Who are Popular, Inc.'s competitors, and what are the alternatives?
Popular competes in two very different markets. In Puerto Rico, its primary market, Banco Popular is dominant: it held 66.4% of deposits in FDIC-insured offices on the island at June 30, 2026, against 15.8% for FirstBank, 11.3% for Oriental Bank and 5.0% for Citibank, according to FDIC data. Its 10-K names its principal competitors as locally based commercial banks and a few large US and foreign banks with operations in Puerto Rico, and says credit unions, the cooperativas, collectively represent a significant portion of the market with a lower cost structure and fewer regulatory constraints; FDIC figures exclude them. Non-banks are the real rivals in two places: consumer and specialty lending, where brokerage firms, mortgage, auto and equipment finance, credit card and consumer finance companies compete without banks' regulatory restrictions, and digital services, where the 10-K says technology has let non-Puerto Rico institutions and technology companies reach its customers. On the mainland, Popular Bank operates in the New York City and northern New Jersey market and greater Miami, where the 10-K says a large number of community, regional and national banks, most with more resources, compete. AI is part of that contest: Popular's 10-K warns it may not adopt AI as fast as competitors, and Oriental's 10-K says it already uses AI in customer service.[1][2][3]
Data as of Oct 19, 2026 · Popular profile updated Oct 19, 2026 · computed tables recalculate from the 140 bank profiles on this site · Markdown
What does Popular say about its competition?
"The financial services industry in which we operate is highly competitive. In Puerto Rico, our primary market, the banking business is highly competitive with respect to originating loans, acquiring deposits and providing other banking services. Most of our direct competition 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 the local financial industry that are not subject to the same regulatory restrictions as domestic banks and bank holding 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 card companies, consumer finance companies, institutional lenders, and other financial and non-financial institutions and entities."[2]
"Credit unions generally provide basic consumer financial services and collectively represent a significant portion of the market with a lower cost structure and fewer regulatory constraints. While our main competition continues to come from other Puerto Rico banks and financial institutions, we face increased competition from non-Puerto Rico institutions, as emerging technologies and the growth of e-commerce have significantly reduced geographic barriers. These technologies have also made it easier for non-depositary institutions to offer products and services that were traditionally considered banking products and have allowed non-traditional financial service providers and technology companies to provide electronic and internet-based financial solutions and services."[2]
"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 are 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 level of service delivered." (Form 10-K for 2025, Item 1 "Competition", filed March 2, 2026.)[2]
Who competes with Popular in each of its businesses?
| Business line | Competitor | Type | Why it competes |
|---|---|---|---|
| Puerto Rico deposits and banking | FirstBank Puerto Rico (First BanCorp) | Bank | FirstBank holds the second-largest share of deposits in FDIC-insured offices in Puerto Rico, 15.8% across 57 offices at June 30, 2026; First BanCorp's 10-K calls Puerto Rico its main service area and the banking market there highly competitive.[1][4] |
| Puerto Rico deposits and banking | Oriental Bank (OFG Bancorp) | Bank | Oriental holds 11.3% of deposits in FDIC-insured offices in Puerto Rico across 43 offices (June 30, 2026); OFG's 10-K says it encounters intense competition there for deposits and consumer and commercial loans.[1][3] |
| Puerto Rico deposits and banking | Citibank | Bank | Citibank, N.A. holds 5.0% of deposits in FDIC-insured offices in Puerto Rico through two offices (June 30, 2026), one of the few large US banks with operations on the island that Popular's 10-K describes as principal competitors.[1][2] |
| Puerto Rico deposits and banking | Cooperativas (credit unions) | Credit union | Popular's 10-K says local and federal credit unions, the cooperativas, collectively represent a significant portion of the market with a lower cost structure and fewer regulatory constraints; FDIC deposit data do not include them.[2] |
| Puerto Rico deposits and banking | Banesco USA | Bank | Banesco USA holds 1.0% of deposits in FDIC-insured offices in Puerto Rico through one office (June 30, 2026), one of six FDIC-insured banks with offices on the island.[1] |
| Consumer, auto and card lending in Puerto Rico | Auto, equipment and consumer finance companies | Non-bank lender | Popular's 10-K lists automobile and equipment finance companies, consumer finance companies and credit card companies among the specialized competitors not subject to the same regulatory restrictions as banks; First BanCorp's 10-K names small loan, automobile financing and leasing companies too.[2][4] |
| Consumer, auto and card lending in Puerto Rico | FirstBank Puerto Rico | Bank | First BanCorp's 10-K says its businesses compete with banks, small loan and automobile financing companies and fintechs for the same range of products and clients in Puerto Rico, the US and British Virgin Islands and Florida, where Popular also lends.[4] |
| Mortgage lending | Mortgage companies | Non-bank lender | Popular's 10-K names mortgage companies among the specialized competitors in Puerto Rico; OFG's 10-K also lists mortgage banks among its competitors on the island. Popular is exiting US residential mortgage origination (October 2025).[2][3][5] |
| Digital banking and payments | Non-Puerto Rico institutions and technology companies | Fintech | Popular's 10-K says emerging technologies and e-commerce have reduced geographic barriers, letting non-Puerto Rico institutions, non-traditional providers and technology companies offer electronic and internet-based financial services; First BanCorp's 10-K likewise lists fintech companies and emerging competition from digital platforms.[2][4] |
| Popular Bank in New York, New Jersey and Florida | Community, regional and national banks in New York City, northern New Jersey and Miami | Bank | Popular's 10-K says its US footprint sits in these two large metropolitan markets, where a large number of community, regional and national banks, most with more resources, create substantial competitive pressure.[2] |
| Brokerage and investments | Brokerage firms | Broker or asset manager | Popular's 10-K lists brokerage firms among the specialized competitors in Puerto Rico not subject to bank regulatory restrictions; OFG's 10-K also names brokerage firms with retail operations.[2][3] |
How do the AI and digital offerings of Popular's competitors compare?
