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Banesco


Banesco is a bank based in Caracas, Venezuela. it is the country's largest bank, with a market share of 14.2%. It has 440 branches in all parts of Venezuela. The primary competitors are the Banco Mercantil (Merchant Bank), Banco Occidental de Descuento (Western Discount Bank), Banco de Venezuela (Bank of Venezuela) and the BBVA Banco Provincial (Provincial Bank); all these banks including Banesco form the upper stratum of the Bank Ranking of SUDEBAN. The financial group also includes an insurance, and consumer banking division. The bank is a member of the Banking Association of Venezuela and their mascot is Baneskin "El Pana de Ahorro" (The Savings 'Buddy').

History

Banesco is one of the first Venezuelan banks holding only Venezuelan capital. It was founded in 1977 as the Banco Agroindustrial Venezolano (Venezuelan Agroindustrial Bank), until it changed its name to Banco Financiero (Financial Bank) in 1987. In 1992, after changing their name to Bancentro, the bank was acquired by the Banesco Financial Organization, the banking devision comes to dominate the company and the is combinded with the other divisions to form a banco universal (universal bank)

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This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article Banesco


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