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                                                                    EXHIBIT 21.1

                                       
                             BANPONCE CORPORATION
                                       
                            AS OF DECEMBER 31, 1993




Subsidiaries of the registrant

a.  Banco Popular de Puerto Rico (Banco Popular) - A wholly-
    owned subsidiary Bank, incorporated under the laws of
    Puerto Rico in 1917.

        Popular Leasing and Rental, Inc. (Popular Leasing) - A
        wholly-owned subsidiary of Banco Popular, incorporated
        under the laws of Puerto Rico in 1989.

        Popular Consumer Services, Inc. (Best Finance) - A
        wholly-owned subsidiary of Banco Popular, incorporated
        under the laws of Puerto Rico in 1989.


b.  Vehicle Equipment Leasing Company, Inc. (VELCO) - A wholly-
    owned subsidiary, incorporated under the laws of Puerto Rico
    in 1986.

c.  Popular International Bank, Inc. - A wholly-owned subsidiary,
    Incorporated under the laws of Puerto Rico in 1992.


        BanPonce Financial Corp. - A wholly-owned subsidiary,
        incorporated under the laws of Delaware in 1991.

        Spring Financial Services, Inc. - A wholly-owned
        subsidiary of BanPonce Financial Corp.,
        incorporated under the laws of Delaware in 1988.

d.  Metropolitana de Prestamos, Inc. - A wholly-owned subsidiary,
    incorporated under the laws of Puerto Rico in 1961.


e.  Puerto Rico Parking Corp. - A wholly-owned subsidiary,
    incorporated under the laws of Puerto Rico in 1963.