Popular first, then each competitor. Use-case counts, index scores and latest moves are computed from our profiles of each company; "No profile" means this site has no page on it yet.
| Company | AI or digital offering | On the record (our profiles) | Latest dated AI move |
|---|---|---|---|
| Popular, Inc. (this page) | Not disclosed | Index 32.1 (#85); 11 use cases, 9 in production | García takes over as CEO (Sep 1, 2026)[6] |
| FirstBank Puerto Rico (First BanCorp) | Not disclosed | No profile | Not disclosed |
| Oriental Bank (OFG Bancorp) | Third-party AI adopted mainly in customer service channels and data analytics; OFG says it builds no proprietary AI and aims to become 'a truly digital bank'.[3] | No profile | Not disclosed |
| Citibank | Citi Stylus Workspaces and AI tools for over 180,000 colleagues (May 2026).[7] | Index 94.9 (#2); 20 use cases, 15 in production | Payments chief: no AI model to authorise payments (Oct 1, 2026)[8] |
| Cooperativas (credit unions) | Not disclosed | No profile | Not disclosed |
| Banesco USA | Not disclosed | No profile | Not disclosed |
| Auto, equipment and consumer finance companies | Not disclosed | No profile | Not disclosed |
| FirstBank Puerto Rico | Not disclosed | No profile | Not disclosed |
| Mortgage companies | Not disclosed | No profile | Not disclosed |
| Non-Puerto Rico institutions and technology companies | Not disclosed | No profile | Not disclosed |
| Community, regional and national banks in New York City, northern New Jersey and Miami | Not disclosed | No profile | Not disclosed |
| Brokerage firms | Not disclosed | No profile | Not disclosed |
Who should look beyond Popular, and where?
| If you are | Look at | Why |
|---|---|---|
| Puerto Rico customers who want a bank that says it uses AI in customer service | Oriental Bank (OFG) | OFG's 2025 10-K says it has adopted AI mainly in customer service channels and data analytics through third-party vendors. Popular's disclosed AI use is Microsoft 365 Copilot for employees; virtual assistants appeared only as 2023 hackathon prototypes.[3][9][10] |
| Puerto Rico residents who prefer a member-owned cooperative | Cooperativas (local and federal credit unions) | Popular's own 10-K describes the cooperativas as collectively a significant portion of the market, offering basic consumer financial services with a lower cost structure and fewer regulatory constraints.[2] |
| Mainland customers who want a large branch network outside New York, New Jersey and Florida | A national bank such as JPMorgan Chase | Popular Bank's US footprint is the New York City and northern New Jersey market and greater Miami. JPMorgan Chase Bank's 10-K describes U.S. branches in 48 states and Washington, D.C.[2][11] |
| Mainland home buyers who want a mortgage from their bank | A bank with a home-lending unit, such as JPMorgan Chase | Popular's CFO said in October 2025 that it is exiting US residential mortgage origination. JPMorgan Chase's 10-K describes a Home Lending unit covering mortgage origination and servicing.[5][11] |
| Puerto Rico businesses that want a second local bank | FirstBank Puerto Rico | FirstBank is the second-largest holder of deposits in Puerto Rico's FDIC-insured offices (15.8%, 57 offices) and also operates in Florida and the US and British Virgin Islands, according to its 10-K.[1][4] |
How much of Puerto Rico's bank deposits does Popular hold?
Deposits in FDIC-insured offices located in Puerto Rico at June 30, 2026, summed from the FDIC's Summary of Deposits; credit unions (cooperativas) are not FDIC-insured and are not included. Shares are of the $85.5 billion total.
Whom do Popular, FirstBank and Oriental each say they compete with?
