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and senior executive vice president of FHLBNY member Banco Popular de Puerto Rico.
Nasdaq: BPOP) ("Popular") announced today that Banco Popular de Puerto Rico ("Banco Popular"), its principal banking subsidiary, has entered into a definitive agreement to sell a portfolio of non-performing commercial and construction loans, and commercial and single-family real estate owned, with a combined unpaid principal balance on loans and appraised value of other real estate owned of $1,022 million and book value of $568 million, to an entity majority owned by a joint venture between Caribbean Property Group LLC and certain affiliated funds of Perella Weinberg Partners Asset Based Value Strategy.
The lion's share of the debt is attributed to creditor Banco Popular de Puerto Rico, with $43 million, it was reported Jan.
The company, which runs Banco Popular de Puerto Rico, plans to shut its wholesale non-prime mortgage origination business early in the current quarter along with the wholesale broker, retail and call-center units, said a federal filing.
Banco Popular de Puerto Rico, Hato Rey, Puerto Rico
Popular Life Re reinsures a portion of credit policies on consumer loans originated at Banco Popular de Puerto Rico, as well as personal accident and health policies underwritten by unaffiliated carriers.
As the leading financial institution in Puerto Rico, with 177 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, investment banking, broker-dealer and insurance services through specialized subsidiaries.
Banco Popular de Puerto Rico continued to hold the lion's share of the local individual retirement account (IRA) market last year, with nearly 40% of the total US$2.