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35-688: Both the Central Bank and the Banco Hispano Americano were closely linked to the struggling industrial sector following the first oil crisis . The Central Bank was founded in 1919, growing alongside the Spanish industry, but faced challenges in the 1970s. The Hispano Americano Bank, established in 1900, inherited a portfolio from Banco Urquijo that heavily exposed it to the industrial sector. In 1985, banker Claudio Boada restructured it, shifting its focus to loans and deposits. In 1991, Alfonso Escámez led

70-479: A Spanish bank, with the aim of channeling commercial activities between Iran and Spain. That same year Banco Hispano Americano and Banco Urquijo created a company aimed at promoting and managing Spanish commercial and industrial operations in Iran, as well as attracting resources from that country. Among the companies participating in the company were Duro Felguera , Entrecanales , and CAF. The expansive strategy followed by

105-536: A group of investors brought together by Antonio Basagoiti Arteta , a businessman from Biscay who had made his fortune in Mexico in the textile, leather, agricultural, and railroad sectors. The Zaldo and Ibáñez families were among the group, who had also prospered in the United States. On October 25, 1900, the investment conclave resulted in the foundation of a financial institution with a national vocation. Until then, only

140-481: A lender of last resort. Unlike other institutions, the process consolidated a conservative management policy that prevented excessive involvement during the First World War . As of 1929 and following the appointment of Andrés Moreno García as general manager, management was decentralized. Throughout its existence, the entity made important investments in the Spanish industrial sector. It was closely associated with

175-606: A long reorganization process and provided Ptas. 45,000 million in aid, which was partly provided by the rest of the large banks and the Deposit Guarantee Fund. These resources were returned when Hispano sold Banco Urquijo Unión to the March Group in November 1988. For this sale, Hispano obtained 67,500 million pesetas. The merger in 1991 with Banco Central was the culmination of a merger process whose first attempt dated back to

210-542: Is a highly toxic river in southwestern Spain that rises in the Sierra Morena mountains of Andalusia . It flows generally south-southwest, reaching the Gulf of Cádiz at Huelva . The Rio Tinto river has a unique red and orange colour derived from its chemical makeup that is extremely acidic and with very high levels of iron and heavy metals . The river maintains its colour for an approximate length of 50 kilometres. After

245-460: Is approximately 100 km (62 mi) long and is located within the Iberian Pyrite Belt . This area has large amounts of ore and sulphide deposits. The Rio Tinto area has been the site of approximately 5,000 years of ore mining , including copper , silver , gold , and other minerals, extracted as far as 20 kilometres from the river shores. As a possible result of the mining,

280-664: Is still undetermined if the unique water chemistry of the Rio Tinto developed as a result of thousands of years of mining or by natural causes, it is possible that the river's chemical makeup is due to the combination of both natural causes and acid mine drainage . The river drains an area with huge deposits of sulphides which was formed more than 350 million years ago. When sulphides are exposed to air, water, and microorganisms, drainage from acidic rocks flows into surface and ground water. Mining, however, greatly increases exposed areas. This river has gained recent scientific interest due to

315-555: The Banco de España had branches throughout Spain, and the founders of the BHA wanted to create a private banking infrastructure with a peninsular scope. At the end of 1913, BHA suffered a crisis of confidence due to the bank's rumored commercial presence in Mexico, then plagued by political instability . The crisis was resolved with the intervention of the Bank of Spain, which acted for the first time as

350-408: The 2010s led to efforts by EMED Mining to reopen the mine, but difficulties in acquiring all necessary property rights, environmental concerns, and obtaining regulatory approval delayed reopening. The mine, which employed as many as 20,000 in the past, would employ 350 people during its startup phase. Environmental concerns are centred on long disused water reservoirs which might not be able to withstand

385-462: The 50 kilometre mark, the chemistry that makes the Rio Tinto river so unique appears to slowly decline, as does the odd colouring. The location where the chemistry of the river is altered is near the town of Niebla . The river's chemistry begins to significantly change following the town of Niebla as the Rio Tinto blends itself with other streams that are connected to the Atlantic Ocean . The river

