Then in 1991, he added banking services and over the next years expanded to offer insurance. Three years later he merged his bank with Union, which marks the start of his financial career. In 2012 Banesco paid $66 million for a 70% stake in Banco Etcheverria, a 300-year-old Spanish bank. A married man, Juan Carlos Escotet has four grown sons, who are all involved in Banesco’s operations.
