Banesco
 | |
| Public (BVC: BBC) | |
| Industry | Finance and Insurance |
| Founded | (1992) |
| Headquarters | Caracas, Venezuela |
Key people |
Juan Carlos Escotet (Chairman) Miguel Angel Marcano (CEO) |
| Products | Banking |
| Revenue |
 US$ 2.5 Billion (2010) |
|
US$ 368.2 Million (2010) | |
| Total assets |
US$ 20.9 Billion (2010) |
Number of employees | 7,861 |
| Website | www.banesco.com |
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Banesco (BVC: BBC) is a bank based in Venezuela. As of 2008, it was the country's largest bank, with a market share of 14.2%.[1] 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 Baneskín "El Pana de Ahorro" (The Savings 'Buddy'). Banesco's Caracas headquarters, Ciudad Banesco, at 65,000 m², is Latin America's largest bank headquarters.
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 division came to dominate the company and was combined with the other divisions to form a banco universal (universal bank) (i.e. a bank that competes in all banking sectors like commercial banking, investment banking, lending, etc.).
Controversy
On 17 November 2015, Panamanian politician and lawyer Guillermo Cochez filed a complaint to Panama's Public Ministry against then head of Venezuela's National Assembly, Diosdado Cabello, for possibly laundering money at Banesco and for accepting bribes millions of dollars of bribes from Derwick Associates.[2]
In December 2015 following controversial investigations surrounding laundered drug money performed by the Bal Habour Police Department and Glades County Police without the cooperation of the United States Department of Justice, a report from The Miami Herald revealed that much of the drug money was ultimately funneled from multiple banks into Banesco, with some of the largest payments wired to the bank. It was found that William Amaro Sanchez, a secretary and longtime friend of President of Venezuela Nicolás Maduro that was described "as Maduro’s right-hand-man", had over $200,000 of the drug money transferred to his account. Juan Carlos Escort, head of Banesco, denied the allegations, although unnamed Banesco employees assured The Miami Herald that it was Amaro's account by providing information that included his account number, full name and Venezuelan government identification number.[3][4]
Following such revelations, Guillermo Cochez once again called on Panama's Public Ministry to investigate accounts in Banesco related to the Venezuelan government, including accounts belonging to Willam Amaro Sanchez and also possible accounts belonging to relatives of President Maduro's wife, Cilia Flores. After Flores' nephews were arrested by the United States Drug Enforcement Administration, it was discovered that one arrested nephew, Efraín Campo Flores, owned a Panamanian company, with Cilia Flores and other relatives belonging to the company's board of directors.[5]
References
- ↑ http://www.bloomberg.com/apps/news?pid=20601086&sid=aw7RcFW7_oXI&refer=latin_america
- ↑ "Denunciarán en Panamá a Diosdado Cabello junto a sobrino y ahijado de Maduro". EFE. 17 November 2015. Retrieved 20 May 2016.
- ↑ Sallah, Michael; Delgado, Antonio (26 December 2015). "Bal Harbour to Caracas: Millions in drug money". The Miami Herald. Retrieved 20 May 2016.
- ↑ Sallah, Michael (28 December 2015). "Bank denies report that Maduro aide was sent drug money". The Miami Herald. Retrieved 20 May 2016.
- ↑ "Denuncian en Panamá a Maduro y a su esposa por posible blanqueo de dólares". El Nuevo Herald. 4 January 2016. Retrieved 20 May 2016.
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