Ángel Rivera had a mentor who set the standard: Luis Valls, who taught him the banking business and provided keys that he still uses today, decades later, to lead Santander’s subsidiary in Spain. Rivera is convinced that Valls was ahead of his time, understanding how to manage a bank, making Popular one of the most profitable in the world. Simultaneously, Valls developed a system of foundations for social action as a responsibility to society without publicizing it. Rivera highlights that he was a president who oversaw everything at Popular and gained moral authority over his executives. “He wasn’t easy to deal with and didn’t like discussing personal matters; he handled silences well, cared about those around him, and knew many employees by their first names. He was an admired, respected, and beloved leader by the Bank’s employees,” Rivera recalls. Question. How did you come to Banco Popular? Answer. It was somewhat accidental. I think I saw an ad in El País. I wanted to buy a house and thought about having a secure job, like a ministry job with a fixed salary and hours. I thought banks fit that description because they worked from 8 to 3. In theory, that is! I had never had any relationship with banking or a bank before. Q. When did you join? A. I joined Popular in 1989 and started working at a branch in La Guindalera market in Madrid. I wouldn’t say I liked it at first because banking accounting is the opposite of what you study in college. I was lucky to work with a good team of people from whom I learned much about the profession. I still see some of them, although I’d like less. Later, I moved to another branch until Ascensión retired, the only person who spoke English in Luis Valls’s office (LV), and they started looking for young people who spoke languages. After several interviews with the CFO and HR director, I continued the process. Q. What was the next step? A. I interviewed Ricardo Lacasa, who was still the CEO, as Alfonso Ayala held that position. Lacasa said they were looking for candidates for the President’s office, which I found excellent That’s how I started working alongside LV. I like to get up early, so we both coincided early in the office to start working; he liked that. Q. When did you start leading the office? A. I joined in May 1992, so we interacted more frequently. LV was a very peculiar man. My job in the office was to read newspapers. He followed specific topics, both economic and current political issues, such as the rise and fall of prominent figures, politicians, entrepreneurs, players… We made dossiers in folders; everything was very manual. There was nothing like the internet back then. Q. What was the purpose of following those stories? A. He liked to analyze why successful people eventually ended up failing. He questioned the mistakes made. He wanted to learn from those stories; deep down, he sought knowledge. We always had about 15 dossiers open. He was obsessed with information in every sense. He would analyze it, allowing him to stay one step ahead of what anyone else might have thought; I was very impressed, though I was just a kid back then. I remember being struck by these things. When he finished analyzing the newspapers, he would assist the entire office; there were five or six of us. Over time, chemistry developed between us, and after the summer, I led the secretariat; I was there for five and a half years. They were excellent years. Q. LV divided his day into two parts, one for the world of the Bank in the morning and the other for social issues, right? A. Yes, he said he was going to the other world in the afternoon. We found it amusing There, he worked with Carlos Figueroa, Paco Aparicio, and even Ángel Ron, the general manager of Banco de Depósitos. It was a bank with social objectives, educational programs, and loans with honor He spent a lot of time there. Later, he developed the foundation theme, focusing primarily on social work. It caught my attention because it was a different way of managing an organization. Q. LV would like to retreat to work at Popular’s facilities in San Rafael in Segovia. How was the day organized? A. I worked a continuous schedule and ended up living with him when he went to San Rafael from Tuesday to Friday to avoid going back and forth all the time. On Mondays and Tuesdays, the President was in Madrid, and he had lunch there twice, with half portions of green beans and hake, to be with more people at lunchtime and gather more information. He didn’t see clients; it was primarily politicians and many people from the cultural world. Q. Like who, for example? A. Writers He loved talking to them and also with politicians. He had excellent contacts with people from all ideologies, from monarchists to communists. He had lived through the Transition period intensely, where he played a very significant role. Q. What was his relationship with King Juan Carlos I? A. He was always very close to him and the entire Royal Family. It can even be said that he had a very close relationship with Don Juan. It wasn’t unusual for him to be called from the Zarzuela Palace for various matters. I believe Luis Valls played a vital role in the years leading up to Franco’s death and, afterward, pushing for the arrival of democracy. He enjoyed that world much more than the purely banking one. In the end, he came to the Bank by accident at the request of his uncle. He was an extremely intelligent and sharp man who organized the institution and created a very advanced management school for his time. For him, compliance issues, corporate culture, integrity in management, and social impact—things we’ve seen now with the codes developed—were fundamental, and he implemented them at Popular from time immemorial. He was years ahead in terms of social responsibility culture and strict financial and cost management, which made Popular so profitable. An example of this unique vision was the Repertoire of Topics included in the reports, where he detailed successes and failures to serve as examples for everyone. No one else did or has done that in banking since. P. Journalistically, those texts were fascinating and curious because it wasn’t expected to admit one’s own mistakes as was done there… A. They were delightful. They were published for 23 years, and LV was very involved in the process, with the help of Rafael Pro, a brilliant and cultured person. It demonstrated that the Bank could acknowledge both the good and the bad. There were chapters on external and internal challenges, always ending with a moral. It was very respectful because names were never published, except