Banco Popular Espanol to purchase 100% of TotalBank shares
12th July 2007
Total Bancshares Corporation has announced that Spanish finance group Banco Popular Espanol has entered into an agreement to buy 100% of the stock in TotalBank for a total purchase price of $300 million in cash. The transaction has been approved by both boards of directors and is subject to regulatory approval in Spain and the US.
"Strategically, Banco Popular is the perfect fit for our customers and employees," said Adrienne Arsht, chairman of the board of Total Bancshares. "They are a well-run bank with significant resources and it was extremely important to me that my team stays together to get to the next level in banking. Banco Popular needs all of our people and it is a great comfort to me to know that I was able to deliver this."
"Banco Popular Espanol is one of the best performing banks in Europe and we are very proud of our record," said Roberto Higuera, CFO of Banco Popular Espanol. "TotalBank represents an opportunity for us to use our knowledge and experience in a new market and to work with and support an excellent management team that we feel very strongly will exceed our expectations."
Banco Popular Espanol is the third largest banking group in Spain, with a network of over 2,400 branches throughout its domestic market, Portugal and France. The transaction will allow the Spanish group to gain a foothold in the US for the first time.