SANTO DOMINGO– Banco Popular commemorated the 60th anniversary of its opening to the public, consolidating itself as the first privately owned bank in the Dominican Republic and reaffirming its commitment to sustainable development and the economic, social and environmental well-being of the country.
The bank, which began operations on January 2, 1964, assumed in its Charter the mission of democratizing financial services, stimulating savings among the population and investments in broad sectors of society.
That mission remains today, as an institution that actively promotes innovation to support entrepreneurs, SMEs, companies and industries, thereby strengthening job creation and the nation's productive fabric.
Sustainability
Banco Popular has been deepening its sustainable vision, especially after becoming four years ago the first bank in the Caribbean islands to join as a signatory partner to the United Nations Principles for Responsible Banking, an international alliance of banks, launched in 2019, whose purpose is to align the role of international banking with the Sustainable Development Goals (SDGs) and the Paris Climate Agreement.
Recently, the bank announced its incorporation into the Carbon Accounting Partnership in the Financial Industry (PCAF) and the Private Sector Alliance for Disaster Resilient Societies (ARISE).
In this area, its green finance portfolio Hazte ECO stands out, a pioneer in the sector, which last year registered a 17% increase in its portfolio, exceeding RD$2,267 million.
To support the ecological transition, Banco Popular was authorized to issue a green bond for up to RD$2.5 billion, becoming the first Dominican financial institution accredited to carry out a green issuance in the local stock market, which will promote investments in renewable energy, energy efficiency, sustainable mobility and the circular economy.
This sustainable investment instrument, specifically, is rated AA+ (dom) by the agencies Feller Rate and Fitch Ratings, and has the seal of the Pacific Corporate Sustainability (PCS).
In addition, the financial organization has been carrying out constant reforestation efforts in different locations throughout the country for more than two decades, with around 1.2 million trees planted in conjunction with the Sierra Plan and other partners, such as the Santo Domingo Water Fund and the Yaque del Norte Fund, among others.
Banco Popular has also traditionally promoted the orange economy, or creative economy, as a safeguard of Dominican identity. Thus, in 2023, it supported the cultural and creative industries with over R$639 million through cultural sponsorships, a fund for the film industry, and investment in advertising campaigns, among other categories.
Company of lasting social value
As a company with a permanent social value, Popular has been characterized by its commitment to helping raise the quality of education in the country, positioning itself as a key ally of educational institutions, in addition to carrying out actions with social and environmental impact, and offering its helping hand in the face of the calamities that have sometimes afflicted the population.
Thus, in 2023, it allocated an approximate amount of RD$491 million to donations to individual and collective causes, to support educational projects such as the "I Learn" International Congress of Action for Education (Educa) or its "Popular Excellence" scholarship program, and to the restoration of 7 parks in the National District and the interior of the country for the enjoyment of some 73,578 beneficiaries.
Employee management
The company's sustainability is also reflected in the management of its employees, being the financial institution that leads the number of employees among privately held banking entities, with a workforce of more than 7,000 people, with an average age of 34 years and a 60% female presence.
The sustainability of the business is also reflected in the preference of multiple banking customers, who in 2023 awarded Banco Popular 68 points in the Net Promoter Score (NPS), the highest result in its history, increasing this indicator by 10 points compared to 2022. This customer recommendation index surpasses the average for Dominican multiple banks, which is 58, and that of the global financial sector, which obtained 18 points last year, thus reflecting that Popular exceeds local and international satisfaction standards.
