Popular Inc. announced Monday a pair of appointees to its top ranks, namely Ignacio Álvarez as president and COO, and former Government Development Bank President Javier D. Ferrer as executive vice president, general counsel and chief legal officer for Puerto Rico’s largest financial institution.
In his new post, Álvarez will report directly to Richard Carrión, Popular’s chairman and CEO.
Álvarez has been with Popular since June 2010 serving as executive vice president and chief legal officer. Before joining Popular, Álvarez was a founding partner of Pietrantoni Méndez & Álvarez LLC, a San Juan-based law firm, from September 1992 to June 2010.
He has also been named a director and President of Banco Popular de Puerto Rico, Popular North America Inc. and Banco Popular North America, in each case effective October 1, 2014.
“Ignacio has been key in accomplishing the goals of Popular during the past four years. His valuable advice and support have been instrumental in improving our Puerto Rico and U.S. operations. I look forward to continue working with Ignacio in his new role,” said Carrión.
Meanwhile, Ferrer, whose appointment is also effective Oct. 1, has also been named secretary of the bank’s Board of Directors. He joins Popular from Pietrantoni Méndez & Álvarez LLC, where he was one of the firm’s founding partners since 1992.
“I am confident that these changes will further strengthen our management team and allow us to operate in a more agile and efficient manner,” added Carrión.
Founded in 1893, Popular, Inc. is the leading banking institution by both assets and deposits in Puerto Rico and ranks among the top 50 U.S. banks by assets. In the United States, Popular has established a community-banking franchise providing a broad range of financial services and products with branches in New York, New Jersey, Florida and California.