85% of the shares of Levitt Mortgage.

The company name will remain Levitt, though it is expected that its operations will eventually be incorporated into those of Popular Mortgage, the bank's mortgage-origination subsidiary.

Banco Popular and Popular Inc. also financed the purchase of the other 15% of Levitt by the mortgage company's management.

Popular Inc. also said it has acquired GM Group, an information technology services company in Puerto Rico and the Caribbean. The price was 1.5 million shares of Popular stock.

The purchase agreement was announced in February. GM Group will operate independently.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.