ABANCA Corporación Bancaria, S.A., commonly known as ABANCA, is a Spanish credit institution supervised by the Bank of Spain. It was established on September 14, 2011.

ABANCA

ABANCA's registered office is located in Rúa Claudino Pita, 2, in Betanzos (A Coruña).

History

ABANCA was created following the merger of two savings banks of Galician origin, CaixaGalicia and Caixanova, which became NovaCaixaGalicia. In 2013, NovaCaixaGalicia was acquired at auction by Banesco's subsidiary in Spain. After roughly a year-long absorption process, the NCG and Banco Etcheverría brands disappeared, resulting in a new banking brand in Spain.

Key historical milestones:

2011: Established on September 14.
2013: NovaCaixaGalicia was acquired by Banesco's subsidiary in Spain.
2021: ABANCA completed the purchase of Bankoa, formalizing the acquisition of 99.81% of Bankoa's capital for 122.4 million euros. Later that year, ABANCA completed the integration of Bankoa, transferring the activity to ABANCA's technological and operational platform. ABANCA operates in the Basque Country, Navarra, and La Rioja under the brand name "Bankoa ABANCA".

Operations

ABANCA has an extensive network with 891 branches, 656 of which are in Spain. ABANCA has a team of 8,163 professionals. ABANCA is a credit institution under the supervision of the Bank of Spain.

ABANCA aims to diversify its income sources beyond net interest income, seeking alternative means to positively impact its operating results, with net fees and commissions among the main ones, especially through the insurance business, while also optimizing its cost base and analyzing growth opportunities. For the year ended on December 31, 2023, the net fees and commissions of the ABANCA Group totaled €294.10 million, representing 18.71% of the gross margin of the ABANCA Group for that period.