Banesto ( officially Banco Español de Crédito, SA ) is a Spanish bank and listed on the Madrid Stock Exchange.
The bank is part of the group Grupo Santander, whose main shareholder Banco Santander holds 88.5 per cent stake in Banesto. Banesto is one of the five largest financial companies in Spain and has over 1,700 offices.
In December 2012, Grupo Santander announced that it fully dissolve the company Banesto to May 2013, Grupo Santander and want to operate the branch network and banking business under his own name on.
In the years 1993 and 1994, the Caso Banesto caused a stir. Due to a funding shortfall, the Executive Board considered under the leadership of Mario Conde an entry, the U.S. bank JP Morgan. This plan, however, was prevented by the Banco de España, which deposed the Board in December 1993 and the Bank sold to Grupo Santander in the following year. The process is known as Spain's longest proceedings against economic crime, was sentenced in the course of which the main responsible Mario Conde to long prison sentences.
Outside Spain, the name Banesto as a former sponsor of the cycling team of the same name is known, which supported, among others, the successful cyclist Miguel Indurain. However, after 2005, the Bank withdrew as a sponsor.