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.