Banco Popular: tourism loan portfolio to total US$1.35 billion in 2023

Banco Popular Dominicano reported that by the end of 2023 its accumulated loan portfolio for the tourism sector will total US$1.35 billion, including financing from its local headquarters and its international subsidiary Popular Bank.

In this regard, Christopher Paniagua, president of Banco Popular, gave the information at a press conference in Madrid, Spain, where the institution is participating in the 44th edition of the International Tourism Fair (Fitur).

He stated that, in percentage terms, according to Central Bank data, Banco Popular’s market share in hotel loans is 38.2% as of December 2023. “This percentage only considers hotel loans, but not those destined to complementary tourism supply or tourism infrastructure,” he added. It also does not include the financial contribution from Popular Bank.

Regarding his participation in Fitur, Paniagua said that the team accompanying him from Banco Popular already has an agenda of business and institutional meetings in 40 meetings, where a list of projects valued at US$1.3 billion of investment will be evaluated, which can lead to the materialization of US$780 million of new financing, and impact 13,600 rooms and generate 16,400 direct jobs plus 40,000 indirect jobs.

Paniagua recalled that the bank is celebrating 60 years of institutional trajectory this year 2024 and that for more than three decades it has been working in favor of the tourism sector, which is evidence of the leadership and impact of the financial organization since the tourism phenomenon emerged in the country.

“Of the six decades of Banco Popular’s institutional life, for half of them, more than 30 years, our organization has been linked to the promotion of the tourism sector,” he said. “How good that history has been proving us right since then and today the DR cannot be understood without tourism,” he added.

He said that the bank’s delegation has very good expectations regarding Fitur 2024, because they already have more than thirty meetings scheduled and every year there is a growing interest in this fair, where the beginning of business agreements are closed and then developed during the year, according to the local press.

Popular maintains a constant support to the country by promoting foreign direct investment in tourism and the corresponding contribution of foreign currency, having also facilitated the creation of more than 33,000 direct jobs in the tourism sector and the development of more than 26,500 hotel rooms.

The activity emphasized the importance of the tourism industry and its importance for the development of the country, which in 2022 generated 721,912 direct, indirect and induced jobs.

Paniagua was joined at the meeting by the executive vice presidents of National and International Businesses, René Grullón; Antonia Antón de Hernández, of Human Resources and Credit Administration and Compliance; José Mármol, of Corporate Communications, and of the Tourism Business Area, Juan Manuel Martín de Oliva.


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Dominican Republic Live Editor

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