Clifford Chance advises Banesco on the acquisition of NCG Banco for 1.003 bn euros

Clifford Chance has advised Banesco on the acquisition of 88.33% of the financial entity NCG Banco for the price of 1.003 billion euros.  In particular, said stake was controlled by the State through the Fund for Orderly Bank Restructuring (FROB) (63%) and the Deposit Guarantee Fund (15%).

The FROB selected Banesco´s bid over the bids made by the Spanish banks Caixabank, Santander and BBVA, and by several foreign investment funds; it was not necessary to open a second stage of the bid.

Banesco, the leading private bank in Venezuela, already had a presence in Spain as the majority shareholder of Banco Etcheverría.  With this acquisition, the Banesco group, with a presence in Venezuela, the United States, Panama, Puerto Rico, Curaçao and the Dominican Republic, in addition to representation in Colombia, significantly increases its size and presence in Spain.

The team at Clifford Chance was led by partners Jose María Fernández-Daza, Head of the Corporate department and Jaime Velázquez, Managing Partner of Clifford Chance Spain. Luis Alonso, senior associate in the Corporate department managed the team, in collaboration with Roberto Grau, Counsel of the Tax group and Carlos Vergez, senior associate in the Antitrust group.