History
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1899 - Founding of Banco Guipuzcoano
At the end of the 19th century, there were no local banks in San Sebastian. There just were banking houses that ran as family businesses, but were insufficient to attend to the needs of the clients of the town and to the growing industry in the province.
A group of investors from Bilbao became aware of that situation and decided to found a Bank in San Sebastian with a capital of five million pesetas. Half of that amount was reserved for the group of financiers from Bilbao, and the other half was offered to any people in the city who might be interested. The success was so overwhelming that shares had to be awarded as the result of a draw.
The 9 October 1899, the founding directors met and that same day the public deed for the new Bank had been granted.
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1950 - Consolidation as a Regional Bank
Banco Guipuzcoano grew significantly in the first half of the 20th century. It was a time marked by historical events, such as the First World War, the 2nd Republic and the Spanish Civil War, with continuous instability and profound crises. Despite it all, Banco Guipuzcoano managed to grow itself. It took over a number of local banks and began to expand in other geographical areas. Likewise, agreements with other entities facilitated that expansion.
In the 1950s, driven by the economic climate of growth, both of the Spanish economy and, in particular, that of the province of Gipuzkoa, the Bank was consolidated as a Regional Bank.
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1950 - 1988 Expansion and growth
In the setting of a growing economy, the 60s saw the beginnings of a gradual bank liberalisation process which would culminate in the 1970s. The increasing competition led banks, especially Banco Guipuzcoano, to adapt their structure to the changing times. Not all the financial institutions managed to face up to this challenge.
In the 70s and 80s, the Banco Guipuzcoano introduced fundamental changes to its business structure, both in computerisation and in the offer of new products. This was accompanied by a strong policy of upgrading and training its workforce to meet the demands of the new services. The Bank passed these tests with flying colours and attained productivity levels comparable to those of the well established and solid companies.
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1988 - Beginning of a new era
When Spain joined the EEC in 1986, the Bank embarked upon its second big stage of modernisation. It was a time when a movement in favour of bank mergers, takeovers or arrangements to achieve greater size was sweeping through the sector. Banco Guipuzcoano was also the object of interest from other financial groups, among them Banesto, but these attempts were not successful due to the determination and support of the Bank’s chairman, directors, shareholders and staff.
That merger movement continued to the end of the last century, sustained by ever-growing competition and the narrowing of financial margins, which led to increasingly more complex bank management. The liberalisation of capitals market in 1992, together with the coming into circulation of the euro, forced the Bank to consider new business strategies. Banco Guipuzcoano then decided on a bid to improve its management and organisation, to increase its productivity and to lower costs.
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Banco Guipuzcoano in the 21st century
Today, with close to 25,000 shareholders, Banco Guipuzcoano is a solid entity with more than 100 years of service to individual clients, companies and institutions.
The Bank has reached a level of national expansion and is present in all of the autonomous communities in Spain. Good profits obtained in the last accounting years, the continued trust of our clients and the acknowledgement of our shareholders allow us to set our sights on the future, with both prudence and optimism, as we consider the new challenges ahead to keep growing.