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Santander is to take over Banco Banesto one of the oldest banks in Spain. It’s not viable in it’s current form due to excessive property lending.
As things progress in Spain my prediction on here a while ago of many banks disappearing from the average Spanish Calle is becoming true. Good riddance most were a bunch of puffed up crooks, not always in suits, full of self importance and bull. 🙂
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The bank branch closures are long overdue; somehow, along with all the new urbanisations, even the tiniest ones with only a few houses would suddenly have a Caja branch on their doorstep. Most of them are now empty and to let, but I can’t think of any business that would have a use for them. They just shouldn’t be there.
I remember being shocked over a Banesto scandal many years ago, when a director, probably the chairman, went to prison for a long time.
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Around the time Spain joined the EU. Spain had the largest number of branches per resident in comparison to other EU member state. They were ineffecient, top heavy & non profitable. The report also stated that most Spaniards did not have a bank account and if they had to have an account it would be the one nearest to their home’s or place of work.
Near my apartment in CDS one of the Bank premises had been lying empty for a long time. I spoke to my Gate keeper/Portero as to what does he think should be opened on the Banks empty premises. The Portero is a short, chubby, tooth less about 80+ as stereo type as you can think of a Manolo. He replied instatly “hombre puti club !!!” with a very straight face.
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@Rocker wrote:
The bank branch closures are long overdue; somehow, along with all the new urbanisations, even the tiniest ones with only a few houses would suddenly have a Caja branch on their doorstep. Most of them are now empty and to let, but I can’t think of any business that would have a use for them. They just shouldn’t be there.
I remember being shocked over a Banesto scandal many years ago, when a director, probably the chairman, went to prison for a long time.
Yes, i believe the Banesto scandal took place in the early 90s. Strict banking controls were brought in for the main commercial banks like Santander and BBVA, which is why the claim was made that Spanish banks had the safest system in the world. But, the controls were a lot, lot laxer on the cajas savings banks….
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