BPPRBanco Popular De Puerto Rico
BPPRBusiness Protection Plan Rebate (utility payment; Ontario, Canada)
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The company filed a notice on May 31, 2018 with the board of governors of the Federal Reserve System in order for Popular Auto Llc, BPPR's direct, wholly-owned subsidiary, to be authorised to complete the transaction.
As part of the transaction, BPPR assumed approximately USD 1.0bn in deposits that reside in eight of the 18 Puerto Rico branches of Doral Bank and in its online deposit platform.
In addition, BPPR acquired USD 848m in Puerto Rico performing residential and commercial loans.
Former Doral Bank branches will open for business at their normal operating hours on Saturday, either as branches of BPPR, PCB or another alliance bank.
Popular said that it expects to retain for a period of three months substantially all non-executive employees that work in the branches and operations that BPPR or PCB is acquiring.
BPPR took over about USD1bn of deposits that reside in 8 of the 18 Doral Bank Puerto Rico branches and in its online deposit platform.
With over one hundred years of presence in Puerto Rico, BPPR is poised to continue its reach into the US mainland and Latin America, and much of this success is directly linked to one extraordinary family: The Carrions.
The Carrion family has been an intricate part of BPPR since its inception.
played an even greater role in his family's life than he did at BPPR. When questioned about his father's role and importance within the company as well as on a personal level, Carrion response is both emphatic and reverent.
While in 1976 BPPR was still a fundamentally Puerto Rican based bank, Richard soon realized that the market base in Puerto Rico would be limited.
Who he is: A member of one of Puerto Rico's wealthiest families, he became Chairman and CEO of BPPR following his father's death.
Today, with well over $22.3 billion in assets, BPPR has expanded its empire into the U.S.