Related party transactions

3 Months Ended

Mar. 31, 2024

Related Party Transactions

Related Party Transactions

Note 22 – Related party transactions

Centro Financiero BHD, S.A.

At March 31, 2024, the Corporation had a

15.84

% equity interest in Centro Financiero BHD, S.A. (“BHD”), one of the largest banking

and financial services groups in the Dominican Republic. During the quarter ended March 31, 2024, the Corporation recorded $

7.3

million in equity pickup from its investment in BHD (March 31, 2023 - $

9.1

 million), which had a carrying amount of $

233.2

 million at

March 31, 2024 (December 31, 2023 - $

225.9

 million). There were

no

 dividends received by the Corporation from its investment in

BHD León during the quarters ended March 31, 2024 and 2023. 

Investment Companies

The Corporation, through its subsidiary Popular Asset Management LLC (“PAM”), provides advisory services to several investment

companies registered under the Investment Company Act of 1940 in exchange for a fee. The Corporation, through its subsidiary

BPPR, also provides transfer agency services to these investment companies. These fees are calculated at an annual rate of the

average net assets of the investment company, as defined in each agreement. Due to its advisory role, the Corporation considers

these investment companies as related parties.

For the quarter ended March 31, 2024, administrative fees charged to these investment companies amounted to $

0.6

 million (March

31, 2023 -

0.6

 million) and waived fees amounted to $

0.2

 million (March 31, 2023 - $

0.2

 million), for a net fee of $

0.4

 million (March

31, 2023 - $

0.4

 million).