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Banco Popular de Puerto Rico Named “Bank of the Year in Puerto Rico” for the Seventh Consecutive Year by Financial Times’ the Banker Magazine
SAN JUAN, Puerto Rico--(BUSINESS WIRE)-- Popular, Inc. (NASDAQ: BPOP) announced Banco Popular de Puerto Rico (BPPR), its principal banking subsidiary, was
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[{"type":"text","content":" SAN JUAN, Puerto Rico--(BUSINESS WIRE)--\nPopular, Inc. (NASDAQ: BPOP) announced Banco Popular de Puerto Rico (BPPR), its principal banking subsidiary, was named “Bank of the Year Puerto Rico” by The Banker, The Financial Times’ international banking magazine. This marks the seventh consecutive year BPPR has received this prestigious recognition.\n\nThe award was announced yesterday by The Banker during the virtual awards ceremony. According to The Banker, 2020 has been an incredibly tough year, as the COVID-19 pandemic brought the world to a standstill. The difficult operating environment makes this year’s winners of The Banker’s Bank of the Year Awards even more deserving of the Bracken trophy. Not only have they successfully managed the pressures of running their operations remotely, but they have also taken care of their customers and staff, responding rapidly to their needs and stepping up support in these demanding times.\n\nThe Banker highlighted BPPR’s expansion mode for the past few years with a strategic acquisition from Wells Fargo to bolster its auto loan business. BPPR’s efforts to support customers, acting decisively at the onset of the crisis was also recognized. Under the Small Business Administration (SBA) Paycheck Protection Program (PPP), the bank secured approval for more than 29,000 loans for small and medium-sized businesses for a total value of more than $1.4bn. These include $240m for clients in the mainland US, $27m for clients in the US Virgin Islands and $1.2bn that were disbursed locally, in Puerto Rico. BPPR originated 63% of the PPP loans (part of SBA’s Paycheck Protection Program) in Puerto Rico.\n\nBPPR’s focus on supporting communities was also acknowledge as the bank secured $200,000 in grants for local non-profits working with small businesses from the Federal Home Loan Bank of New York, a bank that supports community lenders.\n\nAt a time when customers needed it most, BPPR’s technology was in place to deliver digital banking channels that helped local businesses and consumers in general. Between April and May this year, sign-ups to Banco Popular’s app, Mi Banco, grew by 40% compared to the same period in 2019 – an increase that the bank usually sees over a 12-month period.\n\n“This has been an extraordinary year by any measure. We have over the course of our 125 plus years as an institution,...