Banco Popular Español
Banco Popular Español was a Spanish banking group that operated retail, commercial, mortgage, private-banking and international businesses before its 2017 resolution and sale to Banco Santander.
Last updated October 16, 2026
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Overview
Banco Popular Español, S.A. was a Spanish banking group founded in 1926. Before its resolution in 2017, it was described as the sixth-largest banking group in Spain. The group operated through a collection of specialized and regional businesses rather than through a single domestic banking franchise. Its components included the national Banco Popular Español bank, regional lender Banco Pastor, mortgage specialist Banco Popular Hipotecario, private-banking unit Popular Banca Privada, Portuguese subsidiary Banco Popular Portugal, French subsidiary Banco Popular France, United States subsidiary TotalBank, online bank WiZink and real-estate services company Aliseda. The bank developed an international presence gradually. It opened a representative office in Paris in 1968, which later became a French subsidiary with a network of 14 branches by 1991. In 1992, its French operation became a joint venture with Banco Comercial Português under the name Banco Popular Comercial. The two groups later separated, and in 2002 the French business became wholly owned by Banco Popular and was renamed Banco Popular France. The French subsidiary was subsequently sold to Crédit Mutuel in 2008. Portugal became another important area of expansion. Banco Popular established a branch network there in 2000 and acquired Banco Nacional de Crédito, also known as BNC. Existing Banco Popular branches were transferred to BNC, which was renamed Banco Popular Portugal in 2005. The group also maintained offices and activities across several European, American, African and Asian markets, including Belgium, Chile, Germany, Hong Kong, Morocco, the Netherlands, Switzerland, the United Kingdom, Italy and Venezuela. Banco Popular expanded in the United States in 2007 by acquiring TotalBank, a small Southern Florida bank with 20 branches in Miami-Dade County and more than 400 employees at the time of acquisition. In Spain, it acquired Banco de Andalucía in August 2009. Banco de Andalucía traced its origins to a Jerez de la Frontera banking business founded in 1844 and had built a presence in Cádiz, Seville and Huelva. The group’s final chapter came during the European banking crisis and the restructuring of Banco Popular. In 2017, the Single Resolution Mechanism placed Banco Popular under a resolution process. Existing shares and additional Tier 1 instruments were written down, while Tier 2 instruments were converted into shares. The resulting institution was sold to Banco Santander S.A. for €1 as part of the rescue package. Banco Santander later announced the sale of the acquired real-estate business to Blackstone Group in August 2017. Following the resolution and integration into Santander, Banco Popular Español ceased to exist as an independent banking group.
History
Banco Popular Español was founded in 1926 and became one of Spain's significant banking groups. Its business developed around a broad banking model that combined a national Spanish bank with regional, mortgage, private-banking, online and real-estate subsidiaries. Before its resolution, the group was identified as the sixth-largest banking group in Spain. The group began building an international presence in France. In 1968, it opened a representative office in Paris. That operation later developed into a subsidiary with 14 French branches by 1991. In 1992, Banco Popular converted the French subsidiary into a joint venture with Banco Comercial Português and adopted the name Banco Popular Comercial. The partnership ended in 2002, when Banco Popular became the sole owner and renamed the operation Banco Popular France. Banco Popular France was sold to Crédit Mutuel in 2008. Banco Popular also entered Portugal through branch expansion and acquisition. It established a network of Portuguese branches in 2000 and acquired Banco Nacional de Crédito, known as BNC. The group transferred its existing Portuguese branches to BNC, and the institution was renamed Banco Popular Portugal in 2005. In addition to these two principal foreign markets, the group maintained international offices in Belgium, Chile, Germany, Hong Kong, Morocco, the Netherlands, Switzerland, the United Kingdom, the United States, Italy and Venezuela. Its corporate structure included Banco Popular Español as the national bank, Banco Pastor as a regional bank, Banco Popular Hipotecario as a mortgage lender, Popular Banca Privada as a private bank, Banco Popular Portugal, Banco Popular France, TotalBank in the United States, WiZink as an internet bank and Aliseda as an estate-services company. This structure gave the group exposure to household banking, business finance, mortgages, wealth management, digital banking and property-related services. In 2007, Banco Popular acquired TotalBank in Southern Florida for US$300 million. At the time, TotalBank had 20 branches in Miami-Dade County and more than 400 employees. In Spain, Banco Popular acquired Banco de Andalucía on 7 August 2009. Banco de Andalucía had originated in Jerez de la Frontera in 1844 and had expanded from a Cádiz-area presence into Seville and Huelva. The group ultimately became subject to the European banking resolution framework. In 2017, the Single Resolution Mechanism determined that Banco Popular should enter resolution. Existing shares and additional Tier 1 instruments were written down, while Tier 2 instruments were converted into equity. Banco Santander S.A. acquired the resolved institution for €1 as part of a rescue package in June 2017. In August of the same year, Santander announced the sale of the acquired real-estate business to Blackstone Group. The resolution ended Banco Popular Español's existence as an independent banking group and transferred its remaining banking operations into Santander's ownership and organization.
