Banco Popular Pastor, S.A. was a Spanish bank. It was the second oldest banking institution in the country, after

Banco Etcheverría Banco Etcheverría was a Spanish bank. The family-owned bank was the oldest in the Spanish financial system, and the 11th oldest surviving bank in the world, older by over half a century than the Bank of Spain itself. It was founded in Betanzo ...

. It failed the European stress test in 2011 as a result of the

2008 financial crisis The 2008 financial crisis, also known as the global financial crisis (GFC), was a major worldwide financial crisis centered in the United States. The causes of the 2008 crisis included excessive speculation on housing values by both homeowners ...

and was taken over by

Banco Popular Español Banco Popular Español, S.A. () was the sixth largest banking group in Spain before it was bought by Banco Santander as part of a rescue package in June 2017. Components The group consisted of the following companies: * national bank: Banco Pop ...

, which would later become

Santander Bank Santander Bank, N. A. () is an American bank operating as a wholly-owned subsidiary of the Spanish Santander Group. It is based in Boston and its principal market is the northeastern United States. It has $57.5 billion in deposits, operates abou ...

. The bank's main business activity was commercial banking, corporate banking, Internet and telephone banking, and treasury and capital markets. The bank had 4,035 employees as of 2005, 555

branches A branch, also called a ramus in botany, is a stem that grows off from another stem, or when structures like veins in leaves are divided into smaller veins. History and etymology In Old English, there are numerous words for branch, includi ...

in Spain and 3 abroad.

History

Founded in 1776 by Jaime Dalmau Batista as ''Jaime Dalmau y Cía'' (Jaime Dalmau and Company), who had a shipping company operating between the

port A port is a maritime facility comprising one or more wharves or loading areas, where ships load and discharge cargo and passengers. Although usually situated on a sea coast or estuary, ports can also be found far inland, such as Hamburg, Manch ...

A Coruña A Coruña (; ; also informally called just Coruña; historical English: Corunna or The Groyne) is a city and municipality in Galicia, Spain. It is Galicia's second largest city, behind Vigo. The city is the provincial capital of the province ...

and several American ports. Galician

emigrants Emigration is the act of leaving a resident country or place of residence with the intent to settle elsewhere (to permanently leave a country). Conversely, immigration describes the movement of people into one country from another (to permanentl ...

used to send their savings back to Galicia through the shipping company, hence the need to manage all that

capital Capital and its variations may refer to: Common uses * Capital city, a municipality of primary status ** Capital region, a metropolitan region containing the capital ** List of national capitals * Capital letter, an upper-case letter Econom ...

. In 1819 José Pastor Taxonera became a partner in the company, and soon took control of the business. He bought it in 1845 and changed its name to ''José Pastor''. The business was passed down through generations of his descendants, changing its name to ''Pastor Hermanos'', ''José Pastor y Cía.'' and ''Sobrinos de José Pastor'' successively until 1925, when it became Banco Pastor and became a ''

Sociedad Anónima The abbreviation S.A. or SA designates a type of limited company in certain countries, most of which have a Romance languages, Romance language as their official language and operate a derivative of the 1804, Napoleonic, civil law (legal syste ...

''. In 1939,

Pedro Barrié de la Maza Pedro is a masculine given name. Pedro is the Spanish, Portuguese, and Galician name for ''Peter''. Its French equivalent is Pierre while its English and Germanic form is Peter. The counterpart patronymic surname of the name Pedro, meaning ...

(one of the principal economic backers of

General Franco Francisco Franco Bahamonde (born Francisco Paulino Hermenegildo Teódulo Franco Bahamonde; 4 December 1892 – 20 November 1975) was a Spanish general and dictator who led the Nationalist forces in overthrowing the Second Spanish Republ ...

coup d'état A coup d'état (; ; ), or simply a coup , is typically an illegal and overt attempt by a military organization or other government elites to unseat an incumbent leadership. A self-coup is said to take place when a leader, having come to powe ...

received an economic tzar position in Galicia in exchange for his support) took full control of the bank and use it as a supporter of Galician business network control. At a national level it cooperated with Astano,

Renfe Renfe (, ), officially Renfe-Operadora, is Spain's national state-owned railway company. It was created in 2005 upon the split of the former Spanish National Railway Network (RENFE) into the Administrador de Infraestructuras Ferroviarias ( ...

and Fenosa, founded in 1943 by Barrié de la Maza. In 1971, following Barrié de la Maza's death, his widow Carmela Arias y Díaz de Rábago was appointed executive president of the bank, being the first woman to become president of a bank in Spain. In September 2001 she was succeeded by José María Arias Mosquera. In 2011, due to the effects of the

, Banco Pastor was one of the few banks that failed the European stress test. On October 10, an agreement was reached for a takeover by Banco Popular, but to be continued to be run as a separate entity.

Notes

External links

Banco Pastor's commercial web site

Banco Pastor's corporate web siteSource of some financial dataBanco Pastor profile (in English)The Convertible bonds of Banco Pastor
{{Authority control Defunct banks of Spain Banks established in 1776 Companies based in Galicia (Spain) 1776 establishments in Spain