Early Life
Juan Carlos Escotet Rodríguez was born in Madrid, Spain, on July 23, 1959. His parents were Spanish immigrants who later moved to Venezuela. At the age of 17, he began working at Banco Unión while also attending night school. This early exposure to banking sparked his interest in finance. He later earned a Master's degree in Professional Management Sciences from the University of Miami.
Rise to Success
Escotet's career took off after he earned his MBA. He worked as an executive for Sociedad Financiera Latinoamericana before creating his own financial group. He founded Escotet Casa de Bolsa in 1986, a brokerage firm. In 1991, he expanded the firm into full-service banking, establishing Banesco Banco Universal. During the 1990s, he acquired Venezuelan financial institutions during a financial crisis, expanding Banesco's presence. In 2012, Escotet acquired Banco Echevarría in Spain, and the following year, he acquired Novacaixagalega (NCG Banco), which was later rebranded as Abanca. He also served as the president of Real Club Deportivo de La Coruña.
Key Business Strategies
Escotet's strategy involved strategic acquisitions and mergers to expand Banesco's reach. He focused on international markets and invested in cutting-edge banking technology. His decision to focus on international markets during times of economic instability in Venezuela proved to be a successful strategy. Furthermore, his expansion into Spain with the acquisition of Banco Echevarría and Abanca has strengthened his financial group. He has over 900 banking branches in the Americas and Europe.
Philanthropy
Through the Banesco Foundation, Escotet has been involved in several initiatives, particularly in education, healthcare, and social welfare in the communities where the bank operates. His foundation supports numerous projects through the Presupuesto Participativo Banesco, which allocates funds based on participatory selection for initiatives addressing local needs.
