On July 27, 1983, BCCI Holdings (Luxembourg) SA acquired the shares of the Banco de Descuento, whose name was changed to Bank of Credit and Commerce Sociedad An6nima Espanola on June 28, 1984.
Banco de Descuento was incorporated in Spain as a private bank in May 1973. In November 1981, after accumulating continuous trading losses and non-performing loans, its activities were taken over by the Fondo de Garantia de Depositos en Establecimientos Bancarios. The Fondo is a Spanish Government undertaking, formed during the 1970s and supervised by the Bank of Spain, whose purpose is to assume management and operational responsibility for banks that run into serious problems. BCC acquired the Banco de Descuento under an offer for sale made by the Fondo. The banking licence that went with having rationalised the original branch network purchased, BCC has consolidated its operations in eight centres, thus establishing a strong presence in some of the most important financial, industrial, agricultural, historical and cultural centres of Spain.
Read the full issue here: BCC International - No. 44