Banco Popular Español

Banco Popular Español S.A.
Company typeSubsidiary
BMAD: POP
IndustryFinancial services
Founded1926
HeadquartersMadrid, Spain
ProductsBanking and insurance
ParentBanco Santander
Websitewww.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]

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), 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 and Zürich), London, United States, France, Italy, and Venezuela.

History

Banco Popular Español (BPE) was founded in 1926. BPE opened a representative office in Paris 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 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 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.[2] 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.[3] Spanish prosecutor José "Pepe" Grinda González believed Gennady Petrov (Russian: Геннадий Васильевич Петров) and his associates and entities related to them had bank accounts with Banco de Andalucía.[4][5]

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.[6] 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.[7]

See also

References

  1. ^ "Banco Popular fails and is bought by Santander". The Economist. 10 June 2017.
  2. ^ 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.
  3. ^ "Hoy se disuelve el Banco de Andalucía tras 165 años de historia, absorbido por el Banco Popular". Diario ABC. 7 August 2009. Archived from the original on 30 June 2012. Retrieved September 14, 2024.
  4. ^ "Досье" [Dossier] (PDF). openrussia.org (in Russian). Archived from the original (PDF) on 20 March 2016. Retrieved 14 September 2024.
  5. ^ Иванидзе, Владимир (Ivanidze, Vladimir) (8 February 2012). "Кому Нева дала шанс: Игорный бизнес в Санкт-Петербурге начинали российские ОПГ и японские якудза. Под контролем мэрии. Уникальное свидетельство непосредственного участника событий" [To whom the Neva gave a chance: The gambling business in St. Petersburg was started by Russian organized crime groups and Japanese yakuza. Under the control of the city hall. Unique evidence of a direct participant in the events]. Novaya Gazeta. Archived from the original on 9 February 2012. Retrieved 14 September 2024.{{cite news}}: CS1 maint: multiple names: authors list (link)
  6. ^ [1][permanent dead link‍]
  7. ^ "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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