Santo Domingo.- Dominican Republic’s biggest bank is not for sale as whispered in the streets the last few days. And even less now that its president Manuel A. Grullon revealed closing a half assets jumped RD$222.7 billion (US5.7 billion), or 8.33% more than yearend 2011.
"The Bank is not for sale and I don’t know what source such rumors have been spread from," Grullon said, noting that the same rumor was spread about at the same this time last year until the bank itself had to clarify. "Last year there was investor interest in acquiring shares in our bank, there were expressions of interest but we dismissed them.”
Nobody, so far, has sold their shares," Grullon said in a luncheon with media directors and executives in its main offices.
Grullon said now is the worst time someone could think about selling the bank because the Popular drew RD$193.7 billion in deposits, a climb of 10.85%, while loans at end of the quarter topped RD$136.1 billion, or 7.55% higher than all of last year.
From: United States
I like the fact that this bank is in a solid position., that some dominicans , despite some negativity comments ,still believe in our country.
It represent faith, hope and hard labor.
Go D.R.!
Written by: zooma, 18 Jul 2012 9:18 AM
From: United States
One must think the good reputation the bank has earned, goodwill, has created the investor interest. However, we have to look into why the assets have jumped. One of the reasons of many is the poor economy worldwide has created a fear among large commercial depositors to invest their funds into their businesses. They rather hold onto the funds at the bank and wait for the economy to improve rather than risk them in a fickle market. Also to consider is the bank has tightened up an already conservative loan application process which protects them from losses due to defaults and earns them the interest revenue from solid loans.
The net result of this behavior is the asset growth
Written by: generoso, 18 Jul 2012 9:36 AM
From: Dominican Republic, United States
It is very difficult and painstaking process to acquire commercial loans from the banks, at a fairly decent rate by DR standards. Real property must be used as collateral, pay hefty fees for closing, lawyers and "documentation", and the blessing of the credit committee members, so many self employed just opt for the gray market for business loans, at a higher interest rate.
The investors would also rather get the high interests returns in the informal market, where there is less red tape, and paperwork.
Many investors where also awaiting the traditional Dominican mantra "wait and see what happens after the elections", and where parking their cash in the banks. Now that the feared Hipoloco return has vanished, then business as usual can return.
Banco Popular benefitted immensely from the Baninter crash, as they were their biggest competitors, and came out smelling like a rose, after spreading rumors of Baninter's demise.
Written by: generoso, 18 Jul 2012 9:41 AM
From: Dominican Republic, United States
Speaking to owners of foreign exchange centers in DR, and many bank officials, a great number of investors had US dollar buy orders set for Monday May 21 ST, in case that Hipoloco won the elections, anticipating that the dollar was going to shoot up to never seen before heights, some speculating the future rate to climb to 90 pesos to one dollar, if the burro had won the elections.
Written by: jhcl2012, 18 Jul 2012 10:13 AM
From: United States, PA - Mas pa'lante, ¡Manos a la obra!
And many demand that little DR fix this for the World!
Blood money: HSBC let Mexican drug cartels launder billions
nydailynews.com/news/national/hsbc-compliance-chief-david-bagely-steps-mexican-drug-cartel-scandal-article-1.1116508
( ';' )
From: Dominican Republic, calle A.Portes
I have never before heard a President or a Chairman of a public company say that a company is not for sale ...surely that is a matter solely for the shareholders ,,who may act on advice from the board of the company
Written by: generoso, 18 Jul 2012 10:25 AM
From: Dominican Republic, United States
Ricardolito
Well not really a public company, Banco Popular is in all reality a closely held private company, with the appearance of a public company.
The big shareholders are the Grullón family (Alejandro), The Abreu family (Audi, VW, others), and the
Rodriguez Echavarria group, (ex-general's brother Santiago who was rumored to get much Trujillo loot after they left the island), and many other smaller shareholders with no real say so.
Written by: josean, 18 Jul 2012 10:40 AM
From: United States, Fighting the Dictatorship of the Narco PLD Mafia; Guillermo Moreno President 2016
"Parasites ravage the electricity sector, block investments"
With modification this would have been a better headline for this article!
“Parasite Bankers ravage the financial sector and make billons for themselves with USURY Interest rates that stifle develpoment”
Written by: generoso, 18 Jul 2012 11:31 AM
From: Dominican Republic, United States
josean
I agree with you, but a headline like that will get the editor fired and maybe jailed, and probably fuel the disappearance of Dominican Today, lol.
Written by: josean, 18 Jul 2012 11:49 AM
From: United States, Fighting the Dictatorship of the Narco PLD Mafia; Guillermo Moreno President 2016
Professor,
“That's why I’m here to say what other can't or dare not say!”
“josean goes where others dare not tread!”
“I am the only one capable of CONCEPTUALIZING critiques!”
Boy, am I full of myself and of the unmentionable excrement!
Written by: vacanos, 18 Jul 2012 11:57 AM
From: United States, An appeaser is one who feeds a crocodile, hoping it will eat him last.
