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BANKS EEA

Acquiring a bank

Acquiring a bank is complicated transaction. It involves all the processes of acquisition including receiving financial regulatory approvals.
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  • SPAIN

    Inhabitants - 46,754,784 (July 2011)

    Language - Castilian Spanish (official) 74%, Catalan 17%, Galician 7%, and Basque 2%

    Currency - EURO (EUR)

    Religion - Roman Catholic 94%, other 6%

    Politics - the political form of the government of Spain is a parliamentarymonarchy, that is, a socially representative, democratic and constitutional monarchy in which the Monarch is the head of state and the Prime Minister — whose official title is "president of the Government" — is the head of government. Executive power is exercised by the government, which involves the prime minister, deputy prime ministers, and other ministers, who collectively form the Council of Ministers. Legislative power is vested in the Cortes Generales (General Courts), a bicameral parliament constituted by the Congress of Deputies and the Senate. The judiciary is independent of the executive and the legislature, administering justice on behalf of the King by several judges and magistrates.

  • The Supreme Court of Spain is the highest court in the land, with jurisdiction in all Spanish territories, superior to all in all affairs, except in constitutional matters, which are the competence of the Constitutional Court.

    Major industries – textiles and apparel (including footwear), food and beverages, metals and metal manufactures, chemicals, shipbuilding, automobiles, machine tools, tourism, clay and refractory products, footwear, pharmaceuticals, medical equipment.

    Banks (2010) - 337 banks; 43,164 branches; 263,715 employees; assets – EUR 3,251 trillion; loans – EUR1,989 trillion; deposits – EUR 1,888 trillion.

    Banking regulations - the Banco de España is the national central bank and supervisor of the Spanish banking system. Its activity is regulated by the Law of Autonomy of the Banco de España. When performing its supervisory functions, the Banco de España collaborates closely with other supervisory authorities that work in the areas of securities (the National Securities Market Commission) and insurance (the Directorate General of Insurance).

  • The Banco de España also collaborates with the Executive Service of the Commission for the Prevention of Money Laundering and Monetary Offences, the authority that ensures compliance with regulations covering these areas. It should also be noted that Spain's regional governments are responsible for certain aspects of the operations undertaken by savings banks and credit co-operatives. Any new bank must be authorised by the Ministry of Finance on the basis of a report from the Banco de España. The minimum share capital required to open a bank is EUR 18 million, fully paid up in cash and divided into registered shares.