What's in a name?
Puerto Rico's Banco Popular is under-going a name-change all in the name of appealing to non-Latino patrons.
The 117-year-old Popular, Inc. has already finished rebranding Illinois branches and now has moved onto Southern California, where its banks are known as Popular Community Bank since Monday.
"In 2005, we rebranded Quaker City Bank to Banco Popular and we noticed a higher attrition among non-Hispanic customers," Manuel Chinea, senior vice president of U.S. retail banking operations said according to OCRegister.com..
"The feedback we got was 'I think you are going after the Hispanic market; I'm not Hispanic so this isn't for me,'" he said.
The change is also going in effect in South Florida and other continental U.S. markets.
“From a non-Hispanic customer’s perspective, it’s a foreign bank or a bank that caters to Hispanics,’’ Israel Velasco, the bank’s region executive for Florida, told the Miami Herald.
“We want to eliminate that perception.’’