Approval of Application by Banco Popular de Puerto Rico, San Juan

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Press Release

Approval of Application by Banco Popular de Puerto Rico, San Juan

September 28, 2007

NEW YORK—The Federal Reserve Bank of New York approved the application by Banco Popular de Puerto Rico, San Juan, Puerto Rico, to purchase certain assets and assume certain liabilities of the following branches of Citibank, N.A., Las Vegas, Nevada (“Citibank”), and incident thereto, to establish branches at the locations of nine of the Citibank branches:

Carolina Branch, Carolina, Puerto Rico; Cayey Branch, Cayey, Puerto Rico; Condado Branch, San Juan, Puerto Rico; Fajardo Eastern Branch, Fajardo, Puerto Rico; Humacao Branch, Humacao, Puerto Rico; Mayguez Mall Branch, Mayaguez, Puerto Rico; Plaza Las Americas Branch, San Juan, Puerto Rico; Ponce Norte Branch, Ponce, Puerto Rico; Rexville Branch, Bayamon, Puerto Rico; Plaza Del Atlantico Branch, Arecibo, Puerto Rico; Las Catalinas Mall Branch, Caguas, Puerto Rico; Hato Rey – Ponce de Leon Branch, San Juan, Puerto Rico; Ponce Plaza Branch, Ponce, Puerto Rico; Altamira Shopping Center Branch, Guaynabo, Puerto Rico; Plaza Del Sol Branch, Bayamon, Puerto Rico; Old San Juan Branch, San Juan, Puerto Rico; and Senorial Branch, San Juan, Puerto Rico.

According to standard procedure, the proposal cannot be completed for 15 days.

The Reserve Bank acted under authority delegated by the Board of Governors of the Federal Reserve System.

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