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Popular, Inc.

This article is about a bank in Puerto Rico. For the bank based in Spain, see: Banco Popular Español.


Popular, Inc.
Enlarge picture
Popular, Inc. Logo
Public (NASDAQ: BPOP)
FoundedSan Juan (1893-10-05)
HeadquartersSan Juan, Puerto Rico
Key peopleRichard Carrion, Chairman & CEO
David H. Chaffey, Jr., President
IndustryFinance and Insurance
ProductsBanking
Checking Accounts
Insurance
Stock Brokerage
Investment Bank
Asset-Based Lending
Consumer finance
Revenue US$ 3.45 billion (2005)
Operating income US$ 2.01 billion (2005)
Net income US$ 540.7 million (2005)
Employees13,210 (2005)[1]
Websitewww.popular.com
Enlarge picture
Popular, Inc. headquarters main building, in Hato Rey, San Juan, Puerto Rico.


Popular, Inc., is a financial services conglomerate that has been operating in Puerto Rico for over 112 years, and in the United States for almost 52. In recent years it has expanded into the Caribbean and Central America. It is better known as Banco Popular, but it is also regarded as BPPR.

Popular, Inc., is the parent company of: Banco Popular de Puerto Rico, Banco Popular North America, Evertec, E-Loan, and several other companies.

History

The bank was founded in Puerto Rico in 1893 and was led in its early stages by Rafael Carrion, Sr.

During the 1970s, the company's commercials were very popular on Puerto Rican television: they presented a balding, middle aged man in a white tee shirt, announcing the company in a comic way. The 1970s also saw a giant step in the development of Banco Popular as Puerto Rico's biggest bank, when it bought two-thirds of the Banco de Crédito y Ahorro Ponceño. By buying this bank, Popular entered the credit-card industry.

During the following decades, Banco Popular put a lot of emphasis on the company's public image. It was during the 1980s, after Rafael Carrion, Sr.'s death, that Richard L. Carrión took over as President of the corporation.

In 1989, the bank introduced a children's savings service with a bear, "Populoso", as its mascot. The Club del Ahorro (or Savings Club) was (and still is) intended to encourage children to open savings accounts and keep track of their money.

1990s

The following decade started with a big development for the bank, when in 1990 it merged with Banco de Ponce, one the largest banks in Puerto Rico. At this time, Banco Popular de Puerto Rico changed its name to BanPonce.

Popular acquired Banco Roig, one of the main banks in the eastern side of the island, in 1997, entering a geographical market they had yet to succeed in.

During the late 1990s, the company began to diversify its services thanks to revisions of state laws that allowed banks certain 'privileges' related to different financial services other than banking. These years saw the birth of Popular Auto, Popular Finance, Popular Mortgage, Popular Insurance, Popular Leasing, among others.

During this time, the company created one of its flagship subsidiaries, Popular Securities. It quickly became the investment banking, retail brokerage, and institutional sales arm of Banco Popular. On the retail side, Popular Securities has an extensive network of brokers in Puerto Rico, rivaled only by Swiss giant UBS and more recently by Santander Securities. Popular Securities has additional offices in New York City, San Antonio, Houston, and Chicago.

2000s

Due to its growth in Puerto Rico, and the aggressive expansion in the United States, the company changed its name once again in 2000 to Popular, Inc., a name that goes back to the traditional roots of the corporation and which also reflects the common title in almost all of the subsidiaries of the company.

It was during this time that the company divided itself into three main subsidiary companies: Banco Popular de Puerto Rico, with David Chafey, Jr. as its current president; Banco Popular North America, with Roberto Herencia as the current president; and Evertec, with Felix Villamil as its current president. Richard Carrion remained as president and CEO of the parent company, Popular, Inc.

Evertec was born after the purchase of the GM Group. The main purpose of Evertec is to serve as a processing company (related to the ATM network, card processes, POS, and other technical details). Evertec is not limited to Banco Popular, as it also serves other banks in the island. This subsidiary also maintains Popular's overseas networks (specially in ATH Dominicana and ATH Costa Rica).

In the 24 January 2005 issue of Fortune Magazine, Popular, Inc. was chosen as one of the 100 Best Companies to Work For.

On 11 April 2005, an agreement was announced between Banco Popular North America and the New York Mets. Under the five-year agreement, Popular will operate seven ATMs and display various advertisements at Shea Stadium.

Present

Its main headquarters are located in the San Juan Hato Rey business district, on the avenue more commonly known as La Milla de Oro ("The Golden Mile") because of the abundance of several other bank headquarters located there. Travellers who fly into the Luis Muñoz Marín International Airport can observe Banco Popular's main building.

Popular is currently the largest bank in Puerto Rico, the largest company (public or private) in Puerto Rico, and the largest Hispanic bank in the United States. It is classified as one of the top 100 banks nationwide. Its subsidiaries are also considered top-rated, with a customer base that grows each year.

