HUMANIST
The individual, at the core
It is interesting to hear what political and financial analysts say about how Luis Valls and his way of governing Banco Popular with his style of banking. Still, no one can tell it better than someone who experienced firsthand everything that this way of being and working implied and that obsession Valls had with placing the individual at the center of everything. José María Rotellar, who was an executive at the bank (as well as enjoying the benefits of being a client), recently extolled in a newspaper1 why Banco Popular was a bank unlike any other, one that always maintained a distinctive style among financial institutions. (The following text is a literal quote from the mentioned article)
Going the Extra Mile for the Customer
“It was a bank focused on the customer, concerned about them because the relationships it established were based on trust, friendship, and personalized service for each and every one of its depositors and borrowers. Indeed, this is the experience I had as a client for almost twenty years and also as an executive of the institution during my time there.
It was always said that Banco Popular provided its clients a ‘bespoke service’ instead of the ‘off-the-rack’ service offered by most banks. That’s why it was the undisputed leader among small and medium-sized enterprises (SMEs) and self-employed individuals; none of the significant institutions could compete in this area because Banco Popular, beyond the numbers it achieved rigorously, saw people with different needs for each of them. In fact, all the big banks coveted its portfolio of SMEs and self-employed individuals.
Caring for Employees
Popular looked after its employees a lot. Perhaps the financial compensation was somewhat below that of the sector. However, it was more than compensated for with other social benefits, but the treatment was humane. Unless the employee was caught stealing, they were guaranteed retirement at the bank, as it was a family that took care of its professionals.
It never carried out a collective dismissal (ERE), a rare occurrence in the sector, except in the end, when the market forced it to do so to avoid penalties. Even then, it was the most humane ERE imaginable in banking.” .
Bibliography
(1) In Defense of Banco Popular an article written by José María Rotellar in the opinion section of OK Diario and published on March 15, 2024.
