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Santander Totta completes acquisition of Banco Popular Portugal

Banco Santander Totta SA completed Dec. 27 the acquisition and merger by incorporation of Banco Popular Portugal SA after receiving the necessary authorizations.

Following the acquisition, Banco Popular Portugal will cease to exist as a legal entity, as all its rights and obligations have been transferred to Santander Totta.

Santander Totta also took control of Primestar Servicing SA, which had been managing the recovery of Banco Popular Portugal's loans and real estate assets. The Portuguese bank also acquired the IT activities developed by the Portuguese branches of Ingenieria de Software Bancário and Produban – Servicios Informaticos Generales for Banco Popular Portugal.

Spain-based Banco Santander SA took over local peer Banco Popular Español SA earlier in June.