68LE Bpe Fin.0nts38

RNS No 8290p
POPULAR FINANCE (CAYMAN) LIMITED
7th January 1999


New appointments in Banco Popular Espanol, S.A.
December 1998

The Board of Directors of Banco Popular Espanol, S.A. has appointed on
December l7th 1998 Mr. Fulgencio GARCIA CUELLAR as new CEO of the bank. Mr.
GARCIA CUELLAR (50) replaces Mr. Ricardo LACASA (62), who had previously
resigned to the above mentioned position. In the course of the last months, Mr.
LACASA had expressed repeatedly his intention to retire before the legal age
(65). The new appointment implies a positive and proactive approach to the
challenges and opportunities arising from the Monetary Union and, at the same
time, a strong commitment to its traditional management style which has proved
to be both reliable and successful.

Mr. LACASA had been CEO of Banco Popular Espanol, S.A. for the past four years,
culminating a brilliant professional career within the bank, which lasted more
than 28 years. Mr. GARCIA CUELLAR, a former professor in several Universities
holding a PhD in Economics, joined Banco Popular Espanol more than 24 years
ago. Before his appointment as CEO and member of the Board, he has acted as
investments' analyst, Risk Management Director, Regional Director, HR Director
and Delegate Director for the Madrid area.

The Board of Directors also accepted the voluntary retirement of Mr. Manuel
MARTIN. Mr. MARTIN, who has served Banco Popular Espanol over 36 years, has
been Secretary-General for Technical Matters and Spokesman of Popular
during the last 21 years, being a close collaborator of the Presidency. Finally,
the Board decided to appoint Mr. Pablo ISLA as Secretary-General of the Bank, a
position which had been vacant since the decease of Mr. Rodolfo VELARDE. Mr.
ISLA, a 34-year-old Government Attorney, returns to Banco Popular Espanol, S.A.
after a two-year-long successful experience as General Director of State's
Patrimony.


END

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