Popular Seeks to Repay Bailout as Asset Sale Helps Profit
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Popular Inc., Puerto Rico’s biggest bank, has asked the Federal Reserve for permission to repay a $935 million taxpayer bailout it took during the financial crisis.
The lender’s request to exit the Troubled Asset Relief Program was disclosed today as part of the San Juan-based company’s statement announcing third-quarter results. Chief Executive Officer Richard Carrion said he couldn’t speculate about if or when approval would be granted.