A physician’s perspective on a patient they’ve treated for nearly eight years differs significantly from that of executives who worked alongside him. Ramón Díaz (company doctor at Popular from 1997 to 2017) provides a reflective analysis of Luis Valls’ personality based on their conversations, his medical history, and the opinions of those around him. Díaz highlights Valls’ piercing gaze, his silences, his significant authority within the organization, and the closeness and empathy he showed towards those who cared for him at the bank. Díaz believes Valls undoubtedly left an indelible mark on Banco Popular.

Question: How did you come to Banco Popular?
Answer: I joined in 1997 because the doctor at the Beatriz building, Banco Popular’s headquarters in Madrid, was retiring. Dr. Núñez was there, and Manuel Bravo, the nurse, who had been there his whole life and continued working even after turning 80. Bravo had an extraordinary trust with Valls. My arrival coincided with the new occupational health regulations that required updating the company’s medical services. My consulting room was on the first floor. Additionally, we had an office with a nurse, María Pilar, on Núñez de Balboa Street in Madrid. Initially, I didn’t have direct contact with Luis Valls (LV), but I did with Rafael Termes, with whom I worked closely for a long time; I was present at his passing.

Q: So, when did you start interacting with LV?
A: It was around 2000 when we moved to the Beatriz building after a renovation. I was there until 2017 when Banco Santander took over. After that, I spent four years at Santander and retired in 2020.

Q: Providing medical care to the president must have been complex due to his health issues. Is that correct?
A: He had chronic health problems and relatively frequent drops in blood pressure, possibly due to a hereditary condition. Occasionally, all the doctors who attended to him at the bank’s medical service would gather about once every six months. They would then compile a report on his treatments and any updates. An oncologist, an internal medicine specialist, a urologist, an ENT doctor, and a cardiologist were involved. Luis Valls had a chronic illness, but it didn’t require complicated treatment. He mainly took two or three pills and had an annual blood test, nothing more. Aside from these chronic conditions, he was in good health because he was also a sports enthusiast, although more so in his youth.

Q: Did he have a close relationship with those around him?
A: Yes, especially with Nurse Bravo, but also with others who cared for or attended to him; he was warm and affectionate towards them. He knew everyone’s names, from the cleaners in his office to the servers, even encouraging a window cleaner to continue his studies.

Q: What was your interaction like with Luis Valls?
A: He was a quiet person and a listener. Occasionally, he would ask me about his health issues, but his greatest virtue was his silence. When you live in a silent environment, you come to love silence; without noise, you listen deeply, you’re able to focus and be attentive. He enjoyed the challenge of being understood with few words or a glance, maintaining an air of mystery and an intellectual playfulness.

Q: Did he follow your medical advice diligently?

A: I believe so; for him, visiting the doctor was as important as meeting with a CEO or managing director. He knew it was better to be cared for in medical area, so he rarely requested visits to his office.

Q: What happened when he became more gravely ill around 2005?

A: He moved to Mirasierra, his residence, and I stopped treating him. I would inquire about him through other executives who still saw him, like the new president, Ángel Ron, but I didn’t visit him. From what I gathered, I have the impression he stopped fighting, accepting that his mission at Popular had ended; I think it was his calling and mission, both of which he saw had concluded. He knew when to draw the line, when it was time to wrap things up. I believe his final years were preparatory for the most significant event in his life. He was highly educated, very rational, and a person of faith. Everything he did was calculated to fit his mission, and I think he rationalized that his time leading the bank had ended. It’s the sense I got from those around him and from what I know of him. I believe there was a complete symbiosis between his personality and the Banco Popular project as long as he lived, something that never existed again, not just in strategic decisions but also in the internal mechanics of the bank.

Q: What were the causes of LV’s death?
A: He wasn’t under my treatment, but I understand it was related to chronic issues from his treatments. I believe it was renal failure. It was a medically challenging deterioration possibly stemming from aggressive treatments; chemotherapy applied before my tenure may have contributed to kidney problems.

Q: Based on what you and other bank executives knew, what struck you most about his management?
A: He was thoughtful, someone who valued silence and avoided the limelight, unlike other bankers of his time. He was not obsessed with the rapid growth of the bank. This was reflected in the Bank’s annual reports, which were actual style manuals and highly valued documents within the bank. I remember everyone read them thoroughly, from the lowest-ranking employees to the CEOs.