Juan Carlos Escotet: Know More about Anticipations of ABANCA Holding Financiero for 2017 and 2018
ABANCA Holding Financiero, head of the ABANCA group, has paid 300 million euros to the FROB (Fund for the Orderly Restructuring of the Banking Sector) in advance; this amount is corresponding to the last term of the payments established in the purchase and sale agreement of the financial entity, which was awarded through a competitive auction procedure. This way, ABANCA Holding Financiero, controlled and managed by [Juan Carlos Escotet Rodríguez], finalizes the payments to the FROB with a year and a half of advance on the programmed schedule, which set for the middle of 2018 the date in which the last of the tranches should be settled. Know more about the financial compromises Abanca is taking for the next two years and its commitment to continue growing as one of the best financial institutions in Spain.
With this payment, Abanca accomplishes the announced commitment to accelerate payment of installments as much as possible: in May last year, the entire 2016 quota was paid and payments were anticipated for 50% of 2017 and 33% of that of 2018, making ABANCA fulfill in its entirety the privatization plan initiated in 2013.
Since its acquisition, over the last three years, ABANCA has developed a comprehensive transformation plan aimed at reformulating its management and corporate governance model, reinforcing its financial profile and repositioning the institution in the market.During these three years, the company has increased its market share, has proven its ability to generate value and profitability on a recurring basis, and has established its solvency position as one of the most solid entities in the sector. This effort has been recognized by rating agencies in their ratings, the most recent being the improvement announced yesterday by Standard and Poor’s in the long-term issuer rating of ABANCA.