Mr. Manuel A. Grullón, executive president of Grupo Popular, announced that the institution has taken another step in concentrating its business strategy on financial and banking operations.
In an encounter with the press, Mr. Grullón informed that Grupo Popular reached an agreement with a group of distinguished Dominican business persons with vast experience in the insurance and business communities; through which Grupo sells its shares in Seguros Popular, S. A., representing 68% of the company’s total equity, for a total transaction amount of RD$1.35 billion (US$43 million). This includes Grupo’s participation in all of Seguros Poplar’s subsidiaries, including ARS Popular, Financiadora de Primas and Reaseguradora Santo Domingo, among others. The transaction will be complete once it is approved by the Insurance Superintendence of the Dominican Republic.
The executive president affirmed that the resources obtained from this agreement will employ to further expand its investments within the financial sectors, as well as the development of new products and services that benefit its customers, thus following the successful model implemented by world class financial institutions. “This strategic business approach is being also developed with remarkable success by excellent economic financial institution worldwide.”
Mr. Grullón emphasized that the accomplishment of this operation, both in Group Popular as in the new investors of Seguros Popular and its affiliates, reflects the confidence in the present process of the country’s economic recovery, allowing continuous development of new business lines that result in direct benefit of thousands of Dominican families and of the ample portfolio of clients who prefer their services.
New Investors of Seguros Popular
This encounter with the media, also counted with the presence of Ernesto Izquierdo, who until today has acted as president of Seguros Popular. He informed that the new Board of Directors of the new insurance company will be integrated by himself as chair and, in alphabetical order, José Antonio Acebal, Juan José Bellapart, Andrés E. Bobadilla, Félix García Castellanos, Marino Ginebra Hurtado, Luis E. Grullón, Juan Manuel Pellerano Gómez, Dolores Pozo Perelló, Luis F. Vásquez, as well as Bolívar Báez Ortiz, Financial Officer.
Mr. Izquierdo was confident that transaction will allow Seguros Popular and its affiliates to further develop new business lines within the insurance market, maintaining the well-recognized efficiency, competitiveness, profitability and leadership that have characterized Seguros Popular through its 40 years of existence and made it the number one provider of insurance services both at a personal as well as at the corporate level in the Dominican Republic.
Seguros Popular, S. A. will maintain its name, a corporate trademark of Grupo Popular, until the transaction is duly approved by Dominican authorities. Once this process has concluded, the company will announce a new corporate identity. In addition, Seguros Popular and Grupo Popular signed a business agreement that will guarantee Grupo Poplar’s customers access to all of the products and services provided by the insurance company.
The achievement of this important transaction is an obvious demonstration of the confidence that Grupo Popular, as well as Seguros Poplar’s investors and affiliates, have in the current economic recuperation of the Dominican Republic; and their willingness to continue developing business initiatives in direct benefit of its ample customer base, as well as the employees that make up the Grupo Popular family.
