The Argentina international wants a fresh start to life at the Mestalla and has promised to clean up his act and vindicate the club for sticking by him.
The 25-year-old Banega was involved in a freak accident earlier last year by being run over by his own car after forgetting to secure the handbrake, resulting in a broken ankle and a six-month absence from the game. The Argentine has also been at the center of other controversies throughout his time at the Mestalla and is therefore grateful for the support afforded to him throughout his turbulent five-year spell with Los Che.
"I want to repay the support shown to me by the coach, the players and the fans," Banega told Superdeporte. "I have to thank everyone. Things went badly wrong, but I have a lot of personality.
"My family and fellow players have helped me and things are going well. If I did not have the mentality I do have, I would not be here."
The Argentina international joined Valencia in 2008 from Boca Juniors.