Published date: 7 June 2017

European Commission approves resolution of Banco Popular Español, S.A. (IP/17/1556)

The European Commission has approved, under EU bank recovery and resolution rules, the resolution scheme of Banco Popular Español, S.A. based on a proposed resolution scheme by the Single Resolution Board (SRB).

The resolution of Banco Popular Español, S.A. was approved under EU's bank recovery and resolution rules, as agreed in the post-crisis Banking Union framework. It involves the sale of Banco Popular Español, S.A. (BPE) to Banco Santander, a sound financial institution. The customers of Banco Popular will continue to be served with no disruption to the economy. All depositors continue to have uninterrupted access to the full amount of their deposits. Following the resolution decision, the bank can continue its business activities. No State aid nor aid from the Single Resolution Fund has been provided and the sale is subject to normal merger and regulatory review.

The Commission has endorsed the resolution scheme because the conditions for resolution were met: the bank was fail