SAN JUAN, Puerto Rico, Jan. 12 /PRNewswire-FirstCall/ -- Popular Inc.
(Nasdaq: BPOP) Chairman and CEO Richard Carrion announced today the
appointment of David H. Chafey, Jr., as President and Chief Operating Officer
of Popular, Inc. in charge of business operations in both Banco Popular of
Puerto Rico and Banco Popular North America. Chafey's appointment embodies the
corporate strategy following the previously announced restructuring of the
U.S. operations and based on:
-- Integrating both banking subsidiaries under one organization
-- Reducing costs
-- Streamlining business lines
-- Strengthening branch-based banking in U.S. operations
-- Further expand and grow our banking franchise
"David has presided over our flagship bank, Banco Popular of Puerto Rico,
since 2004 and will now spearhead the operational execution of our corporate
strategy across the organization," said Popular Inc. Chairman and CEO Richard
Carrion. "The economies in the United States and in Puerto Rico continue to
face strong headwinds, but integrating both banks will result in synergies in
control and operations to help counter challenges and prepare businesses for
future growth."
All business divisions will report to David Chafey, including the
processing and technology unit EVERTEC, headed by Felix Villamil; Risk
Management Division, headed by Amilcar Jordan; and Our People Division, headed
by Eduardo Negron.
David Chafey, Chief Financial Officer Jorge Junquera and Chief Legal
Officer Brunilda Santos will continue to report to Richard Carrion. Also
reporting to Carrion will be the Strategic Planning Group and Corporate
Communications.
Added David Chafey: "I am honored and fully ready to meet the challenge of
aligning business operations, particularly in the U.S. mainland. We will
communicate the execution of plans accordingly."
Forward-Looking Statement
The information included in this press release may contain certain
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements are based on management's
current expectations and involve certain risks and uncertainties that may
cause actual results to differ materially from those expressed in
forward-looking statements. Factors such as changes in the interest rate
environment, as well as general changes in the business market and economic
conditions may cause actual results to differ from those contemplated by such
forward-looking statements. For a discussion of such risks and uncertainties,
see the Corporation's Annual Report on Form 10-K for the year ended December
31, 2007 as well as its filings with the U.S. Securities and Exchange
Commission. The Corporation assumes no obligation to update any
forward-looking statements to reflect occurrences or unanticipated events or
circumstances after the date of such statements.
Popular, Inc. is a full service financial services provider based in
Puerto Rico with operations in Puerto Rico, the United States, the Caribbean
and Latin America. As the leading financial institution in Puerto Rico, with
over 300 branches and offices, the Corporation offers retail and commercial
banking services through its principal banking subsidiary, Banco Popular de
Puerto Rico, as well as auto and equipment leasing and financing, mortgage
loans, consumer lending, investment banking, broker-dealer and insurance
services through specialized subsidiaries. In the United States, the
Corporation operates Banco Popular North America ("BPNA"), including its
wholly owned subsidiary E-LOAN, and Popular Financial Holdings ("PFH"). BPNA
is a community bank providing a broad range of financial services and products
to the communities it serves. BPNA operates branches in New York, California,
Illinois, New Jersey, Florida and Texas. E-LOAN offers online consumer direct
lending and provides an online platform to raise deposits for BPNA. PFH
primarily continues to carry a maturing loan portfolio and operates a mortgage
loan servicing unit. The Corporation, through its transaction processing
company, EVERTEC, continues to use its expertise in technology as a
competitive advantage in its expansion throughout the United States, the
Caribbean and Latin America, as well as internally servicing many of its
subsidiaries' system infrastructures and transactional processing businesses.
The Corporation is exporting its 115 years of experience throughout these
regions while continuing its commitment to meeting the needs of retail and
business clients through innovation, and to fostering growth in the
communities it serves.
Contact:
Investor Relations:
Jorge A. Junquera
Chief Financial Officer
Senior Executive Vice President
787-754-1685
Media Relations:
Teruca Rullan
Senior Vice President
Corporate Communications
787-281-5170 or 917-679-3596 (mobile)
SOURCE Popular, Inc.