Banco Atlántico
Corporate brand
UnclaimedA Barcelona-based Spanish bank that developed from a Cuba-linked remittance and investment business before becoming part of Banco Sabadell in 2003.
Last updated August 24, 2026
Overview
Banco Atlántico was a Spanish banking institution headquartered in Barcelona. Its origins lay in a currency-exchange business operated in Cuba by José and Francisco Nonell y Feliu from 1885. Shortly after Cuba became independent from Spain, the brothers relocated their business to Barcelona and, together with local merchants, established Nonell, Rovira y Matas in 1901. The early institution was intended in part to channel capital repatriated from Cuba into securities and other investments in Spain. The bank changed its name to Nonell Hermanos in 1917 and later became known as Banca Nonell during the 1920s. A major ownership and identity change occurred in 1946, when Claudio Güell y Churruca, Count of Ruiseñada, took control and renamed the institution Banco Atlántico. The bank subsequently entered a period of changing ownership and international participation. In 1961, Güell's descendants sold their shares to a new investor group, and Continental Illinois Bank acquired a stake. Control later passed to Rumasa, the Spanish holding company associated with José María Ruiz Mateos. During the 1970s and early 1980s, Banco Atlántico expanded its international footprint while also growing substantially in Spain. It opened an agency in New York in 1975, retained until 2001, and operated or held interests connected with the Cayman Islands, Switzerland, Panama and other financial centers. At the time of Rumasa's nationalization in 1983, the bank was described as Spain's tenth-largest bank, with 172 domestic branches, a New York agency, a Cayman Islands branch, subsidiaries in Switzerland and Panama, and representative offices in eight countries. The nationalization of Rumasa by the Spanish government in 1983 placed Banco Atlántico under public ownership. The intervention formed part of a broader response to the financial problems of the Rumasa conglomerate, which included numerous banks and hundreds of other companies. In 1984, the government sold Banco Atlántico to a consortium involving Arab Banking Corporation, BBVA and Allianz. Under the new ownership, the bank expanded private-banking activities through subsidiaries or operations in The Bahamas, Gibraltar and Monaco, while disposing of its Swiss subsidiary. Banco Exterior later replaced BBVA and Allianz among the shareholders. Banco Atlántico remained an independently identifiable banking institution through the 1990s, although its ownership continued to evolve. BBVA regained a partial interest in 1999 following its acquisition of Argentaria, the state-created banking group that included Banco Exterior. The final major transition came in 2003, when Banco Sabadell acquired Banco Atlántico after competing with institutions including Barclays Bank and Portugal's Caixa Geral de Depósitos. Banco Atlántico was subsequently absorbed into Banco Sabadell Group, ending its existence as a separate bank brand and legal banking operation. Its historical significance rests on its transformation from a Barcelona merchant and remittance-oriented institution into an internationally active Spanish bank, followed by state intervention, reprivatization and eventual consolidation within one of Spain's major banking groups.
History
Banco Atlántico originated in the financial activity of José and Francisco Nonell y Feliu, who operated a currency-exchange business in Cuba from 1885. After Cuban independence, the brothers moved their enterprise to Barcelona. In 1901, they worked with local merchants to form Nonell, Rovira y Matas, a bank intended to support the investment in Spain of funds returning from Cuba. The institution's identity changed several times. It became Nonell Hermanos in 1917 and Banca Nonell during the 1920s. In 1946, Claudio Güell y Churruca, Count of Ruiseñada, acquired control and renamed it Banco Atlántico. His descendants sold their shares in 1961, after which a new investor group took over. Continental Illinois Bank acquired a participation during this period, but ownership later moved to Rumasa, the Spanish holding company controlled by José María Ruiz Mateos. Banco Atlántico expanded beyond its Spanish base during the 1970s. It established an agency in New York in 1975, maintaining that presence until 2001. By the time Rumasa was nationalized in 1983, the bank had become Spain's tenth-largest bank according to the available historical account. It had 172 branches in Spain, an agency in New York, a branch in Grand Cayman, subsidiaries in Switzerland and Panama, and representative offices in eight countries. The Spanish Socialist government nationalized Rumasa in 1983, bringing Banco Atlántico into public ownership. The intervention reflected the broader financial difficulties of the Rumasa group, which comprised around 20 banks and approximately 300 other companies. In 1984, the state sold Banco Atlántico to a consortium led by Arab Banking Corporation and including BBVA and Allianz. The bank then enlarged its private-banking activities through operations or subsidiaries in The Bahamas, Gibraltar and Monaco, while divesting its Swiss subsidiary. Banco Exterior subsequently replaced BBVA and Allianz as shareholders. The ownership structure changed again in 1999, when BBVA obtained a partial interest after purchasing Argentaria, a government-created banking group that included Banco Exterior. In 2003, Banco Sabadell acquired Banco Atlántico in a competitive transaction involving other prospective buyers, including Barclays Bank and Caixa Geral de Depósitos. Banco Sabadell then absorbed the institution. Banco Atlántico therefore ceased to operate as an independent bank, while its assets, activities and historical identity became part of Banco Sabadell Group.
