...MADRID (S&P Global Ratings) May 9, 2018--S&P Global Ratings said today that its ratings and outlook on Abanca Corporacion Bancaria S.A. (Abanca; ##/Positive/B) are not affected by events affecting Banesco Banco Universal C.A. (Banesco, not rated), which is owned by Abanca's controlling shareholder. Venezuela's government has decided to temporarily intervene in Banesco because of alleged irregularities on foreign currency transactions. Eleven bank executives have been arrested and the board of directors has been replaced with government-elected officials. Mr. Escotet--Abanca's non-executive chairman and the major shareholder of Banesco and Abanca--subsequently decided to step down from his role in the Spanish bank, on a temporary basis. He has been replaced by the chairman of Abanca's nominations committee, as stipulated in the bank's by-laws. In our opinion, these events don't affect our ratings on Abanca. Although Mr. Escotet owns a majority of both Abanca and Banesco, the two banks operate...
