The Banco Popular de Puerto Rico, one of the largest banks in Puerto Rico, announced the signing of a strategic alliance with the Banco Gerencial y Fiduciario of the Dominican Republic. The Banco Popular purchased a large shares package in the bank, although the Dominican partners will maintain majority ownership and control of management. Richard L. Carri?n, chief executive officer of the Puerto Rico bank, was in Santo Domingo to sign the agreement. Enrique Armenteros Rius, president of the board of the bank, and George Manuel Hazoury, general manager signed for the Banco Gerencial y Fiduciario. The Banco Popular is 104 years old, and has US$20,000 million in assets, 451 offices in Puerto Rico, the United States, the Caribbean and Central America.
