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Popular, Inc.
Founded in 1893 in San Juan, Puerto Rico, Popular, Inc. is the parent company of Banco Popular de Puerto Rico, Banco Popular North America (operating as...
Popular, Inc.
Founded in 1893 in San Juan, Puerto Rico, Popular, Inc. is the parent company of Banco Popular de Puerto Rico, Banco Popular North America (operating as Popular Bank), and Evertec Group, its former payment-processing subsidiary. Ignacio Alvarez has led the firm as CEO since 2014, stewarding the institution through Puerto Rico's sovereign debt restructuring and Hurricane Maria recovery. The firm emerged from those crises with a recalibrated credit posture, selling non-core assets such as its US mainland auto-finance portfolio to strengthen its liquidity position. The corporation operates primarily as a commercial banking franchise but deploys capital across multiple asset classes including residential and commercial mortgage lending, small-to-medium enterprise credit, consumer loans, and US Treasury and agency securities. Through its Popular Securities subsidiary (a registered broker-dealer and investment advisor), the firm markets mutual funds and manages private client accounts. The geographic footprint covers Puerto Rico, the US Virgin Islands, the British Virgin Islands, New York, New Jersey, and Florida. Notable past strategic capital moves include the 2013 IPO of Evertec on the NYSE, crystallizing significant value from its payment-processing unit. Popular, Inc. reported roughly $70 billion in total assets as of its 2023 annual filing, making it the largest financial institution by deposit market share in Puerto Rico. The firm employs approximately 9,000 individuals across its entities. In December 2024, Popular closed its acquisition of a portfolio of USVI deposits and loans from Oriental Bank, deepening its Caribbean banking presence. Philanthropic activity flows through the Banco Popular Foundation, a separately administered entity focused on education, economic development, and arts programming in Puerto Rico. A structural differentiator is its dual identity: Popular, Inc. reports to public shareholders as a NYSE-listed bank holding company (ticker: BPOP) yet functions in its home market with the civic posture of a de facto financial utility, operating the island's largest ATM network, processing the bulk of government disbursements, and running ATH Movil, the dominant person-to-person payment rail in Puerto Rico. That combination of publicly traded discipline and essential-market infrastructure sets it apart from regional peers on the US mainland.
General information
Firm type
Asset Manager
Year founded
1893
AUM
Undisclosed
Location
Region
North America
Country
United States
City
San Juan
Corporate office
San Juan, Puerto Rico, United States
Additional offices
New York, NY · Miami, FL · St. Thomas, USVI · Tortola, BVI
Principals
Ignacio Alvarez
Chief Executive Officer
Carlos J. Vázquez
President
Jorge J. García
Senior Executive Vice President and Chief Financial Officer
Sector focus
Frequently asked questions
Is Popular, Inc. a bank or a holding company?
Popular, Inc. is a publicly traded financial holding company listed on the NASDAQ under the ticker BPOP. It owns Banco Popular de Puerto Rico, Popular Bank (which operates in New York, New Jersey, and Florida), and Popular Securities, a broker-dealer and registered investment advisor. The entity functions as a commercial bank at the operating-subsidiary level.
What happened to Popular's payment-processing subsidiary, Evertec?
Popular took Evertec public on the New York Stock Exchange in 2013 through an IPO, carving out the payment-processing unit that had historically served much of Latin America's transaction infrastructure. Popular sold down its remaining interest in subsequent years and no longer holds a controlling stake. The IPO unlocked substantial liquidity for the parent company.
How does Popular, Inc. generate its revenue?
The firm earns net interest income from its loan portfolios — residential and commercial mortgages, consumer credit, and corporate lending constitute the largest piece — plus fee income from deposit services, securities brokerage, and insurance. Its geographical concentration in Puerto Rico means a significant portion of earnings are tied to the island's economic performance and US federal reconstruction funding cycles.
Is Popular, Inc. a suitable counterparty for institutional real estate or private credit transactions?
Popular acts primarily as a balance-sheet lender rather than a third-party fund manager. Institutional allocators seeking co-investment or structured credit opportunities in Puerto Rico and the US Virgin Islands have engaged Popular for joint commercial real estate financing. The firm does not market blind-pool private credit funds or real estate equity vehicles to outside investors.
Does the firm manage third-party capital? If so, how?
Through Popular Securities, the firm manages individual brokerage accounts and mutual funds for retail and high-net-worth clients, primarily in Puerto Rico. It does not operate as a multi-family office, endowment manager, or external GP. The registered investment advisor arm should not be confused with an independent asset manager — it functions as a product distribution and advisory channel within the broader bank.
How did the Puerto Rico debt crisis affect Popular, Inc.?
Popular, Inc. entered the 2015–2017 Puerto Rico debt restructuring with one of the largest holdings of Puerto Rico government obligations among local banks. The firm absorbed significant losses on that portfolio but did not require a federal bailout. Under CEO Ignacio Alvarez and President Carlos Vázquez, Popular navigated the crisis by reducing exposure to government debt, selling non-strategic assets such as its US auto-lending platform, and raising private equity capital to shore up its balance sheet.
What is the geographic reach of Popular's banking operations?
Banco Popular de Puerto Rico serves the main island and the US Virgin Islands; Popular Bank operates branches in New York, New Jersey, and Florida; and the firm has a legacy trust and private banking presence in the British Virgin Islands. It is the only financial institution with a material banking footprint spanning both a US territory and the mainland Northeast corridor from that origin.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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