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420-462: The Central Bank, while José María Amusátegui was president of the Hispano Americano. Attempts to merge the two banks began in the 1960s, led by Ignacio Villalonga and Antonio Basagoiti. However, the deal fell through due to concerns from Finance Minister Juan José Espinosa over the resulting bank's power. Another attempt under Luis de Usera and Escámez also failed, as Usera was not convinced by

455-524: The Jarillas Pact, signed in 1944 between the Marquises of Aledo and Urquijo, the industrial banking operations were left in the hands of Banco Urquijo. The industrial crisis of the late 1970s and early 1980s severely affected the banks' industrial portfolios. In 1984 the bad situation was such that the then president of BHA, Claudio Boada , was forced not to distribute dividends. The Bank of Spain supervised

490-608: The Rio Tinto area traces back to the Tartessans and the Iberians starting mining in 3000 BC, followed by the Phoenicians , Greeks , Romans , Visigoths , and Moors . The Rio Tinto region has been the source of approximately 5,000 years of ore extraction, and chemical refinement primarily for copper , silver and gold , and later for iron , manganese and other minerals. This long standing mining activity has vastly modified

525-451: The Rio Tinto, high in metal sulphides, provide an ideal environment for chemolithoautotrophic microorganisms, with the sulphides acting as a food source. The product of metal sulphide metabolism through oxidization is ferric iron and secretion of acidic liquid. The continuation of this process for an extended period of time is thought by some scientists to be responsible for keeping the river's pH between 2 and 2.5 in most areas. Even in

560-473: The Río Tinto is notable for being very acidic ( pH 2) and its deep reddish hue is due to iron dissolved in the water. Acid mine drainage from the mines leads to severe environmental problems because the acidity (low pH) dissolves heavy metals into the water. It is not clear how much acid drainage has come from natural processes and how much has come from mining. There are severe environmental concerns over

595-566: The company made it the second-largest Spanish bank in 1977. The opening of an office in Tehran was not the only case of international expansion, as BHA established offices in cities such as Rio de Janeiro , São Paulo , London , Lisbon , and Moscow . In 1984, the Ministry of Economy and Finance awarded Banco del Norte due to the re-privatization of the Rumasa Group banks. As a consequence of

630-543: The composition of the board of directors of the new entity. On October 30, 1991, the shareholders of BC and BHA banks voted on the bank merger. Due to the conditions under which the process was carried out, the merger was really an absorption of BHA by BC. On November 1, the Bank of Spain issued a favorable report on the operation. Likewise, the Directorate General of Taxes sent all the documentation presented to formalize

665-471: The country. The activities of the Hispano Americano were not limited to the financial sector and it also had a prominent presence in the industrial sector through various investments. It was also linked to foreign trade, operating in numerous countries. In 1991, Hispano Americano agreed to a merger with Banco Central , which resulted in the creation of Banco Central Hispano (BCH) . It was created by

700-673: The creation in 1928 of the Compañía Arrendataria del Monopolio de Petróleos (CAMPSA), or the company Hidroeléctrica de Cataluña in 1946. In the mid-1950s, the bank played a leading role in the negotiations that led to the acquisition of the Rio Tinto mines from the British Rio Tinto Company Limited and was also part of the consortium that eventually formed the Compañía Española de Minas de Río Tinto to exploit

735-414: The current water level, and as far away as 20 kilometres from the current river's path, may suggest that the unusual ecosystem is a natural phenomenon since before human mining activities started in this region. On the other hand, it is known that toxic water emanates from these vast underground and open pit mines and chemical ore refinement that had been active off and on for thousands of years. While it

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770-528: The deposits. Linked to the Sociedad Española de Construcciones Electromecánicas (SECEM), in 1978 the bank provided financial support for the operation that led to the creation of the holding company Ibercobre . In 1976 the details were finalized for the takeovers of Banco Mercantil e Industrial and Banco de Gijón . In December 1976, a representative office was opened in Tehran , the first to be opened by

805-406: The extremely acidic water, both red and green algae have been observed to thrive in relatively high concentrations. Despite algae levels in the Rio Tinto accounting for over half of the total biomass in the river, algae is understood to have minimal effects on the characteristics of the complex ecosystem. The discovery of multiple oxide terraces mediated by microorganisms at up to 60 metres above

