Banco Popular Español, S.A. (the Bank) operates as the parent banking company of a finance group (the Group) comprising banks that were either wholly or majority-owned and managed. The group's activity is commercial banking, with special emphasis on the retail segment, in the Spanish market. The Group has 10 other banks which are either wholly owned or majority-owned and managed by it. The group’s subsidiaries Banco de Andalucía, Banco de Castilla, Banco de Crédito Balear, Banco de Galicia and Banco de Vasconia are retail commercial banks operating in the eponymous regions. Banco Popular Hipotecario, a wholly owned subsidiary specializing in property financing. Bancopopular-e, a wholly owned subsidiary of the group, operates as an Internet bank. Popular Banca Privada, in which the group has 60% of the capital, which provides private banking services in Spain. Banco Nacional de Crédito is the Banks wholly owned Portuguese commercial banking subsidiary. Banco Popular France, a wholly owned commercial banking subsidiary operating in France. The group also includes 17 other operating companies, 11 of them are in Spain, handling financial services, such as mutual and pension fund management, securities intermediation, portfolio and asset management, factoring, life insurance, insurance broking, venture capital investment and equipment renting. Some of these companies are joint ventures of Banco Popular and partner entities. The group has network of approximately 2,200 branches and 3,327 ATM’s. The group has Remote on-line channels: Internet Banking, Telephone Banking, E-Commerce, Wap, etc. Corporate Banking Banco Popular Group offers various financial products and services, which have been specially designed to meet the needs of foreign companies which require access to local banking services in Spain. It offers Business Account Services, Home Banking Services, Cash Management Services, Trade Finance, Business Cards, and Business Insurance. Personal Banking Personal Banking services include Personal Account, Saving and Investment, Mortgage and Finance, Allianz Home Insurance, Home Banking, Cards. Mortgage and Finance products include Mortgage, Personal Loans, Leasing, and renting and study loans. The group’s cards include Visa Iberia, 4B Mastercard, Solred, Punto Oro, Visa Cards, and Visa Club Golf. Loan Portfolio The group’s Loan Portfolio include Secured loans, term loans, overdrafts and other loans, Trade loans and discounts loans, Secured loans, Mortgage loans, Leasing loans. Deposits The group’s deposit products include Demand deposits, Savings deposits, and Time deposits. Investment portfolio The group's investment portfolio comprises Government debt securities, Private fixed-interest securities, and Equity securities. History Banco Popular Español, S.A. was incorporated in 1926.