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Last update: 2018-07-30 12:03:13
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About Banco Popular Español
Banco Popular is the fifth largest banking group in Spain in terms of assets and client deposits. It is focused on retail (90% of its business) and commercial banking, with almost 2,000 branches in Spain and 200 abroad. The Banco Popular Group is formed by the parent bank (Banco Popular Español) and six banks, four of which operate in Spain (Banco Pastor, Popular Banca Privada, Targobank and Banco Popular), one in Portugal (Banco Popular Portugal), one in the United States (Totalbank) and a finance group in Mexico with a 25% stake. The Group has securitisation vehicles, real estate companies and two insurance companies. In May 2013 Banco Popular adopted the Equator Principles. The bank is profiled as part of BankTrack's Equator Principles Track and Chase project.
In 2017 the bank was failing because of a mountain of bad (real estate) loans. In June, regulators deemed Banco Popular to be “failing or likely to fail”, in the following process shareholders and junior bondholders were wiped out. The bank was acquired for the symbolic value of EUR 1,- by Banco Santander. Details of the acquisition are unclear. A claim was filed at the European Court of Justice by Quinn Emanuel, a law firm, on behalf of clients including Anchorage Capital, Algebris and Ronit Capital, that aims to annul decisions made by the European Commission and a Brussels body designed to address bank failure. Bondholders who lost their investments in Banco Popular have also started proceedings in a New York court in the hopes of unearthing documents and communications related to the purchase.
C/Velázquez, 34 esq. Goya 35, Madrid
Rami Aboukhair Hurtado |
Financial half year report 2017|
Integrated Report 2016
In September 2018 Banco Popular was fully incorporated by Banco Santander.
Related Dodgy Deals
Dodgy Deals map
Mergers: Commission approves acquisition of Banco Popular Español S.A. by Banco Santander
Voluntary initiativesBanco Popular Español has committed itself to the following voluntary standards:
Banco Popular Espanol's webpage on corporate social responsibility can be viewed here.