Generoso
What is your take on the main worm of the now defunct Bancredito Arturo Perellano. Was the judge pressured by the Government? This is interesting since I was expecting most of these crooks banker freed after the election BUT only if Hipoburro had won the election (except his nemesis of course Ramoncito). Remember during Hipoburro's presidency Perellano not only was covered the 22 Billion he stole but also got his lawyer paid by the Goverenment. With this action I think Leonel sealed his faith as the most in your face cooruption appeaser in history. What is your take in this debacle, Generalisimo.
Written by: generoso, 18 Jul 2012 12:16 PM
From: Dominican Republic, United States
vacanos
Somebody was obviously paid off big time. It also helps that the Pellerano's own Diario Libre, the largest free newspaper in the island.
Of course the perps paid back all the moneys, that they stole, so that helps a lot to get a discharge. Ramoncito Baez (Baninter) hasn't anted up yet, and is counting his days left in prison, if he is not pardoned before August 16 TH by LF, trying to make some more bucks for his retirement fund.
Written by: josean, 18 Jul 2012 12:49 PM
From: United States, Fighting the Dictatorship of the Narco PLD Mafia; Guillermo Moreno President 2016
" With this action I think Leonel sealed his faith as the most in your face cooruption appeaser in history."
Vacanos you make me Proud !
From: Dominican Republic, calle A.Portes
yes I understand and agree that banco Popular has some large inflential shareholders but it has many hundreds of ordinary shareholders also and these are sometimes shown at the assembly for the annual general meeting and in its reports it states that it is a public company ...that is Grupo Popular , of course .of which BPD is a part ....maybe the President of Grupo Popular was saying that they would not be selling BPD .
Written by: DaveB, 18 Jul 2012 4:08 PM
From: United States
Neither nor the story actually names the bank. So this newsletter is only for insiders?
From: Dominican Republic, calle A.Portes
no Dave..we know it is Banco Popular from the logo on the building and from the name of the President of the Bank
From: United States, Palm Harbor
I thought that article was referring to the Banco de Reservas de la Republica Dominicana, the state owned bank. the gentleman above me says its Banco Popular. Just got an education. Gentleman, is it true Cerveza Presidente was sold? if so, to whom? There is Banco Popular branches all over the US. How many other nations have banks in the US?
Written by: josean, 19 Jul 2012 7:57 AM
From: United States, Fighting the Dictatorship of the Narco PLD Mafia; Guillermo Moreno President 2016
Don't not confuse the Puerto Rican Banco Pouplar Branches you see in US with the Dominican Banco Popular. I believe DR Popular has a branch in NYC with limited services.
Written by: josean, 20 Jul 2012 7:36 AM
From: United States, Fighting the Dictatorship of the Narco PLD Mafia; Guillermo Moreno President 2016
I saw this movie, several months ago before it was release, then with the prerelease title of Margin Call with a friend you works in the industry, it is excellent!.
"The Price of Greed"
"Original title: Margin Call. Genre: suspense. Director: J. c. Chandor. Screenplay: Mike J.C. Chandor. Cast: Jeremy Irons, Zachary Quinto, Paul Bettany, Stanley Tucci, Kevin Spacey, and Demi Moore. Duration: 1 hour 42 minutes. Rating: + 12 years. Country: USA."
"It is difficult to make a film about high finance that is attractive to the most common of the spectators."
"The price of greed" has the virtue of convert economic figures and financial formulas into something that can generate interest with some level of suspense.
continued:
Written by: josean, 20 Jul 2012 7:37 AM
From: United States, Fighting the Dictatorship of the Narco PLD Mafia; Guillermo Moreno President 2016
Based on real events that led to the global collapse of the financial markets in 2008, and with some inspiration in the collapse of the Lehman Brothers company, this film focuses on the previous thirty-six hours to the great financial collapse that recently underwent the American finance.
In the same plot, the director j. C. Chandor, who in turn is the writer, focuses its attention on the financial discovery of the debacle which was over-stretching.
Chandor shows hidden wires in the financial world, where its protagonists seek the best way to remain afloat and save in a cold way to as place.
This REList vision is what leads to show a film without waste and relying on a script adjusted to the best way to have a complicated issue and make it safe for the public.
The selection of the cast composed of Jeremy Irons, Zachary Quinto, Stanley Tucci, Paul Bettany, Kevin Spacey and Demi Moore shows their level of quality for the interpretation of the different characters.
Written by: josean, 20 Jul 2012 7:40 AM
From: United States, Fighting the Dictatorship of the Narco PLD Mafia; Guillermo Moreno President 2016
It probably reaches equal supremacy than the classic of Oliver Stone, "Wall Street", of 1987 that addressed the same issue of economy in an attractive way.
"The price of greed" is an excellent film by his way of showing a real event and ficcionarlo in an attractive and captivating way.
See at short trailer at:
acento.com.do/index.php/news/19411/56/El-precio-de-la-codicia.html
From: United States, Palm Harbor
Thank you josean
Smaller
Bigger
Close Gallery
Facebook
Digg this
del.icio.us
Technorati
Yahoo
It represent faith, hope and hard labor.
