Company: BPOPM
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0001193125-25-043848
Chunk: 9

Company: POPULAR, INC.
Filing Date: 2025-03-03
Form: 10-K
Item: Item 1
Chunk 9
---
services
industry
in
which
we
operate
is
highly
competitive.
In
Puerto
Rico,
our
primary
market,
the 
banking
business
is
highly
competitive
with
respect
to
originatin
g
loans,
acquiring
deposits
and
providing
other
banking 
services.
Most
of
our
direct
competitio
n
for
our
products
and
services
comes
from
commercial
banks and
credit unions. 
The
principal
competitors
for
BPPR
include
locally
based
commercial
banks
and
a
few
large
U.S.
and
foreign
banks
with 
operations in Puerto Rico.
We
also
compete
with
specialized
players
in th
e
local
financial
industry
that
are
not subjec
t
to
the
same
regulatory 
restrictions
as domestic
banks
and bank holdin
g
companies.
Those
competitors
include
brokerage
firms,
mortgage
companies, 
insurance
companies,
automobile
and
equipment
finance
companies,
local
and
federal
credit
unions
(locally
known
as 
“cooperativas”),
credit car
d
companies,
consumer
finance
companies,
institutional
lenders,
and other
financial
and non-financia
l 
institutions
and entities.
Credit
unions
generally
provide
basic consume
r
financial
services and collectively
represent a
significant 
portion of the
market with
a lower cost structure
and fewer regulatory
constraints. 
In
the
United
States
we
continue
to
face
substantial
competitive
pressure
as
our
footprint
resides
in
the
two
large 
metropolitan markets of New York City / Northern New Jersey and the greater Miami area.
There is a large number of banks in both 
markets, including community, regional, and national ones, most of which have
more resources than us. 
In both
Puerto Rico
and the
United States,
the primary
factors in
competing
for business
include
pricing,
convenience 
of branch
locations
and other
delivery
methods,
range of
products offered,
and the