Popular Inc. announced Thursday it has agreed to sell $450 million of its senior notes, due in 2019, to pay off its Troubled Asset Relief Program debt with the U.S. Treasury.
Nearly six years after receiving $935 million from the U.S. Treasury through its Troubled Asset Relief Program, Popular Inc. announced Wednesday it has received the go-ahead from regulators to repay the amount.
The Office of the Commissioner of Financial Institutions, Puerto Rico’s banking watchdog, was left out of the talks leading to the agreement through which the Treasury Department approved a $229 million tax refund to Doral Financial Corp., the regulator said Tuesday during a House public hearing.