Bolsa. Later that year, they bought Grupo Bancentro, and established Banesco and Banesco Banco Comercial. At that same time, offshore operations began in Puerto Rico and Panama.
Grupo Banesco acquired five savings and loan institutions (Bancarios, Maracay, El Porvenir, La Industrial, Caja Popular Falcón-Zulia). Shortly afterwards, Venezuelan authorities decided to consolidate all credit and savings institutions into a single structure under the name of Caja Familiar EAP.
Banco Unión, Caja Familia, Crédito Unión, and Banesco Inmuebles y Valores merged, for the firm purpose of transforming banking and financial services in Venezuela. Unibanca was born from the major banking merger in the country’s history.
This first development stage rendered the final consolidation of Banesco and Unibanca, a merger that brought about the beginning of the brand that defines our essence: Banesco Banco Universal.
Banesco USA began operations in the State of Florida, United States of America. Meanwhile, two major developments for the corporation’s expansion took place: Banesco S.A. got the official license to operate in Panama, and Banesco reached first place in banking assets in its native country, Venezuela.
A new key merger took place: Banesco Internacional Puerto Rico and Banesco USA. Soon afterwards, Banesco Banco Múltiple S.A. opened its doors in the Dominican Republic.
Halfway through the year, Banesco USA implemented a series of strategic initiatives, starting off with the acquisition of Security Bank and of a branch of Flagler Bank, both in the State of Florida. In December, Banesco agreed to purchase 70% of shares of Banco Etcheverría, thus expanding its operations to Galicia, Spain and, therefore, Europe.
In April, the opening of the representative office of Banesco S.A. in Colombia marked the consolidation of the internationalization process that has provided Banesco with corporate presence in 14 countries, continuing to build realities around the world.
ABANCA was born in Spain: a brand renewed from a shared vision.
The representative office of ABANCA in Mexico City started operations. Banesco International continued its expansion through borders.