The Economic Evolution of Puerto Rico: Insights from Ignacio Álvarez, CEO of Banco Popular de Puerto Rico. 

In an exclusive interview with Ignacio Álvarez, CEO of Banco Popular de Puerto Rico, we explore the island’s economic recovery, the banking sector’s resilience, and the institution’s ongoing support for Puerto Rico’s entrepreneurial ecosystem.

 Thank you for joining us today. As the CEO of Puerto Rico’s largest financial institution, what is your perspective on the island’s economic growth over the next few years?

Puerto Rico has faced many challenges, from the financial crisis to the devastation of Hurricane María. However, thanks to significant federal aid and the resilience of our people, we’ve seen an upswing in growth, particularly in sectors like tourism and construction. The economy is projected to grow at 2.8% this fiscal year, and while growth may slow slightly in the next couple of years, I’m confident we’ll continue on a positive trajectory. 

Following the collapse of Silicon Valley Bank and Signature Bank, there’s been concern in the financial sector globally. How would you describe the current state of Puerto Rico’s banking sector?

Puerto Rico’s banking sector is stronger than ever. Historically, we depended on funds from the U.S. mainland to meet loan demand, but today, local deposits have surged, giving banks more liquidity. Banco Popular, along with other local banks, is well-capitalized and capable of supporting the island’s growth without external dependency.

Banco Popular has a rich history and is a cornerstone of Puerto Rico’s economy. How has the bank contributed to the island’s economic and social growth? 

Our mission has always been to serve the financial needs of Puerto Rico’s people. From the early days of supporting homeownership to today’s digital banking advancements, we’ve consistently been at the forefront of innovation. Beyond banking, we’re deeply committed to the community, contributing over $60 million through our foundation and corporate programs to local initiatives. This not only supports economic growth but also strengthens the social fabric of the island.

With digital banking on the rise, how is Banco Popular adapting to the needs of younger generations while still catering to traditional customers?

Puerto Ricans are very digitally savvy, and we’ve embraced an omnichannel strategy to meet them where they are. Whether customers prefer using our digital platforms, speaking to someone over the phone, or visiting a branch, we strive to deliver a seamless and personalized experience. Although digital transactions are rising, many clients still value the trust and assurance of having a local branch nearby.

Looking ahead, what excites you most about Puerto Rico’s future?

I’m very optimistic about Puerto Rico’s future. We’re seeing more young Puerto Ricans embracing entrepreneurship, and with the continued influx of federal funds, strong institutions, and a growing entrepreneurial spirit, I believe Puerto Rico is on a solid path to long-term growth and success.

This interview format effectively highlights the vision and leadership of Ignacio Álvarezwhile providing valuable insights into the economic and banking sectors of Puerto Rico, making it ideal for a publication like CNN Business or Bloomberg.