Mario Conde

In this Spanish name, the first or paternal surname is Conde and the second or maternal family name is Conde.
Mario Conde
Conde in La Moncloa, 1988
Chairman of Banesto
In office
16 December 1987 – 28 December 1993
President of Civil Society and Democracy
In office
6 October 2012 – 21 May 2013
Personal details
Born (1948-09-14) 14 September 1948 (age 76)
Tui, Spain
Political partyCDS
SCD
Spouses
María Lourdes Arroyo Botana
​
​
(m. 1973⁠–⁠2007)​
María Pérez-Ugena Corominas
​
​
(m. 2010⁠–⁠2016)​
Children2
Alma materUniversidad de Deusto
Occupation
Signature

Mario Antonio Conde (Spanish: [ˈmaɾjo ˈkonde]; born 14 September 1948) is a Spanish businessman, former banker, state lawyer and politician. He served as chairman of Banesto from November 1987 to December 1993, when he was dismissed and the firm intervened by the Bank of Spain, in what would become the first major interference of a government in a financial institution.[1] At the peak of his career in 1987, a 38-year-old Conde controlled over 1% of Spain's GDP.[2]

Son of a humble customs inspector, he was noted for his studying and hard-working capabilities, which led him to obtain the highest distinction of his year's Law promotion at the University of Deusto. Conde's career came to the spotlight when, age 24, he became the youngest State Lawyer in the history of Spain, achieving also the highest grade ever attained in the corps.[3] He remarkably earned the title in little more than a year, when the average candidate took 5.[4]

After working for two years in the Ministry of Finance, Conde met Juan Abelló who, convinced of his talent, offered him a place as board member at his family's laboratory. Following the sale of the laboratories to Merck Sharp & Dohme in 1984, they gained control of Antibióticos S.A., an important antibiotics firm.[5] In March 1987, Conde and Abelló took part in what became the most ambitious transaction in the history of private business in Spain at the time, the sale of 100% of the shares of Antibióticos S.A. to Montedison for US$450 million (approximately US$1 billion today).[6]

The exceptionally wealthy Conde and his partner Abelló, who had amassed a fortune following the deal with Montedison, bought a significant amount of shares of Banesto, one of the largest banks in Spain, so to become members of the management board.[7] Conde was eventually appointed executive chairman on 30 November 1987, becoming the youngest financial chairman of the moment.[8] As a result of six years of an allegedly corrupt management of the bank and excessive credit-lending, there was a patrimonial hole in Banesto tentatively estimated at €3.6 billion (equivalent to roughly US$7.2 billion today)[9] on 28 December 1993. Luis Carlos Croissier, the President of the Comisión Nacional del Mercado de Valores, the financial regulator of the national securities markets, decided to impose a trading halt on Banesto, and Luis Ángel Rojo, the Governor of the Bank of Spain, communicated the intervention of the banking entity, tasking Alfredo Sáenz Abad with chairing the board of directors of Banesto in a temporary basis.[10] Conde, who stayed in preventive detention from December 1994 to January 1995,[11] faced a trail of judicial problems. He was sentenced to 10 years in prison in March 2000 by the Audiencia Nacional (raised to 20 years in 2002 by the Supreme Court).[11] He in fact served 11 years before being paroled.[12]

Mario Conde was seen for many years as the ultimate societal role-model. His embodiment of the self-made man was admired by many, dubbing him "the real life Great Gatsby"[13] but also "Spain's Machiavelli".[14]

  1. ^ "De estudio sobre la intervención del Banco Español de Crédito" (PDF). Diario de Sesiones del Congreso de los Diputados (323). 19 October 1994.
  2. ^ [1] La Razón: Mario Conde: "Se ha side injusto con el Rey Juan Carlos" - 16 November 2019
  3. ^ [2] La Vanguardia: Mario Conde, el más listo de clase (11 April 2016)
  4. ^ [3] Valls-Taberner, Luis: Querido Mario, queried Luis - Cartas entire Mario Conde y un jóven emprendedor
  5. ^ [4] CincoDías (EL PAÍS): ADL Bionatur, la empresa que resucita del pelotazo de Conde y Abelló - 21 August 2018
  6. ^ [5] NY Times: Montedison Deal - March 4, 1987
  7. ^ "Mario Conde, de banquero de moda a condenado". ABC. 29 July 2002.
  8. ^ Cuartango, Pedro G. (12 April 2016). "Soberbio, ambicioso y amoral". El Mundo.
  9. ^ "Mario Conde: The brief but brilliant career of a failed banker". El País. 12 April 2016.
  10. ^ "El año que cambio Banesto". El País. 28 December 1994.
  11. ^ a b "El Supremo eleva de 10 a 20 años la condena impuesta a Mario Conde por el 'caso Banesto'". El Mundo. 30 July 2002.
  12. ^ "Detenido Mario Conde, acusado de blanquear y repatriar el dinero saqueado a Banesto". Faro de Vigo (in Spanish). Prensa Ibérica. 12 April 2016. Retrieved 24 September 2018.
  13. ^ [6] EL PAÍS: Ex-banker Mario Conde arrested for transferring ill-gotten gains - 11 April 2016
  14. ^ [7] The Independent: The rise and fall of Spain's Machiavelli - 2 June 1996