1 BANPONCE BANPONCE CORPORATION CORPORATION PO Box 362708 San Juan, Puerto Rico 00936 2708 Telephone: (809) 765-9800 May 15, 1996 VIA EDGAR Securities and Exchange Commission 450 Fifth Street, N.W. Washington, DC 20549 BANPONCE CORPORATION FORM TYPE: 424(B)(2) I have enclosed with this letter, for filing pursuant to Rule 424(b)(2) under the Securities Act of 1933, as amended (the "Act"), in accordance with Regulation S-T, a copy of the Pricing Supplement dated May 15, 1996, to the Prospectus dated September 27, 1995 and the Prospectus Supplement dated October 6, 1995. Subject Pricing is related with the Registration Statements on Forms S-3 (No. 33-61601) of BanPonce Corporation. Cordially, /s/ Eric J. Pacheco - ------------------- Eric J. Pacheco Vice President ges Enclosure 2 Pricing Supplement, dated May 15, 1996 to Prospectus dated September 27, 1995 and Prospectus Supplement dated October 6, 1995 BANPONCE CORPORATION MEDIUM-TERM SERIES 2 DUE FROM NINE MONTHS TO 30 YEARS FROM DATE OF ISSUE PRINCIPAL AMOUNT .................................. U.S. $15,000,000.00 ORIGINAL ISSUE DATE................................ May 17, 1996 MATURITY DATE ..................................... May 17, 2000 GLOBAL NOTE ....................................... Yes INITIAL INTEREST RATE ............................. 6.805% INTEREST RATE BASIS ............................... Fixed INDEX MATURITY .................................... N/A SPREAD ............................................ N/A INTEREST RATE RESET PERIOD ........................ N/A INTEREST PAYMENT PERIOD ........................... June 15, December 15 and at the maturity date The proceeds from the issuance of the Note to which this Pricing Supplement relates will be used to finance BanPonce Corporation Subsidiaries.