Popular Bank acquires equipment financing business to expand commercial offering.
Popular Bank, a subsidiary of Popular, Inc. (NASDAQ: BPOP) announced the acquisition of K2 Capital Group LLC (“K2”), a Minnesota-based equipment finance and leasing company. K2 has become a part of Popular Equipment Finance LLC, a wholly owned subsidiary of Popular Bank.
Equipment financing further develops Popular Bank’s healthcare financing capabilities.
Established in 2010, K2 is a recognized industry leader in equipment financing solutions specializing in healthcare. Its product suite is built on partnerships with some of the world’s largest equipment manufacturers, and services the leading healthcare organizations across the U.S. The K2 acquisition contributes to Popular Bank’s growing commercial offering enhancing its healthcare finance solutions and building out Popular Equipment Finance. K2 customers will gain access to more capital and the additional resources and products offered by Popular Bank.
“We are confident that K2 is a great fit for our organization and will further our traction within the healthcare industry and complements our existing healthcare finance business,” said Manuel Chinea, COO of Popular Bank. “Establishing an equipment financing platform will deliver product flexibility and expertise to our clients.”