Mario Conde

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. At the peak of his career in 1987, a 38-year-old Conde controlled over 1% of Spain's GDP. Son of a 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. He remarkably earned the title in little more than a year, when the average candidate took 5. 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. 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). 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 and most traditional banks in Spain, to become members of the management board. Conde was eventually...