Popular in San Juan, Puerto Rico, plans to spend $50 million this year on technology initiatives.
The $70.7 billion-asset company said in a press release that the investments are intended to expand its digital capabilities, modernize its technology platform and implement “agile and efficient business processes.”
Popular said the effort is expected to continue through 2025 as it eyes a 14% return on tangible common equity by the end of that year.
The company also separated its technology, professional fees and transactional activities as standalone expense categories.
Poplar recently bought its customer experience and key client-facing applications from Evertec for $197 million. The deal included the Mi Banco digital banking platform.