Types of financial institutions (banks) 1
At a general level one can distinguish between insurers (that we will discuss in another article) and banks.
In Spain there are four general types of banks:
Private institutions banks are usually publicly traded company, and is used mainly to mortgages and accepting deposits.
Savings. Are virtually identical to the banks except two characteristics:
1. Are public institutions owned by one or more government (municipality, region, county council, etc).
2. They do not pay taxes, but instead are required to distribute at least one third of its profits to works of social interest.
Credit unions. Are very similar to the savings banks, in fact it is often difficult to distinguish because they also adopt the name “box.” The main characteristic of these entities that are not public property, are actually owned by a “financial cooperatives.” Credit unions are often associated with a cooperative association or industrial or sectoral, so for example the Fund is linked to the Lawyers Bar Association. Read the rest of this entry →