Banco Popular Español

Banco Popular Español S.A.
Subsidiary
Traded as BMAD: POP
Industry Financial services
Founded 1926
Headquarters Madrid, Spain
Products Banking and insurance
Parent Banco Santander
Website www.bancopopular.es

Banco Popular Español, S.A. (Spanish pronunciation: [ˈbaŋko popuˈlaɾ espaˈɲol]) was the sixth largest banking group in Spain before it was bought by Banco Santander as part of a rescue package in June 2017.[1] The group consisted of the following companies:

History

  • 1926: Founding of Banco Popular Español (BPE).
  • 1968: BPE opens a representative office in Paris that became a subsidiary that by 1991 had a network of 14 branches in France.
  • 1992: BPE converts its subsidiary in France into a joint venture with Banco Comercial Português under the name Banco Popular Comercial.
  • 2000: BPE establishes a network of branches in Portugal.
  • 2002: BPE and Banco Comercial Português part 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.
  • 2007: BPE bought a small bank in Southern Florida (United States of America) called TotalBank for US$300 million.[3] The bank has 20 branches in Miami Dade County and more than 400 employees.
  • 2017: SRB puts 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 EUR 1.[4] 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.[5]

References

  1. ↑ https://www.economist.com/news/finance-and-economics/21723143-european-bank-crises-go-was-orderly-one-banco-popular-fails-and
  2. ↑ https://www.wizink.es/home
  3. ↑ Bjork, Christopher (2007-07-11). "Spain's Banco Popular to buy U.S. TotalBank for $300 mln". MarketWatch. Archived from the original on 4 December 2009. Retrieved 2009-12-06.
  4. ↑ https://srb.europa.eu/sites/srbsite/files/note_summarising_effects_07062017_5.pdf
  5. ↑ "Banco Popular agrees to sell majority stake in its real estate asset portfolio to Blackstone". www.blackstone.com. The Blackstone Group L.P. Retrieved 15 June 2018.
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