in the case of Pepe from Popular, which was a highly publicized case, but it was handled with respect. Those texts were a wellspring of wisdom for all employees, not just for those at Popular but also those in other banks. Q. Returning to the cabinet years ago, was your work strictly within the cabinet, or could you progress through outside experiences? A. You could grow, as I did. After attending some bankers’ meetings in New York with Manuel Martín, a technically skilled secretary-general, LV asked me if I liked American banking. I said yes without hesitation, and I was able to do internships at banks like Bank of New York in New York City and First Union in North Carolina. I participated in a highly practical program in Australia where we were tasked with reviving a bankrupt bank. It was an incredible experience aimed at training in risk management and commercial areas with a more advanced banking concept, the American way. I think he supported two or three people. The President was clear that understanding cutting-edge businesses and rotating positions was crucial. Later, I moved to the International Banking division, which opened up a world for me—not just in the United States but also through experiences with our partners in Argentina, Brazil, Peru, Chile, etc. Afterward, I joined the Corporate Development Area with García Cuéllar, Pablo Isla, and Ángel Ron. They were the Bank’s top executives at that time. Later, I left Popular because I didn’t fit well with García Cuéllar, who was CEO at the time. However, that adventure was short-lived because he left a week later, and the President called me back. I returned to oversee Human Resources and later Technology under Ángel Ron as CEO. I also took charge of Commercial Banking, and after my final stint as General Business Director, I left Banco Popular in January 2013 and joined Santander. Q. Do you have the impression that LV liked journalism, perhaps even wished he could have been a journalist? A. He loved journalism. He liked banking the least. He was so cultured that he was compared to Renaissance Florentines. He was an avid reader. In San Rafael, there were towers of books and papers; he never stopped reading and clipping articles. There were about 11,000 books there, and I helped organize them to build a sound library—initially alone and later with some students from nearby colleges. Q. Did you end up living in the house in San Rafael? A. Yes, because commuting from Madrid was uncomfortable, so I stayed overnight. The days were long; we started with Mass at 7 in the cold of Segovia. After breakfast, we worked from 8 to 8 without a break. They would clear away his papers at lunchtime, and he would eat at the table. After a little nap and prayer, he would continue working. At 8 pm, he always said, “We’re closing shop”. If there were a soccer match, I would go to the village because there was no TV there. Q. How was that house in San Rafael? A. Very austere. In San Rafael, there was a main house and two adjacent ones. They fixed the main house nicely with an excellent interior design using beautiful wood. After the renovations were done, one day, he visited it, said, “How curious,” closed the door, and we never went inside again. We continued staying in one of the smaller houses. My room had an iron bed with a crucifix on the wall—absolute austerity. Q. Did the President closely monitor the Bank’s management? A. He completely controlled the Bank and was always in contact with the CEOs, especially Ricardo Lacasa, with whom he had a close friendship, and Alfonso Ayala. We took eight or ten suitcases to San Rafael filled with papers and documents on risks, properties, and commercial areas. He didn’t entertain guests; there were no visits, and he analyzed all the documentation during the week. Q. Could it be said that he had friends at the Bank? A. It wasn’t easy to befriend Luis Valls because he was not very accessible and didn’t show emotions. He was cold. Due to my character and intellectual curiosity, I kept asking questions about everything, including Opus Dei, although I never joined. During moments of relaxation, he told me many things, but afterward, I felt he regretted talking so much and wouldn’t speak to me for the rest of the day. That was how it was.

Q. It seems he didn’t want to reveal too much… A. He wanted to protect himself and shield himself due to his position in the Bank and his involvement in political movements at the time, which was significant; he needed a shield and was very inaccessible to many people. It’s not that you had to fear him, but he was an artist of silence. He mastered it like few others, just like his gaze, with those penetrating blue eyes that held your gaze, conveying incredible strength and security. Most people crumbled under that attitude, including many bank executives. He wasn’t an easy person, as I mentioned before. Q. How was your personal relationship?
A. Meeting him at such a young age greatly impacted me; I always say he was like a second father to me. It was a great experience; I felt cared for in a way, supported in my career, and very guided. If you are a grateful person, your loyalty goes beyond professional loyalty. I always say I learned a lot from him and Ricardo Lacasa, who was always in the background but played a significant role in Valls’ life and that of the Bank itself. Q. Did he donate any of his personal money to social causes? A. Yes, I remember that some years, by December, he would tell me to leave the checking account at zero and to donate whatever I had, sometimes up to 140 million pesetas. Initially, the money went mostly to Opus Dei organizations, but later, it shifted to foundations and specific social projects. Q. What kind of associations? A. We got to know people with many needs, like Ciudad de los Muchachos and Father Castro in Vallecas… The range widened, and a lot of people were helped. I remember that he organized a meal or a snack at Ciudad de los Muchachos with the enormous gifts he received at Christmas. Being a numerary member, he had no votes, but he embraced austerity and, I believe, poverty. I remember throwing away a worn jacket he intended to wear to a meeting of the seven big bankers. Appearances meant nothing to him. Sometimes, he went to bankers’ meetings in a Talbot Horizon, red with a black hood, which was his driver’s car so he could watch Real Madrid play on game days. Deep down, the Talbot arrived among all the Mercedes of the bankers; he liked to break norms and present a different image. Q. Did he ever want to write a book about his management model?