- 2017
Banco Popular resolved and sold to Santander
[1]The Single Resolution Mechanism placed Banco Popular under resolution. Its capital instruments were written down or converted, and the resulting shares were sold to Banco Santander for €1.
- 2017
Real-estate business sale announced
[1]Banco Santander announced the sale of Banco Popular's real-estate business to Blackstone Group.
- 2009
Banco de Andalucía acquired
[1]Banco Popular Español acquired Banco de Andalucía on 7 August.
- 2008
Banco Popular France sold to Crédit Mutuel
[1]The French subsidiary was sold to Crédit Mutuel.
- 2007
TotalBank acquired in Florida
[1]Banco Popular acquired TotalBank, a Southern Florida bank with 20 Miami-Dade County branches and more than 400 employees at the time, for US$300 million.
- 2005
BNC renamed Banco Popular Portugal
[1]The Portuguese institution acquired by Banco Popular was renamed Banco Popular Portugal.
- 2002
Banco Popular France became wholly owned
[1]Banco Popular and Banco Comercial Português ended their French partnership. The business became a wholly owned Banco Popular subsidiary and was renamed Banco Popular France.
- 2000
Portuguese branch network established
[1]Banco Popular established a network of branches in Portugal.
- 1992
French joint venture formed as Banco Popular Comercial
[1]Banco Popular Español converted its French subsidiary into a joint venture with Banco Comercial Português under the Banco Popular Comercial name.
- 1991
French network reached 14 branches
[1]The French operation had developed into a subsidiary with a network of 14 branches.
Products and positioning
A Spanish universal banking group with a strong domestic franchise and a network of specialized subsidiaries covering retail, regional, mortgage, private, online and real-estate banking. Its strategy also included selective expansion in Portugal, France, the United States and other international markets. A Spanish full-service commercial banking group with a strong domestic franchise, substantial small-business and corporate activity, and a broad portfolio of specialist subsidiaries. In its later years, the group was also associated with significant real-estate exposure and ultimately became a resolution case acquired by Banco Santander.
National retail and commercial banking · 1926
Banco Popular Español
The group's principal Spanish banking franchise, serving as its national bank and core retail and commercial platform. It formed the center of the wider Grupo Banco Popular structure and was supported by specialized units covering mortgages, private banking, online services and property-related activities.
Regional banking
Banco Pastor
A regional banking company within the group. The available reference material identifies Banco Pastor as one of Grupo Banco Popular's principal components but does not provide further detail on its product range or operating history.
Mortgage banking
Banco Popular Hipotecario
The group's mortgage-banking subsidiary, focused on mortgage-related financial services within the broader Banco Popular organization. It represented the mortgage-finance component of Grupo Banco Popular and complemented the group's general retail and corporate banking operations. Banco Popular Hipotecario was the group's specialist mortgage-banking company. It represented the mortgage-finance component of Grupo Banco Popular and complemented the group's general retail and corporate banking operations.
Private banking
Popular Banca Privada
Banco Popular's private-banking business, intended for wealth-management and private-client services. It served wealthier customers through a specialist structure distinct from Banco Popular's mass-market and commercial banking activities.
Retail and commercial banking · 2005
Banco Popular Portugal
The Portuguese subsidiary created from Banco Nacional de Crédito after Banco Popular acquired the institution. It incorporated Banco Popular's existing Portuguese branches and adopted the Banco Popular Portugal name in 2005.
International banking · 2002
Banco Popular France
The French subsidiary developed from Banco Popular's Paris representative office and later joint venture with Banco Comercial Português. After the partnership ended in 2002, it became wholly owned by Banco Popular and was sold to Crédit Mutuel in 2008.
