Deals
Escotet Joins Rich Latin Americans Investing in Spanish Banks
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Venezuelan billionaire Juan Carlos Escotet is building a bank in the country his father left in 1947, as rich Latin Americans invest in Spanish lenders.
The Banesco Group, a Venezuelan bank controlled by Escotet, 54, made a winning 1 billion-euro ($1.37 billion) bid this week for NCG Banco SA, a lender nationalized under a 41 billion-euro banking bailout sought by Spain last year. Banco Sabadell SA raised 1.38 billion euros in September from investors including the Colombian billionaire Jaime Gilinski, and Mexican investors with Spanish roots this month agreed to buy a 450 million-euro stake in Banco Popular Espanol SA.