Popular, the largest financial institution in Puerto Rico, has acquired the country's operations of US broker-dealer Smith Barney. Smith Barney, a division of Citigroup Global Markets, is a provider of financial planning and advisory services to high net worth investors, institutions, corporations and private businesses, governments and foundations. As of 30 June 2007, Smith Barney's securities business in Puerto Rico consisted of approximately $1.8 billion in assets under management, approximately 15,000 accounts and 42 employees, including 26 financial advisors. "This transaction is part of the strategy of Popular Securities to continue increasing our participation in this important segment of the marketplace," said Richard Carrion, chairman and chief executive officer of Popular. Popular is a full service financial services provider with operations in Puerto Rico, the US, the Caribbean and Latin America. It has over 300 branches and offices, and offers retail and commercial banking services through its franchise, Banco Popular de Puerto Rico. Banco Popular North America operates over 140 branches in California, Texas, Illinois, New York, New Jersey and Florida.