The Banker names Popular ‘Bank of the Year Puerto Rico’
SAN JUAN -Popular Inc. announced Thursday that for the fifth consecutive year, Banco Popular de Puerto Rico (BPPR), its banking subsidiary, was recognized as a leading “Bank of the Year Americas” by The Banker, a financial intelligence magazine published by Financial Times Ltd.
Award judges had to decide which banks, from among 140 countries, deserved to be recognized in the publication’s 19th year of the rankings and awards. The institutions had to have delivered solid financial results while developing new products, services and the employment of new technology.
The Banker named Banco Popular “Bank of the Year Puerto Rico,” acknowledging the bank’s continued expansion and customer base growth, “racking up strong numbers in 2017,” a release reads.
The Banker noted that the bank saw a 17% increase in total deposits and added another 31,000 customers. Total assets reached $34.7 billion and market share in total deposits (net of brokered) and total loans increased to 52% and 43%, respectively. Of note for The Banker, is that the bank had to work under emergency conditions for months in the wake of hurricanes that struck the island in September 2017.
The Banker also shared that Popular became one of the first banks to use biometrics for authentication and was the first bank in Latin America to offer mobile payment and digital wallet service Samsung Pay.
This year, BPPR celebrated its 125th year anniversary.
“We are thrilled to receive this recognition on the heels of disaster recovery. At the heart of our success are our employees, whose steadfast commitment to Popular’s customers and communities have set us apart throughout our 125-year history,” said Ignacio Álvarez, president and CEO of Popular.
Popular Inc. is the leading financial institution in Puerto Rico, by both assets and deposits, and ranks among the top 50 U.S. bank holding companies by assets. Banco Popular provides retail, mortgage and commercial banking services in Puerto Rico and the U.S. Virgin Islands. It also offers in Puerto Rico auto and equipment leasing and financing, investment banking, broker-dealer and insurance services through specialized subsidiaries.