Juan Carlos Escotet: "we are bankers pure and simple"
The president of Banesco: "we have no presence in other businesses"
Edwin Ruiz
SD. The Venezuelan, one guy los Escotet Rodriguez is a banker who proposes to rescue the primary function of the bank, which with his words he defines as "the financial intermediation pure and simple." This orientation consists of capturing deposits from the public in order to loan them to the companies, or which is the same thing: minding our own business.
"This is what we know about," he says. And this means: "we don't get involved in developing property nor do we have any media, nor are we involved in industry."
The banker feels that the way to appreciate loyalty from their clients, is not to compete with them in their businesses. Because of this he says: "we are bankers and insurance agents by conviction and not because we have any other business."
This statement of principle come from someone who began his business life as a property broker at a brokerage firm in 1986, but he made it clear that "it was for a very short period," because the idea which began to appear through the opportunities which came about in 1992 in Venezuela with the purchase "of a very little bank," was always to enter the banking business.
And it became big, since 22 years later the Banesco Group is international, with a presence besides Venezuela in 12 countries. Among them are the United States, the Dominican Republic, Colombia, Mexico, Argentina and Spain.
What emerged from this "tiny little bank" in 1992, at the close of 2013 registered a net worth of US $7.211 billion and assets of US $121.3 billion. On the other hand, its earnings amounted to US $1.4 billion. In November 2013 it consolidated its presence in Spain with the purchase of the Novagalicia Bank for which it paid 1.003 billion Euros. Before this, in April 2003, the Banesco Group had acquired 44.73% of the Etcheverria Bank.
In the Dominican Republic, Banesco began its operations in 2011. Last night in the presence of President Danilo Medina in a formal act it began the operations of Banesco Insurance.
This event was headed by Escotet Rodriguez who yesterday morning held a meeting with media directors in addition to some economic section editors. He was asked what he would say to President Danilo Medina. Escotet answered: "I would congratulate him for the institutional stability of the country, the principal asset of a nation." Before this he had been asked if the political climate in Venezuela influenced in the decision by the Banesco Group to invest in the purchase of banking entities in Spain. "Really no, our internationalization comes from a long time ago," he answered.
He added that for some time it was considering the idea of Europe, and facing the future, he feels that Asia "is an obligatory destination."
The growth strategy in the Dominican Republic is "to grow from zero," which means an organic growth, beginning from the birth and the development of the bank and of the insurance company from the cradle. Nevertheless if opportunities present themselves in the future he does not discard a "inorganic growth," which in the "menu of options" of Banesco, includes the acquisition of other banking entities or insurance companies in the Dominican market. But at the present time, "no opportunity has been identified today and we have not had conversations with anyone."
After three years of organic growth, Banesco Dominicana is expecting earnings in 2014; it has 15 offices, 320 employees and assets of US $320 million.
"This says a lot about the potential that the Dominican Republic has," commented the president of the Banesco International Group.
Banesco Insurance begins operations in the DR
The formal launch of the operations of Banesco Insurance in the Dominican Republic was held last night although the insurance company has been operating since the beginning of the year. In attention to this activity, Juan Carlos Escotet is visiting the country, accompanied by Luis Xavier Lujan, the president of the board of directors of Banesco Insurance DR and a director of the Banesco Group. During the event, Elias Pablo, the general manager of the new insurance company was also present.
Luis Xavier Lujan explained that Banesco Insurance in the Dominican Republic is a multi-product multichannel insurance company, which has a capital of more than US 3.0 billion. It sells personal, property and automobile policies.
"This is what we know about," he says. And this means: "we don't get involved in developing property nor do we have any media, nor are we involved in industry."
The banker feels that the way to appreciate loyalty from their clients, is not to compete with them in their businesses. Because of this he says: "we are bankers and insurance agents by conviction and not because we have any other business."
This statement of principle come from someone who began his business life as a property broker at a brokerage firm in 1986, but he made it clear that "it was for a very short period," because the idea which began to appear through the opportunities which came about in 1992 in Venezuela with the purchase "of a very little bank," was always to enter the banking business.
And it became big, since 22 years later the Banesco Group is international, with a presence besides Venezuela in 12 countries. Among them are the United States, the Dominican Republic, Colombia, Mexico, Argentina and Spain.
What emerged from this "tiny little bank" in 1992, at the close of 2013 registered a net worth of US $7.211 billion and assets of US $121.3 billion. On the other hand, its earnings amounted to US $1.4 billion. In November 2013 it consolidated its presence in Spain with the purchase of the Novagalicia Bank for which it paid 1.003 billion Euros. Before this, in April 2003, the Banesco Group had acquired 44.73% of the Etcheverria Bank.
In the Dominican Republic, Banesco began its operations in 2011. Last night in the presence of President Danilo Medina in a formal act it began the operations of Banesco Insurance.
This event was headed by Escotet Rodriguez who yesterday morning held a meeting with media directors in addition to some economic section editors. He was asked what he would say to President Danilo Medina. Escotet answered: "I would congratulate him for the institutional stability of the country, the principal asset of a nation." Before this he had been asked if the political climate in Venezuela influenced in the decision by the Banesco Group to invest in the purchase of banking entities in Spain. "Really no, our internationalization comes from a long time ago," he answered.
He added that for some time it was considering the idea of Europe, and facing the future, he feels that Asia "is an obligatory destination."
The growth strategy in the Dominican Republic is "to grow from zero," which means an organic growth, beginning from the birth and the development of the bank and of the insurance company from the cradle. Nevertheless if opportunities present themselves in the future he does not discard a "inorganic growth," which in the "menu of options" of Banesco, includes the acquisition of other banking entities or insurance companies in the Dominican market. But at the present time, "no opportunity has been identified today and we have not had conversations with anyone."
After three years of organic growth, Banesco Dominicana is expecting earnings in 2014; it has 15 offices, 320 employees and assets of US $320 million.
"This says a lot about the potential that the Dominican Republic has," commented the president of the Banesco International Group.
Banesco Insurance begins operations in the DR
The formal launch of the operations of Banesco Insurance in the Dominican Republic was held last night although the insurance company has been operating since the beginning of the year. In attention to this activity, Juan Carlos Escotet is visiting the country, accompanied by Luis Xavier Lujan, the president of the board of directors of Banesco Insurance DR and a director of the Banesco Group. During the event, Elias Pablo, the general manager of the new insurance company was also present.
Luis Xavier Lujan explained that Banesco Insurance in the Dominican Republic is a multi-product multichannel insurance company, which has a capital of more than US 3.0 billion. It sells personal, property and automobile policies.
Edwin Ruiz
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