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Related party transactions
 6 Months Ended
Jun. 30, 2024
Related Party Transactions  
Related Party Transactions
Note 22 – Related party transactions
 
 
Centro Financiero BHD, S.A.
At June 30, 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
 
six months
 
ended June
 
30, 2024,
 
the Corporation
 
recorded
$
17.4
 
million
 
in
 
equity
 
pickup,
 
including
 
the
 
impact
 
of
 
changes
 
in
 
the
 
fair
 
value
 
of
 
available
 
for
 
sale
 
securities
 
included
 
as
 
a
component
 
of
 
Other
 
Comprehensive Income,
 
from
 
its
 
investment
 
in
 
BHD
 
(June
 
30,
 
2023
 
-
 
$
32.3
 
million),
 
which
 
had
 
a
 
carrying
amount of
 
$
223.9
 
million at
 
June 30,
 
2024 (December
 
31, 2023
 
- $
225.9
 
million). The
 
Corporation received
 
$
19.4
 
million in
 
cash
dividend distributions and $
2.9
 
in stock dividends during the six months ended June 30, 2024 (June 30, 2023 - $
14.1
 
million in cash
dividends and $
2.1
 
million in stock dividends).
 
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 six
 
months
 
ended June
 
30,
 
2024,
 
administrative fees
 
charged
 
to
 
these
 
investment companies
 
amounted
 
to
 
$
1.1
 
million
(June 30, 2023
 
- $
1.1
 
million) and waived fees
 
amounted to $
0.4
 
million (June 30,
 
2023 - $
0.4
 
million), for a net
 
fee of $
0.7
 
million
(June 30, 2023 - $
0.7
 
million).