The bank also reported net income of $257.1 million for the quarter ended Dec. 31, 2022.
Excluding the effects of that transaction, Popular Inc.’s net income for the quarter would have been $195.8 million.
The deal will be accounted for as a treasury stock transaction.
Popular will report an after-tax gain of approximately $131 million.
The recent result was down from the $218 million on record for the same year-ago period.
The fund's investments will range from $250,000 to $1 million in companies from the seed stage to pre-IPO.
Different workshops relevant to the needs of entrepreneurs will be offered.
In connection with the transaction, Popular will add some 165 employees and contractors from Evertec.
The goal is to 40 companies with tools to boost their business volume.
Any individual resident of Puerto Rico may invest in this Fund.
The project will be financed through a capital investment made by Banco Popular.
The most recent quarter is compared to the last quarter of 2021, when Popular Inc. reported net income of $206.1 million.
The final settlement of the ASR Agreement is expected to occur no later than the third quarter of 2022.
The transaction is expected to close on or about June 30, 2022.
Popular Inc., parent company of Banco Popular de Puerto Rico, reported net income of $206.1 million for the fourth quarter ended Dec. 31, 2021, compared to net income of $176.3 million in the same period in 2020. The financial institution also reported net income of $934.9 million for the year 2021, compared to net income […]
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