Dominican Republic

Credit policy, loan loss provisions and charge-offs decisions were successfully unified and controlled by an ad hoc unit. Management placed increase focus on risk administration and on income diversification and expense control. This restructuring, along with the improvement of technological capabilities and cost reduction initiatives have contributed to Banco Popular’s growth in 2004, both in profits and client base.

Manuel A Grullón, president of the bank, says the award reflected the globalised commercial framework and the quality of the services provided by the bank as well as “the endorsement and confidence of its clients and the general public, the international image of efficiency, the constant exercise of complying with the best financial practices world-wide and the financial solvency and the strength of the institution”. Mr Grullón also highlighted the institution’s commitment with the use of innovative technology to promote its products and services, as well as the corporate governance philosophy, oriented both towards the internal regulations and working as a team, to benefit the customer and the country’s social and economic development.