Banco Popular Español, S.A. () was the sixth largest banking group in Spain before it was bought by
Banco Santander
Banco Santander, S.A., doing business as Santander Group (, , Spanish: ), is a Spanish multinational financial services company based in Madrid and Santander in Spain. Additionally, Santander maintains a presence in all global financial centres ...
as part of a rescue package in June 2017.
Components
The group consisted of the following companies: national bank Banco Popular Español, regional bank
Banco Pastor
Banco Popular Pastor, S.A. was a Spanish bank. It was the second oldest banking institution in the country, after Banco Etcheverría.
The bank's main business activity was commercial banking, corporate banking, Internet and telephone banking, an ...
, mortgage bank Banco Popular Hipotecario, private bank Popular Banca Privada, French subsidiary Banco Popular France (sold to
Crédit Mutuel
Crédit Mutuel is a French cooperative banking group, one of the country's top five banks with over 30 million customers. It traces its origins back to the German cooperative movement inspired by Friedrich Wilhelm Raiffeisen in Alsace–Lorraine ...
in 2008), Portugal subsidiary Banco Popular Portugal, USA subsidiary TotalBank (now part of
City National Bank of Florida), Internet bank WiZink, and estate services subsidiary Aliseda. The bank had international offices in Belgium, Chile, Germany, Hong Kong, Morocco, Netherlands, Switzerland (
Geneva
Geneva ( ; french: Genève ) frp, Genèva ; german: link=no, Genf ; it, Ginevra ; rm, Genevra is the List of cities in Switzerland, second-most populous city in Switzerland (after Zürich) and the most populous city of Romandy, the French-speaki ...
and
Zürich
Zürich () is the list of cities in Switzerland, largest city in Switzerland and the capital of the canton of Zürich. It is located in north-central Switzerland, at the northwestern tip of Lake Zürich. As of January 2020, the municipality has 43 ...
), London, United States], France, Italy, and Venezuela.
History
Banco Popular Español (BPE) was founded in 1926.
BPE opened a representative office in
Paris
Paris () is the capital and most populous city of France, with an estimated population of 2,165,423 residents in 2019 in an area of more than 105 km² (41 sq mi), making it the 30th most densely populated city in the world in 2020. S ...
in 1968 that became a subsidiary that by 1991 had a network of 14 branches in France.
In 1992 BPE converted its subsidiary in France into a joint venture with
Banco Comercial Português
Portuguese Commercial Bank ( pt, Banco Comercial Português, BCP) is a Portuguese bank that was founded in 1985 and is the largest private bank in the country. BCP is a member of the Euronext 100 stock index and its current chief executive offic ...
under the name Banco Popular Comercial.
BPE established a network of branches in Portugal in 2000.
In 2002 BPE and Banco Comercial Português parted ways; Banco Popular Comercial becomes a wholly owned subsidiary of Banco Popular and changes its name to Banco Popular France. In Portugal, Banco Popular buys Banco Nacional de Crédito (BNC) and transfers its existing branches there to BNC. Later, in 2005, BNC changed its name to Banco Popular Portugal.
In 2007 BPE bought a small bank in Southern Florida (United States of America) called TotalBank for US$300 million. The bank has 20 branches in Miami Dade County and more than 400 employees.
In 2017
SRM put Banco Popular under resolution process. All existing stocks and additional Tier 1 instruments are written down. Tier 2 instruments are converted into stocks and then sold to
Banco Santander S.A. for €1. On August 8, 2017, it was announced that Banco Santander would sell its portion of Banco Popular's real estate business to the New York City-based private equity corporation
Blackstone Group
Blackstone Inc. is an American alternative investment management company based in New York City. Blackstone's private equity business has been one of the largest investors in leveraged buyouts in the last three decades, while its real estate b ...
.
References
External links
*
*Investor relation
Banco Popular FranceGrupo Banco Popular
{{DEFAULTSORT:Banco Popular Espanol
Defunct banks of Spain
Companies based in the Community of Madrid
Banks established in 1926
Companies based in Madrid
Companies listed on the Madrid Stock Exchange
Spanish companies established in 1926