- 2003
Acquired and absorbed by Banco Sabadell
[1]Banco Sabadell acquired Banco Atlántico and integrated it into Banco Sabadell Group.
- 2001
New York agency closed
[1]The bank's New York agency, opened in 1975, ceased operations.
- 1984
Reprivatized to an ABC-led consortium
[1]Arab Banking Corporation, BBVA and Allianz acquired Banco Atlántico from the government.
- 1983
Nationalization through Rumasa intervention
[1]The Spanish government nationalized Rumasa, bringing Banco Atlántico into public ownership.
- 1975
New York agency opened
[1]Banco Atlántico established an agency in New York as part of its international expansion.
- 1961
Güell family sells its shares
[1]The descendants of Claudio Güell transferred their holdings to a new investor group.
- 1946
Renamed Banco Atlántico
[1]Claudio Güell y Churruca took control and gave the bank the Banco Atlántico name.
- 1920
Known as Banca Nonell
[1]During the 1920s, the institution operated under the Banca Nonell name.
- 1917
Renamed Nonell Hermanos
[1]The bank adopted the name Nonell Hermanos.
- 1901
Nonell, Rovira y Matas founded in Barcelona
[1]After relocating from Cuba, the Nonell brothers and local merchants formed a Barcelona bank focused partly on investing repatriated Cuban capital.
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Products and positioning
A Spanish full-service bank with roots in Barcelona and a notable international and private-banking orientation.
Banking
Commercial banking
Banco Atlántico operated as a general banking institution serving the Spanish market. The available historical material identifies its branch network and international banking structure, but does not provide a detailed catalogue of named account, lending or payment products.
Wealth management · 1984
Private banking
Private banking became an emphasized area after the 1984 change in ownership. The bank expanded related operations through financial centers including The Bahamas, Gibraltar and Monaco, although the source material does not specify individual products or services.
International finance · 1975
International banking
The institution maintained an international network that included a New York agency, a Cayman Islands branch, subsidiaries in Switzerland and Panama, and representative offices in multiple countries. These activities supported its cross-border banking profile before the bank was absorbed by Banco Sabadell.
Brand decisions
2003
Acquisition by Banco SabadellM&ABackground
Banco Atlántico remained an independent Spanish bank but attracted competing acquisition interest from Banco Sabadell, Barclays Bank and Caixa Geral de Depósitos.
Action taken
Banco Sabadell won the acquisition and absorbed Banco Atlántico into its group.
Aftermath
Banco Atlántico ceased to exist as a separate bank and brand.
1984
Sale to Arab Banking Corporation-led consortiumM&ABackground
After the nationalization of Rumasa, the Spanish government sought a new ownership structure for Banco Atlántico.
Action taken
Arab Banking Corporation, BBVA and Allianz acquired the bank from the government.
Aftermath
The bank expanded private-banking activities internationally, later changing its shareholder structure when Banco Exterior replaced BBVA and Allianz.
1983
Government nationalization following the Rumasa interventionStrategyBackground
Banco Atlántico was part of Rumasa when the Spanish government intervened in the conglomerate because of its extensive financial difficulties.
Action taken
The government nationalized Rumasa and assumed ownership of Banco Atlántico.
Aftermath
Banco Atlántico was later sold to a consortium led by Arab Banking Corporation and eventually returned to private ownership.
Recent events
- 2003
Banco Atlántico acquired and absorbed by Banco Sabadell[1]
M&A · Leadership change
Banco Sabadell won the acquisition of Banco Atlántico after competing with Barclays Bank and Caixa Geral de Depósitos, and subsequently absorbed the bank into its group.
- 1999
BBVA regains a partial interest through Argentaria[1]
M&A
BBVA regained partial ownership after acquiring Argentaria, whose banking assets included Banco Exterior, a shareholder of Banco Atlántico.
- 1984
Banco Atlántico sold to an Arab Banking Corporation-led consortium[1]
M&A
Following nationalization, the government transferred Banco Atlántico to a consortium involving Arab Banking Corporation, BBVA and Allianz.
- 1983
Spanish government nationalizes Rumasa, including Banco Atlántico[1]
Regulation · Other
Banco Atlántico was brought under public ownership during the nationalization of the financially troubled Rumasa conglomerate by the Spanish government.
Sources1 sources
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