Banco Popular named “Bank of the Year” by The Banker magazine
Banco Popular has been named 2011 “Bank of the Year” for Puerto Rico by the prestigious magazine The Banker. Founded in 1926, The Banker is one the world’s most important banking and finance publications, read in over 180 countries. It’s published by the British business daily The Financial Times.
The publication highlights that in a space of four months the bank surpassed its goals for raising capital, sold a subsidiary above the asking price and managed to absorb Westernbank’s assets into the bank’s own systems. Banco Popular also managed to end 2011 with profits, for the first time since 2006.
“We accept this recognition on behalf of our employees, stockholders and clients. They have helped us to success in a challenging environment. This award highlights the strategic direction and the steps taken by Popular to raise new capital, ensure profitability and improve our capital metrics, to levels above Federal requirements, during times of persistent economic uncertainty. We thank The Banker for this recognition and hard work of everyone at Popular,” said Richard L. Carrión, CEO and Chairman of Popular, Inc.
The read the original article of The Banker in PDF format, click here.