All eyes turned to Venezuela in early 2026 when US military forces arrested the then-president, Nicolás Maduro, to be tried for drug trafficking. This change of scenario, executed by the Trump Administration, focused attention on Escotet, the majority shareholder of Abanca, Spain's seventh-largest financial institution.
A descendant of Asturians and Leonese, Escotet built his fortune on the Caracas stock exchange in the 80s, which allowed him to purchase Bancentro, later becoming Banesco, a sector leader in Venezuela with regional subsidiaries.
Although his relationship with Chavismo was initially comfortable —to the extent of being the only prominent businessman present at Hugo Chávez's funeral in 2013— the situation became complicated with the rise of Maduro, who eventually intervened Banesco. This prompted Escotet to focus his strategy on Spain.
He has been one of those who knew how to surf Chavismo and, at the same time, not raise too many suspicions in the US.
In Spain, after acquiring Banco Etcheverría and Novagalicia Banco, he created Abanca. The entity has consolidated as a mid-sized bank, and Escotet's name has appeared in consolidation speculations, especially after the failure of BBVA's takeover bid for Banco Sabadell, opening a horizon for medium-term movements.
