May 3, 2018 / 8:54 PM / in a year

Banesco president Escotet steps down as non-executive chairman of Spain's Abanca

MADRID, May 3 (Reuters) - The president of Venezuelan bank Banesco Juan Carlos Escotet has temporarily stepped down as non-executive chairman of Spanish bank Abanca to assist his companies in Venezuela following the “seriousness of political events” there, Abanca said on Thursday.

Venezuela previously said it had arrested 11 top executives of Banesco for “attacks” against the country’s rapidly depreciating currency, the struggling OPEC nation’s latest move against the private sector.

In 2013, holding group Banesco, owned by Escotet, bought Spain’s regional bank NCG Banco, now rebranded Abanca, for one billion euros.

On Thursday, Abanca said Eraña Guerra would take over as non-executive chairman of the Spanish lender, ensuring the “normal functioning” of the bank’s governing bodies during the absence of Escotet. (Reporting By Jesús Aguado; editing by William Maclean)

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