Thirteenth Decade 2013 – 2018

Puerto Rico

  • The worst moment for Puerto Rico: An enormous fiscal crisis fell upon the island and it was urgent to work immediately with an unheard-of budget deficit, together with a tax on sales and use, called IVU locally. 
  • Puerto Rico had not been able to collect sufficient income to cover its operational expenses and its financial obligations, which dated back to the 1980s. In other words, it had been operating in a notorious insolvency.
  • In 2012, Puerto Rico was warned by Standard & Poor’s about the possibility of degrading the bonds of the government with a negative perspective. It held that the budget deficit for 2013 was significantly higher that the government projected and that it would be very difficult that the island could attain a structural balance within the next two years.
  • This situation, plus the fact that for seven consecutive years the island’s economy continued stagnated with a historical unemployment.
  • A very high proportion crisis and a Fiscal Control Board within a total stagnation environment.
Puerto Rico map

Banco Popular

  • Even within these adverse conditions, Popular has continued to promote the development and formation of capital.
  • Diligent efforts have been made to mitigate losses, and the resolution and restructuring of loans.
  • The total loan portfolio increased, as well as the commercial loans portfolio. The initiatives for the financing of autos have been successful. 
  • To reinforce even more its capital, Popular sold an additional portion of its EVERTEC stock, its former processing subsidiary. The transaction generated $413 million and Popular, Inc. continued being an important partner in the business.
  • Finally, in 2014 the Federal Reserve Bank of New York approved that Popular could repay TARP funds.
  • In 2015, the FDIC approved that Popular assume all the deposits, and certain assets and branches, of Doral Bank in Puerto Rico and the United States.
  • U.S. operations have shown improvement, with an effective management of expenses and credit quality.
  • In 2017, Ignacio Alvarez was appointed Chief Executive Officer and a member of the Board of Directors of Popular, Inc. Richard L. Carrión  was designated Executive Chief Officer of the Board of Directors. Both leaders will work together for the best interests of the corporation, of Puerto Rico and of all the communities served.
Banco Popular logo

Music

  • Urban music is increasing ever more and entering new genres. Recognized artists from other genres share stages and productions with the exponents of this music that it appears to have broken barriers.
Musical notes

Christmas tree

  • Elegant and glamorous trees. Use of spikes, and metal colors are incorporated into the ornaments.
Banco Popular blueprints

The future awaits…

“I firmly believe in the potential and ability of my fellow citizens; there are plenty of reasons to feel optimistic in the efforts Puerto Rico is making; it is fair to recognize that we, Puerto Ricans, have put into practice our individual abilities and qualities that enable us to attain the highest achievements; and regarding personal initiative, character, assertiveness and effort, the sons of this country have projected convincing proof at all times.”

Rafael Carrión Pacheco