A reserve-accounting trick that hid €3.6bn and toppled Banesto
Spain's third-largest bank hides €3.6 billion in concealed losses, threatening its 111-year legacy. An ambitious new chairman takes the helm, promising a modern future.
A reserve-accounting trick that hid €3.6bn and toppled Banesto
This episode explores the hidden financial practices within Banesto, Spain's third-largest bank, leading up to a pivotal moment in December 1993. It delves into the bank's origins and the rise of an unconventional chairman.
Person: Mario Conde
Date: December 28, 1993
Location: Madrid, Spain
Event: Bank of Spain intervention
Amount: €3.6 billion
- Banesto was…
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