840-416: The idea. With Luis de Usera at the helm of BHA and Alfonso Escámez of BC, a new attempt was made, which also failed. The proposed share exchange did not satisfy Usera after evaluating the balance sheets. The third attempt was made in 1989, with Claudio Boada as president, but the outcome of the negotiations did not allow any agreement to be reached. An agreement was finally reached in 1991. Talks between

875-404: The official registration of BC’s capital increase for the absorption on January 2, 1992. The new "Banco Central Hispano" became Spain's largest private bank, surpassing Bilbao Vizcaya (BBV). To stabilize during a banking crisis, the new entity sold several inherited banks and appointed Ángel Corcóstegui as CEO in 1994 for restructuring. Central Hispano operated until its merger with Banco Santander

910-579: The operation to the Government's Delegate Commission for Economic Affairs , which was responsible for giving the final approval before it was approved by the Council of Ministers . On January 1, 1992, the capital increase of the Central Bank, amounting to 34,069 million pesetas, planned for the formal absorption of Hispano, was officially registered with the CNMV ( National Securities Market Commission ). On December 30 of

945-466: The pollution in the river. Although the river represents a harsh environment for life, some microorganisms classified as extremophiles do thrive in these conditions. Such life forms include certain species of bacteria , algae and heterotrophs . The ore body was deposited during the Carboniferous period (300–350 Ma ) by hydrothermal activities on the sea floor. The history of mining in

980-467: The presence of extremophile anaerobic bacteria that dwell in the acidic water. The subsurface rocks on the river bed contain iron and sulphide minerals on which the bacteria feed. The extreme conditions in the river may be analogous to other locations in the Solar System thought to contain liquid water, such as groundwater on Mars . Scientists have also directly compared the chemistry of

1015-401: The presidents of the institutions led to the drafting of a document of intentions, signed on May 14 and approved the same day by the boards of directors of both banks. The document listed twelve points by which the merger was to materialize. These included the complementarity between the banks, the share exchange whereby BHA shareholders would receive five BC shares for every six BHA shares, and

1050-547: The previous year, after the last signing of the merger, Hispano had ceased to be listed on the Stock Exchange, giving way to the new shares of Banco Central Hispanoamericano which, once its capital had been increased, began to contract normally. 40°25′01″N 3°42′02″W  /  40.41694°N 3.70056°W  / 40.41694; -3.70056 Rio Tinto (river) The Río Tinto ( Spanish pronunciation: [ˈri.o ˈtinto] , red river or Tinto River )

1085-416: The proposed share exchange after reviewing the financials. Discussions between the Central Bank (BC) and Hispano Americano Bank (BHA) resumed in 1989 after a failed merger with Banesto . On May 14, 1991, a letter of intent was drafted, outlining the absorption of BHA by BC. Escámez was the first president until September 1992, when Amusátegui took over. The merger meetings occurred on October 30, 1991, with

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1120-465: The sixties. The first project was carried out by Ignacio Villalonga and Antonio Basagoiti in the mid-sixties. When the operation was practically closed, the Minister of Finance, Juan José Espinosa San Martín , and his undersecretary, Luis Valero Bermejo , thought that the new bank would acquire too much power and denied the requested tax benefits. The merger became so expensive that Villalonga abandoned

1155-417: The stress of renewed waste inputs. Due to the extreme conditions of the river, there is very little in the way of life, with the exception of small amounts of microorganisms , including algae . The presence of anaerobic bacteria in the sediments is thought to contribute somewhat to the river's famously low pH (acidity), that in turn increases the concentration of dissolved heavy metals . The waters from

1190-654: The topography of the region. After a period of abandonment and disuse, the mines were rediscovered in 1556 and the Spanish government began operating them once again in 1724. In the 19th century, companies from the United Kingdom started large-scale mining operations. In 1873, the Rio Tinto Company was formed to operate the mines. Production declined after the peak of production in 1930, and it ended in 1986 for copper mining and in 1996 for silver and gold mining. All mining ended in 2001. Increased copper prices in

1225-400: Was announced on January 15, 1999, forming "Banco Santander Central Hispano." Following this, BCH lost influence; Amusátegui and Corcóstegui both stepped down with substantial severance packages. Banco Hispano Americano Banco Hispano Americano (BHA) was a private Spanish bank that operated during most of the 20th century, becoming one of the most important financial institutions in

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