Banco Etcheverría
Encyclopedia
Banco Etcheverría is the oldest bank
in the Spanish
financial system (older by over half a century than the Bank of Spain itself). It was founded in Betanzos
, A Coruña
(Spain
) in 1717 by Juan Etcheverry, a French
businessman established in Galicia who also created a tanning
factory.
His family inherited and continued the bank business through generations; the primitive Etcheverry transformed into Etcheverría to adapt to Spanish spelling (although the standard Spanish spelling is now Echeverría) The name comes from the Basque
language Euskera - Etxeberria
, meaning "new house". In 1964 it became an S.A. (corporation)
. Its stockholders (Francisco Javier, Asunción, María Cruz and Magdalena Etcheverría de la Muela) are all from the Etcheverría family, except the Caixa Galicia
corporation, which bought a 37,12% in 2002 for 13,25 million Euro.
It currently has offices in all four Galician provinces as well as in Madrid
. The bank has specialized in personal banking and wealth management.
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
in the Spanish
Spain
Spain , officially the Kingdom of Spain languages]] under the European Charter for Regional or Minority Languages. In each of these, Spain's official name is as follows:;;;;;;), is a country and member state of the European Union located in southwestern Europe on the Iberian Peninsula...
financial system (older by over half a century than the Bank of Spain itself). It was founded in Betanzos
Betanzos
Betanzos is a municipality in Galicia, Spain, in the Province of A Coruña. In Roman times Betanzos was called Carunium or Brigantium. During the Medieval period the settlement was known as Carunio....
, A Coruña
A Coruña
A Coruña or La Coruña is a city and municipality of Galicia, Spain. It is the second-largest city in the autonomous community and seventeenth overall in the country...
(Spain
Spain
Spain , officially the Kingdom of Spain languages]] under the European Charter for Regional or Minority Languages. In each of these, Spain's official name is as follows:;;;;;;), is a country and member state of the European Union located in southwestern Europe on the Iberian Peninsula...
) in 1717 by Juan Etcheverry, a French
France
The French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan France...
businessman established in Galicia who also created a tanning
Tanning
Tanning is the making of leather from the skins of animals which does not easily decompose. Traditionally, tanning used tannin, an acidic chemical compound from which the tanning process draws its name . Coloring may occur during tanning...
factory.
His family inherited and continued the bank business through generations; the primitive Etcheverry transformed into Etcheverría to adapt to Spanish spelling (although the standard Spanish spelling is now Echeverría) The name comes from the Basque
Basque language
Basque is the ancestral language of the Basque people, who inhabit the Basque Country, a region spanning an area in northeastern Spain and southwestern France. It is spoken by 25.7% of Basques in all territories...
language Euskera - Etxeberria
Etxeberria
Etxeberria is a Basque-language placename and surname, meaning "the new house", often associated to the construction of new farms after the introduction of American crops like maize and potatoes....
, meaning "new house". In 1964 it became an S.A. (corporation)
S.A. (corporation)
S.A. designates a particular type of corporation in various countries, mostly those employing the civil law. It originated in Spain during the 16th century. Depending on language, the abbreviation stands for various phrases meaning anonymous society, anonymous company, anonymous partnership, or...
. Its stockholders (Francisco Javier, Asunción, María Cruz and Magdalena Etcheverría de la Muela) are all from the Etcheverría family, except the Caixa Galicia
Caixa Galicia
Caixa Galicia was the trading name of Caja de Ahorros de Galicia, a Spanish savings bank based in A Coruña, Galicia.On 29 November 2010, following the financial crisis of 2007-2010, they signed a merger deal with Caixanova to create a new regional savings bank, Novacaixagalicia.-External links:*...
corporation, which bought a 37,12% in 2002 for 13,25 million Euro.
It currently has offices in all four Galician provinces as well as in Madrid
Madrid
Madrid is the capital and largest city of Spain. The population of the city is roughly 3.3 million and the entire population of the Madrid metropolitan area is calculated to be 6.271 million. It is the third largest city in the European Union, after London and Berlin, and its metropolitan...
. The bank has specialized in personal banking and wealth management.