Almost 15% profit is expected by Spain's Popular when it completely overtakes its competitor Pastor by the beginning of next year.

Believing in `give and take scheme', Popular's Chairman Angel Ron has paid about 1.3 billion Euros, 31% premium to buy Pastor. And, he finds deal to be justified as they would get complete control on the Galician-based bank and the deal would also help them to earn more profits by increasing their source of income. Though the deal would be finalized by the beginning of 2012, the bank would take time to reach the at the cost savings decided by the Popular and time limit given by them to target is end of 2014.

Spain is passing a bad time where there are lots of job cuts, closure of offices and whole lot of gloomy atmosphere is prevailing in the industry, even the nation is facing lot of bank closures. In that scenario, overtake of Pastor by Popular has saved a bank from being closed. Thinking it to be a best deal of this time, Ron said that they were ready for the acquisition. After the news of `Pastor Buy' got spread in the market, Popular's shares which were trading is loss were found to be above red mark.