Guido Stein’s relationship with Luis Valls dates back to Germany in the 1930s when Valls’ grandfather and Stein’s father met at the Goerres Foundation. In the 1950s, Luis Valls had contact with Guido’s father, and by the 1980s, it was Guido himself who began to engage with the Catalan banker.

“They broke the mold with Luis Valls,” asserts IESE professor Guido Stein in his account of the numerous occasions he interacted with him. He was unpredictable and very interested in everything happening in society, from art to, of course, finance.

Leadership is another aspect that Professor Stein highlights, noting that Valls was a highly respected leader, followed by great determination by his teams.

Valls’ love for the press and charisma are two identifiable facets of profiling the banker. However, Stein recounts that what defined him the most was his interest in knowing in detail and firsthand what was happening in society. Possibly for this reason, he always maintained a close relationship with journalists on the ground, at the heart of the news. This interest in knowing what was happening is enriched by an example Stein provides: Valls attended the first party organized by the Communist Party and, according to Stein, went “to do phenomenology,” meaning to study and understand firsthand the atmosphere and people of something so novel in the 1970s.

Banco Popular was created “tailor-made for Luis Valls,” with committed and trustworthy people, something essential for being part of the team. A group of professionals dedicated to Valls’ vision followed him despite the bank needing to be a better payer. They had other significant incentives, such as being considered, being taken into account, and ultimately having decision-making power.

Guido Stein makes a precise and timely distinction between power and freedom. The professor asserts that Valls sought the freedom to act rather than power for power’s sake. Valls sought excellence in the bank and “did not compromise with mediocrity,” a policy that led Banco Popular to become the most profitable bank in the world on two occasions.

Regarding the foundations, Stein notes that directors donated their fees for social work as early as the 1950s. Thanks to this generous vision, thousands of people were helped through the foundations. Valls insisted on transparency in their activities and finances. He wanted to help, which he did, and ensure everything was reported to adhere to the principle of total transparency.

The account of the IESE professor ends with a specific acknowledgment of Valls for his support of Spanish philosophy, revealing that the banker helped many philosophy students over the years in their undergraduate, postgraduate, and research studies.