The Gancedo family has been linked to the bank for four generations. Eric Gancedo joined the board of directors of Banco Popular in June 1998, serving alongside his father, Gabriel, for several years. Before that, Eric’s grandfather Manuel had been on the board when Luis Valls joined the institution in 1957. Banco Popular, originally called Banco Popular de los Previsores del Porvenir—founded in 1926—was closely tied to an insurance company named Los Previsores del Porvenir. Remarkably, in 1926, among the founders of the parent company was Eric Gancedo’s great-grandfather, also named Gabriel.

Question. What memories do you have of your relationship with Luis Valls while serving as a Banco Popular director?
Answer. I had heard about Luis Valls my entire life at home because he had a connection with my grandfather, my father, and later with me. He was a wonderful person to me—attentive and charming. Q. What is your family’s exact history with Banco Popular?

A. The Gancedo family has been involved with Banco Popular since its founding in 1926 because my great-grandfather Gabriel was one of its founders alongside other partners. It was then called Banco Popular de los Previsores del Porvenir, later renamed Banco Popular Español, although it was commonly known as Banco Popular. When my great-grandfather passed away, my grandfather joined the board as the eldest sibling. During his tenure, Luis Valls assumed the presidency in 1957. I always heard that they supported his appointment because they believed the institution needed reorganization. At the time, there were many conflicting interests on the board, and they thought someone from outside could straighten things out, which he did. 1971 my grandfather Manuel passed away, and my father Gabriel joined the board. Q. And how did you join the bank?

A. In an unusual way. Luis Valls came up with the idea of integrating the second generation of board members by placing us on the boards of Banco Popular’s subsidiaries so we could start learning the banking business. We weren’t all placed in the same bank—I joined the board of Banco de Castilla. Later, in 1998, a vacancy arose at Banco Popular for a physical representative of the Shareholders’ Syndicate, and I was chosen. A few months later, I became part of the Executive Committee. Until 2003, my father and I were both on the board, but he stepped down that year. We were the only case of a father and son sitting at that table.

Q. What was Valls’ management style like?
A. I don’t know what he did in his office, but he managed meetings through his presence and gaze. It was quite something. He charted an excellent course for the bank overall. During that time, we often had meals together, sometimes with his brother Javier, where banking matters were discussed. His leadership style was very personal and hands-on, and he got all the details. He was well-informed and dedicated countless hours to his work. He was also deeply involved in the foundations with a vital social mission. He managed everything as a unified entity—he had the entire bank in his mind. Q. Do you think Luis Valls’ leadership was transformative?

A. Valls took over a small institution in 1957; over 47 years, he led it and turned it into an international benchmark. He brought its name to major financial centers worldwide, achieved record profitability, developed a unique business model with SMEs, and established a distinctive training style for executives that became a model. Banco Popular employees were recognized as part of a different kind of bank, genuinely committed to customers and extraordinarily loyal to the institution. This set of traits undoubtedly marked a trend in banking, and they remain alive even after so many years. Q. The foundations were funded through the directors’ compensation, which they had to allocate. Wasn’t this peculiar practice questioned?

A. It was always known that at Banco Popular, that money was allocated to the foundations. Information about them was provided, but it was mainly in the period after Valls when they became known as the Banco Popular Foundations.