Puerto Rico Bank Exits B&C Wholesale

Popular Inc., a depository based in Puerto Rico, said Jan. 9 that it will close its subprime wholesale business, booking a $39 million loss tied to the move and a larger restructuring effort.The wholesale operation was housed in the bank's affiliate, Popular Financial Holdings. Cameron E. Williams, who served as president of PFH, is retiring. PFH also houses online lender E-Loan Inc. The bank said as part of the restructuring, E-Loan and all U.S. mainland operations -- including Banco Popular North America -- will report to Roberto Herencia, who is president of BPNA. Popular's subprime unit was not considered to be a significant player in the market. "They haven't had much of a presence for two years," said one wholesale executive.