United States banking · 2007
TotalBank
A Southern Florida bank acquired by Banco Popular in 2007 for US$300 million. At acquisition it operated 20 branches in Miami-Dade County and employed more than 400 people.
Online banking
WiZink
The group's internet-bank component. The reference material identifies WiZink as part of the Banco Popular group but does not provide additional information about its product portfolio. WiZink operated as the group's internet-banking business. It represented Banco Popular's digital and direct-banking presence within the wider group before the group's 2017 resolution and subsequent ownership changes.
Real-estate services
Aliseda
The group's estate-services subsidiary, associated with Banco Popular's real-estate business. Real-estate assets and related services became a significant part of the group's later restructuring, and after the 2017 resolution and Santander acquisition, Santander announced the sale of its portion of the real-estate business to Blackstone Group. Aliseda was the group's real-estate-services subsidiary. Real-estate assets and related services became a significant part of the group's later restructuring, and Santander subsequently announced the sale of the inherited real-estate business to Blackstone.
Retail banking
Retail and personal banking
Banco Popular Español provided conventional retail banking services through its Spanish and international networks, including deposit-taking, payments and lending for individual customers. Retail banking formed part of the group's core commercial franchise alongside business and corporate banking.
Business banking
Corporate and commercial banking
The group served companies and commercial customers through lending and other banking services. This business supported Banco Popular's position as a broad Spanish commercial bank rather than a narrowly specialized financial institution.
Controversies
2009
Banco de Andalucía account allegations
After Banco Popular Español acquired Banco de Andalucía, Spanish prosecutor José Grinda reportedly believed that Gennady Petrov and associates or related entities held bank accounts with Banco de Andalucía. The available reference identifies an allegation concerning accounts; it does not establish a finding of wrongdoing by Banco Popular Español.
Brand decisions
2017
Resolution and sale to Banco SantanderOtherBackground
Banco Popular faced financial difficulties and was placed into the European banking-resolution process.
Action taken
The Single Resolution Mechanism wrote down existing shares and additional Tier 1 instruments, converted Tier 2 instruments into equity, and sold the resulting shares to Banco Santander for €1.
Aftermath
Banco Popular ceased to operate as an independent banking group and its business was integrated into Santander. Santander later announced the sale of its portion of the group's real-estate business to Blackstone Group.
Sale price in resolution. €1 (June 2017)
2009
Acquisition of Banco de AndalucíaM&ABackground
Banco Popular expanded its Spanish regional banking footprint through the acquisition of Banco de Andalucía, a bank with historic roots in Jerez de la Frontera.
Action taken
Banco Popular Español acquired Banco de Andalucía on 7 August 2009.
Aftermath
Banco de Andalucía became part of Banco Popular's Spanish banking operations.
2007
Acquisition of TotalBankM&ABackground
Banco Popular sought a presence in the southern Florida banking market through the purchase of TotalBank.
Action taken
The group acquired TotalBank in Southern Florida. Banco Popular Español acquired TotalBank for US$300 million. The acquired bank had 20 branches in Miami-Dade County and more than 400 employees.
Aftermath
TotalBank became the group's United States subsidiary and was later part of the assets associated with the wider Banco Popular group.
Acquisition price. US$300 million (2007)
2002
Full ownership of French subsidiaryStrategyBackground
Banco Popular and Banco Comercial Português ended their French joint venture.
Action taken
Banco Popular took full ownership of the French operation and renamed it Banco Popular France.
Aftermath
The French subsidiary was later sold to Crédit Mutuel in 2008.
Recent events
- 2017
Banco Popular Español placed under resolution and sold to Banco Santander[2]
Bankruptcy · Regulation · M&A
The Single Resolution Mechanism resolved Banco Popular after the bank's financial difficulties. Its existing shares and additional Tier 1 instruments were written down, Tier 2 instruments were converted into equity, and the resulting shares were sold to Banco Santander for €1.
- 2017
Santander announced sale of Banco Popular's real-estate business to Blackstone[2]
M&A
Following the resolution and acquisition of Banco Popular, Banco Santander announced that it would sell the acquired bank's real-estate business to Blackstone.
- 2009
Banco Popular Español acquired Banco de Andalucía[2]
M&A
Banco Popular Español acquired Banco de Andalucía, a regional Spanish bank with historical roots in Jerez de la Frontera and operations across parts of Andalusia.
Sources2 sources
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