Puerto Rico-based Popular Inc. plans to repurchase up to $500 million of its common stock in 2020 following a nonobjection from the Federal Reserve Board of Governors.

The company completed its previous $250 million accelerated share repurchase transaction for its common stock on Dec. 12, 2019. As part of that plan, the company received 3.5 million common shares during the first quarter of 2019 and 1,165,607 additional common shares on Dec. 12.

The company also plans to increase its quarterly dividend to 40 cents per common share from 30 cents per common share, starting with the dividend that will be paid in the second quarter. The dividend increase is subject to approval by Popular's board.