Go D.R.!
One must think the good reputation the bank has earned, goodwill, has created the investor interest. However, we have to look into why the assets have jumped. One of the reasons of many is the poor economy worldwide has created a fear among large commercial depositors to invest their funds into their businesses. They rather hold onto the funds at the bank and wait for the economy to improve rather than risk them in a fickle market. Also to consider is the bank has tightened up an already conservative loan application process which protects them from losses due to defaults and earns them the interest revenue from solid loans.
The net result of this behavior is the asset growth
The investors would also rather get the high interests returns in the informal market, where there is less red tape, and paperwork.
Many investors where also awaiting the traditional Dominican mantra "wait and see what happens after the elections", and where parking their cash in the banks. Now that the feared Hipoloco return has vanished, then business as usual can return.
Banco Popular benefitted immensely from the Baninter crash, as they were their biggest competitors, and came out smelling like a rose, after spreading rumors of Baninter's demise.
Blood money: HSBC let Mexican drug cartels launder billions
nydailynews.com/news/national/hsbc-compliance-chief-david-bagely-steps-mexican-drug-cartel-scandal-article-1.1116508
( ';' )
Well not really a public company, Banco Popular is in all reality a closely held private company, with the appearance of a public company.
The big shareholders are the Grullón family (Alejandro), The Abreu family (Audi, VW, others), and the
Rodriguez Echavarria group, (ex-general's brother Santiago who was rumored to get much Trujillo loot after they left the island), and many other smaller shareholders with no real say so.
"Parasites ravage the electricity sector, block investments"
With modification this would have been a better headline for this article!
“Parasite Bankers ravage the financial sector and make billons for themselves with USURY Interest rates that stifle develpoment”
I agree with you, but a headline like that will get the editor fired and maybe jailed, and probably fuel the disappearance of Dominican Today, lol.
“That's why I’m here to say what other can't or dare not say!”
“josean goes where others dare not tread!”
“I am the only one capable of CONCEPTUALIZING critiques!”
Boy, am I full of myself and of the unmentionable excrement!
Generoso
What is your take on the main worm of the now defunct Bancredito Arturo Perellano. Was the judge pressured by the Government? This is interesting since I was expecting most of these crooks banker freed after the election BUT only if Hipoburro had won the election (except his nemesis of course Ramoncito). Remember during Hipoburro's presidency Perellano not only was covered the 22 Billion he stole but also got his lawyer paid by the Goverenment. With this action I think Leonel sealed his faith as the most in your face cooruption appeaser in history. What is your take in this debacle, Generalisimo.
Somebody was obviously paid off big time. It also helps that the Pellerano's own Diario Libre, the largest free newspaper in the island.
Of course the perps paid back all the moneys, that they stole, so that helps a lot to get a discharge. Ramoncito Baez (Baninter) hasn't anted up yet, and is counting his days left in prison, if he is not pardoned before August 16 TH by LF, trying to make some more bucks for his retirement fund.
" With this action I think Leonel sealed his faith as the most in your face cooruption appeaser in history."
Vacanos you make me Proud !
Don't not confuse the Puerto Rican Banco Pouplar Branches you see in US with the Dominican Banco Popular. I believe DR Popular has a branch in NYC with limited services.
I saw this movie, several months ago before it was release, then with the prerelease title of Margin Call with a friend you works in the industry, it is excellent!.
"The Price of Greed"
"Original title: Margin Call. Genre: suspense. Director: J. c. Chandor. Screenplay: Mike J.C. Chandor. Cast: Jeremy Irons, Zachary Quinto, Paul Bettany, Stanley Tucci, Kevin Spacey, and Demi Moore. Duration: 1 hour 42 minutes. Rating: + 12 years. Country: USA."
"It is difficult to make a film about high finance that is attractive to the most common of the spectators."
"The price of greed" has the virtue of convert economic figures and financial formulas into something that can generate interest with some level of suspense.
continued:
Based on real events that led to the global collapse of the financial markets in 2008, and with some inspiration in the collapse of the Lehman Brothers company, this film focuses on the previous thirty-six hours to the great financial collapse that recently underwent the American finance.
In the same plot, the director j. C. Chandor, who in turn is the writer, focuses its attention on the financial discovery of the debacle which was over-stretching.
Chandor shows hidden wires in the financial world, where its protagonists seek the best way to remain afloat and save in a cold way to as place.
This REList vision is what leads to show a film without waste and relying on a script adjusted to the best way to have a complicated issue and make it safe for the public.
The selection of the cast composed of Jeremy Irons, Zachary Quinto, Stanley Tucci, Paul Bettany, Kevin Spacey and Demi Moore shows their level of quality for the interpretation of the different characters.
It probably reaches equal supremacy than the classic of Oliver Stone, "Wall Street", of 1987 that addressed the same issue of economy in an attractive way.
"The price of greed" is an excellent film by his way of showing a real event and ficcionarlo in an attractive and captivating way.
See at short trailer at:
acento.com.do/index.php/news/19411/56/El-precio-de-la-codicia.html