Trading name SabadellGallego ISIN ES0113051009 Predecessor Banco 21, S.A. Headquarters Santiago de Compostela Number of locations 183 | Type Sociedad Anónima Industry Financial services Founder Manuel Pérez Sáenz Founded 1991 Parent organization Banco Sabadell | |
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Banco Gallego, S.A. was a Spanish bank based in Santiago de Compostela, Galicia. Operating primarily in the region of Galicia the bank has branches throughout Spain. On the April 17, 2013 Banco Gallego was sold to Banco Sabadell for the symbolic sum of 1 euro and will be integrated in Banco Sabadell at the beginning of 2014.
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Bailout
On 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%.
Sale
The nationalised bank was then auctioned off, with offers tabled by Banco Sabadell, Banco Espírito Santo (Portugal) and Banesco (Venezuela).
References
Banco Gallego Wikipedia(Text) CC BY-SA