As of May 3, 2013, Banco Español de Crédito, S.A. was acquired by Banco Santander, S.A. Banco Español de Crédito, S.A., through its subsidiaries, provides commercial banking services in Spain. It offers various retail banking products, including mortgages, credit and debit cards, and mutual funds for individual clients; Banesto premium services for high net worth individuals; and various other financial products and services to small and medium sized enterprises, shops, and businesses. The company also provides corporate banking services; treasury products, such as futures and options, hedging, exchange rate insurance, structures deposits, and credits; capital market services comprising project finance, financing of acquisitions, financing of assets, and syndicated loans, as well as financial advice for mergers and acquisitions, placements, takeover bids, business plans, and valuations of the incorporation of strategic partners. In addition, Banco Espanol de Credito offers stock brokerage services for individual and institutional clients; and international banking services, including business financing and international private banking services. Further, it provides factoring and renting services directly or through the company’s distribution channels, as well as operates as a broker-dealer. The company was founded in 1902 and is headquartered in Madrid, Spain.