The Peninsular Bank, formerly Banco Alfaro, was a Spanish financial institution, whose origin dates back to 1879. Although the brand disappeared after the disintegration of Rumasa, the bank file is still active with Openbank, of Banco Santander.
The bank was established indefinitely, by deed of June 1, 1879, with the name of P. Alfaro y Compañía, S. in C
In 1947 it became a public limited company like Banco Alfaro, S.A. and in 1959 he changed his name to that of Banco Peninsular, S.A. In 1970 Banco Condal de Barcelona became a majority shareholder.1 In 1975 both companies were acquired by the Ruiz Mateos family, becoming part of the Rumasa holding company.
In 1983 Rumasa was expropriated by the Government of Spain and, a year later, the group's financial entities were distributed among the main private banks in the country. The Spanish Credit Bank (Banesto) won the Peninsular, which at that time had a network of 45 offices and 248 people on staff.2 The brand ended up disappearing shortly after.
In 1994 Banesto was acquired by Banco Santander, following an intervention by the Bank of Spain. In 1995, Santander established Openbank based on the bank file of the Peninsular Bank.