Press release on the sale of Banco Popular Portugal
The Single Resolution Board (SRB), acting as the competent resolution authority within the Banking Union, decided today to sell Banco Popular Español, S.A. (BPE) to Banco Santander, S.A. as part of a resolution scheme adopted with regard to BPE.
The resolution scheme adopted by the European resolution authority benefited from the cooperation with the European Central Bank – Single Supervisory Mechanism.
The Portuguese subsidiary of Banco Popular Español – Banco Popular Portugal, S.A. – was not subject to any resolution measure and is included in the perimeter of sale, therefore being from now on part of the Santander Group.
This measure does not imply any change to the business of Banco Popular Portugal, which continues operating as usual, within a new banking group.
This solution does not envisage financing from national entities and protects the savings placed with Banco Popular Portugal, ensuring the continuity of financial services provided in Portugal and the financing of the economy.
Therefore, the solution protects financial stability of Banco Popular Portugal and contributes to the safeguard of financial stability in Portugal.