Santander Totta outdoes BCP as the largest Portuguese private bank after the purchase of Banco Popular

  • ECO News
  • 7 June 2017

Banco Popular Portugal will be incorporated by Santander Totta, which now has a market share of 17%. It will, therefore, become the largest private bank operating in Portugal.

The acquisition of Banco Popular by the Santander Group will not only impact the Spanish financial system, but the Portuguese as well. In addition to Banco Santander becoming the largest bank in Spain, Santander Totta will become the largest private bank in the Portuguese assets market.

As a result of Banco Santander’s acquisition of Banco Popular, the Portuguese branch of Banco Popular will be included in Santander Totta. With the assets transfer from Banco Popular Portugal to Santander Totta, this will become the largest private financial institution operating in Portugal in terms of assets, surpassing, therefore, BCP. Along with Popular, assets will now be worth 53.9 billion euros, over the 52 billion euros BCP has in Portugal. All in all, BCP’s assets are worth 71 billion.

In a press release, Santander Totta explains that it will now hold a market share of around 17%, becoming the largest private bank in Portugal in terms of assets and credit and one of the largest banks in resources. The bank headed by António Vieira Monteiro ads in that same press release that this Portuguese branch incorporation of Banco Popular will allow the further development of its support to families and Portuguese companies.

Concerning Banco Popular’s clients and employees (around one thousand), the institution headed by Vieira Monteiro says this Wednesday’s decision assures trust and solidity benefits are acknowledged in Santander Totta.