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Banco Santander begins initial phase of Banco Popular's integration

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Banco Santander begins initial phase of Banco Popular's integration

Banco Santander SA has begun the initial phase of Banco Popular Español SA's rebranding ahead of Popular's full operational integration into Santander, which is scheduled for 2019.

Over a period of two weeks from Oct. 4, more than 1,200 Banco Popular branches in Spain and the offices of its subsidiary Banco Pastor offices in Galicia will change their signage to include the Banco Santander corporate logo.

The move is part of Banco Santander's strategy to welcome Banco Popular's 4 million customers, after competition authorities approved Santander's rescue acquisition of Popular on Aug. 8.

Banco Santander said Banco Popular customers will be able to withdraw cash at no charge at 7,500 Banco Santander and Banco Popular ATMs in Spain, and retail and independent professional customers at both banks will be able to transfer euro amounts between both banks without cost.