He is a Venezuelan economist and banker, founder of Banesco Banco Universal, which has presence in Venezuela, and of Abanca Corporación Bancaria with presence in Spain, United States, Panama, Puerto Rico, Brazil, Dominican Republic, Colombia, Switzerland, Germany, Portugal, United Kingdom, and France. Escotet is considered the richest Venezuelan and the fifth richest millionaire in Spain, according to Forbes magazine. In December he closed the purchase of Targobank, the Spanish subsidiary of the French group Crédit Mutuel, through Abanca. His fortune is around $4 billion. The businessman is also an advisor to Visa International’s Advisory Council for Latin America and the Caribbean.