Banco Popular Español
| Banco Popular Español SA
|
|
|---|---|
 |
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| legal form | Sociedad Anónima (public company) |
| founding | 1926 |
| Seat | Madrid , Spain |
| management | Emilio Saracho Rodríguez de Torres (President) |
| Number of employees | 15,321 |
| sales | EUR 4.17 billion |
| Branch | Banking and insurance |
| Website | www.grupobancopopular.com |
| Status: 2014 | |
Banco Popular Español SA is a Spanish, formerly listed bank with headquarters in Madrid . In view of its impending insolvency, it was taken over by Banco Santander and restructured in June 2017 for the symbolic price of one euro .
Until the takeover by Banco Santander , Banco Popular was considered the sixth largest bank in Spain; it consisted of different companies. These included a national bank, the Banco Popular Español and five other regional banks, the Banco de Andalucia , the Banco de Castilla , the Banco de Crédito Balear and the Banco de Vasconia and the Banco de Galicia . The company also had a mortgage bank ( Banco Popular Hipotecario ) and two subsidiary banks, one in France ( Banco Popular France ) and the other in Portugal ( Banco Popular Portugal ). Its own internet bank was also part of the offer, as were other banking offices in Belgium, Chile, Germany, Hong Kong, Venezuela, Morocco, the Netherlands and Switzerland (Geneva and Zurich).
history
In 1926, Banco Popular Español was founded. In 1968 an office was opened in Paris, from there the company expanded in France and opened a further 14 branches. A joint venture with Banco Comercial Portugués in France followed in 1992, and eight years later Banco Popular Español set up a network of branches in Portugal. In 2002 the Banco Popular Español and the Banco Comercial Portugués merged . The Banco Comercial Portuguese was renamed Banco Popular France . In Portugal, Banco Popular Español bought the financial company Banco Nacional de Crédito (BNC). This then changed its name to Banco Popular Portugal .
Banco Popular just passed the EU's bank stress test in summer 2012; the company (like many other Spanish banks) had to improve its equity ratio. In 2011, Banco Popular took over the smaller Banco Pastor through a share swap.
In February 2017, it was announced that the bank had to post record losses of $ 3.5 billion in bad home loans for 2016. After the announced capital increase in April 2017, Banco Popular lost 25% of its value within a week; the value of the share was only 0.61 euros on April 14, 2017 - at its peak in 1998 the value was 43.3 euros per share.
On June 1, 2017, the international business press reported an early warning from Elke König, head of the EU supervisory authority SRB for bank resolutions , that Banco Popular would have to be wound up if it could not find a suitable buyer. The bank had not recovered from the Spanish property crisis in 2008. In order to prevent the collapse of Banco Popular, the European Banking Authority Single Resolution Board (SRB) announced the takeover of Banco Popular Español for one euro by Banco Santander on June 7, 2017. The rescue mechanisms used by the European Central Bank (ECB) for the first time and the rescue mechanisms for a European bank by the authority since 2016 came about when massive price losses on the stock market led to a bank run and the bank was on the verge of bankruptcy. This was the first time that the state and thus the taxpayer did not save a European bank. However, it was also announced that around 300,000 shareholders and shareholders in Banco Popular will lose 100% of their capital, including other banks and corporations such as Crédit Mutuel , Silchester International or the Chilean Grupo Luksic , which had invested 90 million euros just a month earlier. It became known that the books of the Banco Popular were around 37 billion euros "bad loans" from the real estate crisis, with a total balance sheet total of 98 billion euros. On June 12, 2017, the bank was taken off the stock exchange .
Web links
Individual evidence
- ↑ a b Banco Popular 2014 Annual Report , at www.grupobancopopular.es , accessed on November 6, 2015
- ↑ handelsblatt.com: Spanish problem banks before merger
- ↑ "Banco-Popular-Share rushes into the depths". On n-tv.de on February 3, 2017. Retrieved on February 3, 2017.
- ↑ , "Spanish Banco Popular plans capital increase - also possible merger." From: Reuters.com on April 10, 2017, accessed April 14.
- ^ "The popular sigue en caída libre y pierde un 25% de su valor en la semana." ( Page no longer available , search in web archives ) Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice. In: El País of April 14, 2017, accessed on the same day.
- ↑ El Santander compra el Banco Popular por un euro para evitar su caída. In: El País of June 7, 2017, accessed on June 7.
- ^ "Bank Run" triggered the rescue of Banco Popular. In: Handelsblatt.com of June 8, 2017, accessed on June 9.
- ↑ Lot 300,000 accionistas del Banco Popular pierden el 100% de su inversión. ( Page no longer available , search in web archives ) Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice. In: El País of June 7, 2017, accessed on June 9.
- ↑ Thomas Urban , 100 cents for a whole bank , sz.de , June 7, 2017.
- ↑ Delisting , on www.boerse-berlin.de , accessed on June 11, 2017
