Portugal: Banco Santander Totta becomes biggest private bank in the country

Page created: Wednesday, 7 June 2017 15:05 GMT

banco popular   EU  Lisbon  Portugal  Santander

Lisbon, Jun. 7 (Lusa) – Spanish Banco Santander said on Wednesday its purchase of Banco Popular had made it the biggest bank in Spain and Banco Santander Totta the biggest private bank in Portugal in terms of assets.

The bank said that as part of its purchase of the other Spanish bank announced today, Banco Santander Totta would incorporate Banco Popular Portugal, “creating the conditions to develop its activity even further”.

With this operation, Banco Santander Totta n ow has a market share of about 17%, making it the biggest Portuguese ban k in terms of assets and credit and one of the biggest in resources.

Spanish bank said today it has bought 100% of Banco Popular for one euro, after the European Central Bank (ECB) announced the bank was unviable as an independent entity and its sale was necessary to ensure depositors at Popular.