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Banco Popular de Puerto Rico
Popular, Inc., doing business as Banco Popular de Puerto Rico (BPPR) or simply as Banco Popular in Puerto Rico and the U.S. and British Virgin Islands, and as Popular Bank in the United States, is a full-service financial services conglomerate headquartered at Popular Center in the Milla de Oro financial district in the Hato Rey business center of San Juan, the capital municipality of the archipelago and island of Puerto Rico. Founded in 1893, it is the largest banking institution in Puerto Rico in terms of assets and deposits, and it ranks among the largest bank and thrift holding companies in total assets in the United States. In recent years, it has expanded into other areas of the Caribbean and Latin America.
The bank was founded in Puerto Rico in 1893 when the island was still under Spanish administration. It was led in its early stages by Rafael Carrión Sr. and Don Manuel Muñoz Barrios, the latter of which was the company's first president and administrator.
During the 1970s, the company's commercials were 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.[citation needed] Through this purchase, Popular entered the credit-card industry.
During the following decades, Banco Popular put great of emphasis on the company's public image. It was during the 1980s, after Rafael Carrion, Sr.'s death, that Richard L. Carrión assumed the role 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.
The following decade started with a big development for the bank, when in 1990 it merged with Banco de Ponce, one of the largest banks in Puerto Rico. At this time, Banco Popular's holding company changed its name to BanPonce Corporation. Popular acquired Banco Roig, one of the main banks in the eastern side of the island, in 1997, entering a geographical market in which it had yet to succeed.
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 Banco Santander. Popular Securities has additional offices in New York City, San Antonio, Houston, and Chicago.
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Banco Popular de Puerto Rico
Popular, Inc., doing business as Banco Popular de Puerto Rico (BPPR) or simply as Banco Popular in Puerto Rico and the U.S. and British Virgin Islands, and as Popular Bank in the United States, is a full-service financial services conglomerate headquartered at Popular Center in the Milla de Oro financial district in the Hato Rey business center of San Juan, the capital municipality of the archipelago and island of Puerto Rico. Founded in 1893, it is the largest banking institution in Puerto Rico in terms of assets and deposits, and it ranks among the largest bank and thrift holding companies in total assets in the United States. In recent years, it has expanded into other areas of the Caribbean and Latin America.
The bank was founded in Puerto Rico in 1893 when the island was still under Spanish administration. It was led in its early stages by Rafael Carrión Sr. and Don Manuel Muñoz Barrios, the latter of which was the company's first president and administrator.
During the 1970s, the company's commercials were 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.[citation needed] Through this purchase, Popular entered the credit-card industry.
During the following decades, Banco Popular put great of emphasis on the company's public image. It was during the 1980s, after Rafael Carrion, Sr.'s death, that Richard L. Carrión assumed the role 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.
The following decade started with a big development for the bank, when in 1990 it merged with Banco de Ponce, one of the largest banks in Puerto Rico. At this time, Banco Popular's holding company changed its name to BanPonce Corporation. Popular acquired Banco Roig, one of the main banks in the eastern side of the island, in 1997, entering a geographical market in which it had yet to succeed.
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 Banco Santander. Popular Securities has additional offices in New York City, San Antonio, Houston, and Chicago.