Juan Carlos Escotet

About Juan Carlos Escotet

Birth Year: 1959
Birth Place: Caracas, Venezuela, Venezuela
Residence: Caracas, Venezuela
Alma mater: Universidad Catolica Andres Bello University of Miami
Known for: Founder, Banesco
Spouse(s): married
Children: 4

Juan Carlos Escotet

Juan Carlos Escotet was born on 1959 in Caracas, Venezuela, Venezuela. Juan Carlos Escotet is the founder of Caracas-based banking group Banesco. In 2013, Banco Etcheverria, the 300-year-old Spanish bank for which Escotet paid around $90 million in 2012, bought Spanish bank Abanca for $1.3 billion. Banesco also has arms in Panama, the Dominican Republic, Puerto Rico, Colombia and the United States, and owns Banesco Seguros, an insurance company that operates in Escotet's home country, Venezuela. He began working as a messenger for Banco Union when he was 17 while studying economics. In 1986, he founded Casa de Bolsa Escotet Valores, a brokerage house. He added banking services in 1991, and over the years expanded to offer insurance. In 2001, he merged his bank with Banco Union, where he'd started his financial career. Escotet enjoys running and aquatic sports. He has four grown sons, all of whom work with their father at Banesco.
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Juan Carlos Escotet was born in Madrid in 1959. Escotet, one of eight immigrant children from Spain, first began to work doing errands for a bank in Venezuela in 1976. He was in night school while working full-time at Banco Union. He later earned a master's degree in professional management science from the University of Miami.


Following his schooling, Escotet worked as an executive for Sociedad Financiera Latinoamericana, working towards his own financial group. In the 1990s, Escotet gathered enough money to buyout Venezuelan financial institutions going through the banking crisis and set up his own Panama establishment. Escotet founded Banesco and in 2000, merged Banco Union with his company. He owns other branches in Miami, Panama, Colombia, Curacao, the Dominican Republic and Puerto Rico. In 2015, he acquired Abanca in Spain.

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