Banco Popular Español, S.A. () was the sixth largest banking group in Spain before it was bought by

Banco Santander Banco Santander S.A. trading as Santander Group ( , , ), is a Spanish multinational financial services company based in Santander, with operative offices in Madrid. Additionally, Santander maintains a presence in most 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 * mortgage bank: Banco Popular Hipotecario * private bank: Popular Banca Privada * French subsidiary: Banco Popular France (sold to Crédit Mutuel in 2008) * Portuguese subsidiary: Banco Popular Portugal * USA subsidiary: TotalBank (now part of City National Bank of Florida) * Internet bank: WiZink * estate services subsidiary: Aliseda The bank had international offices in

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, the

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(

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and

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, the

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, and

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History

Banco Popular Español (BPE) was founded in 1926. In 1968, BPE opened a representative office in

Paris Paris () is the Capital city, capital and List of communes in France with over 20,000 inhabitants, largest city of France. With an estimated population of 2,048,472 residents in January 2025 in an area of more than , Paris is the List of ci ...

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 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 changed its name to Banco Popular France. In Portugal, Banco Popular bought Banco Nacional de Crédito (BNC) and transferred 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. On 7 August 2009, Banco Popular Español acquired Banco de Andalucía, which was founded as Jerez de la Frontera in 1844 and had many services in the province of Cádiz, in the territorial area of Jerez de la Frontera, El Puerto de Santa María and Cádiz until 1959 when it expanded into the provinces of Seville and Huelva and changed its name to Banco de Andalucía. Spanish prosecutor José "Pepe" Grinda González believed Gennady Petrov () and his associates and entities related to them had bank accounts with Banco de Andalucía. In 2017 SRM put Banco Popular under resolution process. All existing stocks and additional Tier 1 instruments were written down. Tier 2 instruments were 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. It was founded in 1985 as a mergers and acquisitions firm by Peter Peterson and Stephen Schwarzman, who had previously worked together at Lehman ...

References

External links

*
Investor relationsBanco Popular FranceGrupo Banco Popular
{{DEFAULTSORT:Banco Popular Espanol Defunct banks of Spain Companies based in the Community of Madrid Banks established in 1926 banks based in Madrid Companies formerly listed on the Madrid Stock Exchange Spanish companies established in 1926 Banks under direct supervision of the European Central Bank

Components

History

See also

References

External links