Recently, Popular updated its web site to be more user-friendly, with services such as SMS warnings for account balances (both from Popular and other banks), online payments for their products, other companies, and the state government (including credit cards with other banks, water utility bills, electricity bills, among others), credit card forms, and more. Banco Popular also released its new ad campaign: "En Mi Banco Se Puede" ("In my bank it's possible"), along with a series of aggressive ads targeting non-customers, consumers that have left the bank, or current customers who are starting to consider leaving the bank.

.

Stats

Timeline

Subsidiaries and Services

Puerto Rico

United States

Virgin Islands

Other Countries

Former Subsidiaries

Musical Tradition

For its 100th Anniversary celebration, Popular gathered a group of famous Latin-American musicians in an effort to create a musical televised show. After the large success of this venture, the company began to produce annual live Christmas concerts and television specials with various Puerto Rican and international singers and artists. The concerts and specials are aired in local television stations and then released on CDs and DVD, raising money for the company's philanthropic foundation (Fundación Banco Popular) which benefits a variety of non-profit organizations in the island.

Enlarge picture
Album cover for the 2006 Musical Tradition production "Viva Navidad"


The titles of the musicals are: Online Discography

Competitors (in Puerto Rico)

References

1. ^ Popular, Inc.: Company Snapshot. CorporateInformation.com. Retrieved on 2006-06-22.

External links

Popular, Inc.

Subsidairies

 •  • [ e]
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Banco Popular Español, S.A.

Public
Founded 1926
Headquarters Madrid, Spain

Key people Ángel Ron (Chairman of the board), Francisco Fernández Dopico (CEO)
Industry Financial Services
Products Banking and insurance
Revenue €2.
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A public company usually refers to a company that is permitted to offer its securities (stock, bonds, etc.) for sale to the general public, typically through a stock exchange.
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The NASDAQ (acronym for National Association of Securities Dealers Automated Quotations system) is an American stock market.
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San Juan, Puerto Rico
San Juan with the Luquillo Mountain Range (Sierra de Luquillo) in the background.

Flag
Seal
Nickname:
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San Juan, Puerto Rico
San Juan with the Luquillo Mountain Range (Sierra de Luquillo) in the background.

Flag
Seal
Nickname:
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Motto
Latin: Joannes Est Nomen Eius
Spanish: Juan es su nombre
(English: "John is his name")
Anthem
"La Borinqueña"
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Richard L. Carrion (born November 26, 1952 in San Juan, Puerto Rico)[1] is the current President and CEO of Popular, Inc., the largest company in Puerto Rico, and parent company of Banco Popular de Puerto Rico, Banco Popular North America and E-Loan.
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Industry (from Latin industrius, "diligent, industrious"), is the segment of economy concerned with production of goods. Industry began in its present form during the 1800s, aided by technological advances, and it has continued to develop to this day.
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  1. Replacement rate (How frequently is the product repurchased?)
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bank is a commercial or state institution that provides financial services , including issuing money in various forms, receiving deposits of money, lending money and processing transactions and the creating of credit.
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transactional account (North America: checking account or chequing account,[1] United Kingdom and some other countries: current account or cheque account
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A stock broker is a qualified and regulated professional who buys and sells shares and other securities through market makers on behalf of investors.
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In the simplest meaning, asset-based lending is any kind of lending secured by an asset. This means, if the loan is not repayed, the asset is taken. In this sense, a mortgage is an example of an asset-backed loan.
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Consumer finance in the most basic sense of the word refers to any kind of lending to consumers. However, in the United States financial services industry, the term "consumer finance" often refers to a particular type of business, sub prime branch lending (that is lending to people
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Motto
Latin: Joannes Est Nomen Eius
Spanish: Juan es su nombre
(English: "John is his name")
Anthem
"La Borinqueña"
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Motto
"In God We Trust"   (since 1956)
"E Pluribus Unum"   ("From Many, One"; Latin, traditional)
Anthem
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E-Loan, Inc.

Private
Founded 1997
Founder Janina Pawlowski and Chris Larsen
Headquarters Pleasanton, CA

Key people Mark Lefanowicz, President
Industry Financial Services
Products Auto Loans
Mortgage Loans
Mortgage Refinance Loans
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Motto
Latin: Joannes Est Nomen Eius
Spanish: Juan es su nombre
(English: "John is his name")
Anthem
"La Borinqueña"
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UBS AG

Public (NYSE:  UBS ; SWX: UBSN ; TYO: 8657 )
Founded 1998 merger of the Union Bank of Switzerland and the Swiss Bank Corporation
Headquarters Basel & Zürich, Switzerland

Key people Marcel Ospel, Chairman
Marco Suter, Vice Chairman
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Grupo Santander

Public
Founded 1857
Headquarters Santander, Spain

Key people Emilio Botín, President
Industry Banking
Products Financial services
Employees 129,749 (2006)
Website www.santander.
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City of New York
New York City at sunset

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