The three locally based banks' own 2025 10-K descriptions of their competitors. None names another bank.
| Bank | Competitors named in its 10-K | Non-bank and digital rivals | AI in the competition discussion |
|---|---|---|---|
| Popular | Commercial banks and credit unions; locally based commercial banks and a few large US and foreign banks; community, regional and national banks in New York, New Jersey and Miami | Brokerage, mortgage, insurance, auto and equipment finance, credit card and consumer finance companies; non-Puerto Rico institutions and technology companies | May be unable to adopt AI, automation and algorithmic tools at competitors' pace[2] |
| First BanCorp (FirstBank) | Other banks, insurance companies, mortgage banking companies, credit unions and certain retailers in Puerto Rico, the USVI, the BVI and Florida | Small loan, automobile financing and leasing companies, brokerage firms, fintech companies and emerging digital platforms | None[4] |
| OFG Bancorp (Oriental) | Puerto Rico banks; brokerage firms, credit unions, savings and loan cooperatives, small loan companies, insurance agencies and mortgage banks | Non-bank competitors and new digital banking platforms that have lowered barriers to entry | Failure to keep pace with technological change, including AI, is a named risk[3] |
Who are Popular's biggest competitors?
In Puerto Rico, FirstBank and Oriental Bank, which held 15.8% and 11.3% of deposits in the island's FDIC-insured offices at June 30, 2026 against Banco Popular's 66.4%, plus Citibank and the cooperativas. Popular's 10-K also names specialized non-bank competitors (mortgage, auto, consumer finance and card companies, brokerages) and, in New York, New Jersey and Miami, a large number of community, regional and national banks.[1][2]
Popular vs FirstBank: how do they compare?
Popular is about four times FirstBank's size in Puerto Rico deposits: $56.8 billion across 156 FDIC-insured offices against $13.5 billion across 57 at June 30, 2026. Both also operate in Florida and the Virgin Islands. On AI, Popular's 10-K treats AI as a risk and governance topic and Popular reports Copilot use; First BanCorp's 2025 10-K does not mention artificial intelligence.[1][4][2][9]
Is Oriental (OFG) a competitor of Popular?
Yes. Oriental Bank is the third-largest holder of deposits in Puerto Rico's FDIC-insured offices, 11.3% at June 30, 2026, and OFG's 10-K says it faces intense competition on the island for deposits and consumer and commercial loans. OFG's strategy is to become 'a truly digital bank', and it says it already uses third-party AI in customer service and analytics.[1][3]
Do credit unions compete with Banco Popular?
Yes. Popular's 10-K says most of its direct competition comes from commercial banks and credit unions, and that the cooperativas collectively represent a significant portion of the Puerto Rico market with a lower cost structure and fewer regulatory constraints. They are not FDIC-insured, so they do not appear in FDIC deposit-share data.[2]
Who competes with Popular Bank on the mainland?
Popular Bank's footprint is the New York City and northern New Jersey market and greater Miami, where its 10-K says a large number of community, regional and national banks, most with more resources, compete on pricing, branch convenience, product range and service. Popular is also exiting US residential mortgage origination.[2][5]
Are fintechs a threat to Popular in Puerto Rico?
Popular's 10-K says emerging technologies and e-commerce have reduced geographic barriers, letting non-Puerto Rico institutions and technology companies offer electronic and internet-based financial services, and that it may be unable to adopt AI, automation and algorithmic tools at the pace of such competitors. First BanCorp's 10-K likewise lists fintech companies and digital platforms as competition.[2][4]
Does Citibank compete with Banco Popular in Puerto Rico?
In deposits, modestly. Citibank, N.A. held $4.2 billion, or 5.0%, of deposits in FDIC-insured offices in Puerto Rico through two offices at June 30, 2026, against Banco Popular's $56.8 billion across 156 offices. Popular's 10-K names a few large US and foreign banks with operations in Puerto Rico among BPPR's principal competitors.[1][2]
Is Evertec a competitor of Popular?
No, it is Popular's most important vendor. Popular's 2025 10-K says Evertec provides core financial transaction processing and IT services under a Master Services Agreement and that Popular expects to end certain services early and move them to other providers. In June 2026 Popular disclosed that an incident at Evertec exposed debit card numbers of Banco Popular de Puerto Rico customers; Popular's own systems were not accessed.[2][12]
- Summary of Deposits: offices in Puerto Rico, June 30, 2026 (FDIC BankFind API, index of 2026-09-18; retrieved 2026-10-19)
- Popular, Inc. Annual Report on Form 10-K for the fiscal year ended December 31, 2025
- OFG Bancorp Annual Report on Form 10-K for the fiscal year ended December 31, 2025
- First BanCorp Annual Report on Form 10-K for the fiscal year ended December 31, 2025
- Popular, Inc. (BPOPO) Q3 FY2025 earnings call transcript
- Leadership (page retrieved 2026-10-14)
- Citi 2026 Investor Day Transcript - Consolidated
- The Most Powerful Women in Banking Women to Watch, #7, Debopama Sen, Citi
- Popular's Luis Montalvo on how a 'digital teammate' is transforming the workplace
- Popular hosts its 2023 A.I. Hackathon
- JPMorgan Chase & Co. Annual Report on Form 10-K for the year ended December 31, 2025
- Popular, Inc. Form 8-K: cybersecurity incident at third-party provider Evertec, Inc.
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