Banco Popular Portugal vanished. Integration in Totta is concluded

  • ECO News
  • 27 December 2017

Banco Popular Portugal has disappeared, following the conclusion of its integration in the bank headed by António Vieira Monteiro.

Banco Popular Portugal can now disappear. The process of integrating the financial institution in Santander Totta has been concluded this Wednesday, after obtaining authorizations from the Bank of Portugal (BdP) and the European Central Bank (ECB).

“Having obtained the necessary authorizations, the process of acquisition and simplified merger by incorporation of Banco Popular Portugal in Santander Totta has been concluded. With this merger, Banco Popular Portugal no longer exists as a legal entity. All of its rights and obligations are hereby transferred to Banco Santander Totta“, can be read in the press release sent to CMVM (Portuguese Securities Market Commission).

In that same press release, Santander Totta further informs that, within this process, they also purchased the company Primestar Servicing, which manages Banco Popular’s “recovery of credit and real estate assets”. But the computer activities developed in Portugal by Ingenieria and Produban were also purchased for Santander Totta.

Totta’s president stated, in a press release, that “integrating Banco Popular is a great opportunity”. “Because we want to continue growing in an efficient and sustainable manner”, he explained. António Vieira Monteiro further mentions: “From today onward, we are the largest Portuguese private bank in terms of assets and credit in the domestic market, which reinforces our mission to suport families and companies towards growth”.