A. He noted down many phrases, his own and those he read or heard, but he wanted to write something other than a book himself or have one written about him. It would still be relevant today, practical, and an exemplary management guide if he had. In fact, there is one with its phrases that I have marked in my office, and to this day, it still serves me. In banking, he believed success came from management and that there was no need to set objectives to reach market shares. He didn’t think about costs but productive expenditure, so at eight, when we left, he went through all the building floors, turning off lights… Q. What was his criterion for social assistance?
A. He always handled it with Carlos Figuero; he believed a lot in repayable aids because he didn’t like giving money away with no return, saying it wasn’t appreciated. Even though he barely charged interest and offered very long terms, he asked for it to be repayable. He strongly supported education for talented people without resources, with credits of honor, very American-style when they didn’t exist in Spain. He put two conditions on those he helped: not publicizing it and praying for him. The aids varied considerably: from some nuns who had no resources to fix the convent roof or replace their dentures to an association planning to build a home for abandoned girls. He liked this direct type of tangible aid, but it meant we had to go to places, hire the builder, oversee the work, and that sort of thing… Sometimes, he asked them to build a little chapel. Q. How did nuns from a distant convent discover Luis Valls’ aid system if he didn’t publicize it? A. Through word of mouth from others or a bank employee who told them… in the strangest ways, but they found out. Q. Do you think he followed the doctrine of American gurus who have been speaking about foundations with a social character since the 1970s? A. Yes, and not only the Rockefellers, who had a significant philanthropic side He followed the philanthropic model of the United States and great French entrepreneurs. Q. Did he speak English? A. No, he spoke French moderately well, so he always sought people around him who knew languages. His brother Javier covered the entire international flank of the Bank very well. They had a very good relationship and complemented each other. Q. What was his management model? A. The President preferred to move behind the scenes with political influence groups. I believe he was happy in the shadows. He never ordered; he always influenced and said, “The best way to exercise power is to influence, and that’s not easy because it requires that moral capacity for influence.” He was a president in every sense of the word; he was everywhere, and his presence reached all areas of Banco Popular. When he entered a room, he filled the space. His stature, his gaze… He had a brutal auctoritas, recognized by everyone, internally and externally. Q. Was Lacasa a key support for LV? A. Yes, Ricardo was fully dedicated to the Bank; he wrote to him, summarized notes that were delightful to read, and sent him a kind of diary of everything he did, who he spoke with, and what they talked about. It helped him a lot, and he emphasized things he thought were relevant. Ricardo managed the Bank, and Carlos handled the social side. They were the ones he spent the most time with, although he also saw many other people, like Jesús Platero, Secretary of the Board. He also spoke with Francisco Aparicio about the Bank’s organization, the board, and the foundations. Q. Did LV have a significant package of Banco Popular shares? A. I don’t think so. There have always been doubts about whether Opus Dei had the shares; he was skilled at handling that with a particular veil. What was key was the Shareholder Syndicate, made up of people close to him and to Banco Popular, through which he controlled the board. Q. Was his distance from people due to shyness? A. He wasn’t shy; it was for self-protection and self-control. He didn’t want to appear weak or show any weakness. And it wasn’t easy to know him, what he felt and thought. I did have moments of knowing a relaxed Luis Valls, mainly in the mountains. But then he would punish you with silence. I learned to manage those moments, and it wasn’t bad humor. We discussed the Opus Dei, internal discipline, obedience, and everything else. Some of my questions amused him; he laughed with them. He told me how he came to the Opus Dei and many things. I won’t say anything because they are personal. Q. What were his relations like with his brother Javier?
A. They had their disagreements, but LV tried not to have confrontations. He sent messages through us from the cabinet. Javier sometimes gets angry because, in the end, LV makes the decisions. He might have delayed something Javier opposed, but it was done as the President wanted, even if his brother got mad. LV wasn’t someone who would confront his brother; he could be challenging and direct with others. Deep down, they loved each other and were complementary. Q. Why did he stop going to San Rafael? A. He appeared on ETA’s hit list, and once thought I saw an ETA member at the toll booth near San Rafael. The Civil Guard explained it was an impossible place to protect, an easy target because it was an isolated house with only two bodyguards, so he stopped going. It hurt him significantly because he felt great satisfaction being isolated in that house. He enjoyed the solitude, reading, and walking there. Q. How was his departure from the cabinet? A. It was challenging; he rejected all the proposed replacements. Ultimately, he liked Miguel Ángel Prieto, a great person, and I saw my opportunity to continue my career at the Bank. We stayed in touch until his death, and he always supported me.