GRUPO POPULAR CELEBRATES ITS ANNUAL SHAREHOLDERS MEETING
Reaffirms its commitment with the economic and social development of the country
Grupo Popular celebrated its annual shareholders’ meeting last Saturday, April 23, 2005, at the institution headquarters.
During the meeting, lead by Mr. Alejandro E. Grullón E., president of the Board of Directors, was presented the annual report highlighting the excellent results obtained due to the corporate governance philosophy directed by Manuel A. Grullón, executive president of Grupo Popular.
The annual report stated that the primary company, Grupo Popular, and its affiliated companies obtained favorable financial achievements, in spite of the difficulties confronted during the first half of the year 2004.
Likewise, Mr. Grullón highlighted that the macroeconomic measures adopted by the new financial and monetary authorities, designed to comply with the requirements of the agreement with the International Monetary Fund, were significant factors that positively affected macroeconomic indicators, as well as promoted confidence among the country’s economic agents.
Under the new process of reforms and requirements to which the Group is regulated by, such as the measures recommended by the IMF, Mr. Manuel A. Grullón, president of Grupo Popular, affirmed its commitment to the economic and social development of the country, as well as in investing in human resources, and in strategic and technological assets to assure a more reliable and regulated financial system with better national and international financial practices.
Mr. Grullón informed to the shareholders that during the year 2004 Grupo Popular increased its levels of economic solvency, as well as expanded its equity with high expectations of continuous future growth. This success can be accredited to the support received by the shareholders, "which classifies us as the group with greatest shareholders’ support in the Dominican Republic", expressed the banking executive.
Financial Highlights
The report to the shareholders presented by the president states that as of December 31, 2004, the Total Assets for Grupo Popular amounted for RD$109,453.6 millions which represent an increase of 6.87% in comparison to year 2003.
In addition, the total deposit grew to RD$90,675.6 millions reaching an increase of 10.07%. The assets and liability of the Group increased due to the equity funds which consolidated to RD$9,071 millions.
Mr. Grullón informed that the activities performed by the national and international affiliated that form Grupo Popular made it possible for the Group to reach the utilities for a value of RD$1,049.7 millions.
The executive president of Grupo Popular also placed great importance on the efforts made by the international affiliates, like BPD Bank, in the city of New York, and the Popular Bank, in the city of Panama, which continue extending their operations in their competitive markets.
Corporate Governance and Social Responsibility
The report to the shareholders refers to the philosophical policies and practices that characterize the institution’s corporate governance, which is considered as the "central attribute that differentiates the institution from others and engenders prestige among the financial market", said Mr. Grullón, emphasizing that those values represent "a sense of security and pride to the consumer of products and services in the different markets".
Mr. Grullón also indicated that the institution has been working to support important initiatives as a commitment to the nation, striving to improve education and the artistic development, as well as of endorsement to plans and projects of humanitarian organizations, which benefit the national population and ample sectors of Dominican residents in the United States of America.
Participants of the annual shareholders meeting included: shareholders from different cities directors of the Grupo Popular and presidents of affiliate companies and civil employees, among others.
