BBU Bank rebrands as Banesco in FL, P.R.
Ten months after South Florida-based BBU Bank acquired and merged Banesco International Bank Corp. into its mainland U.S. domestic banking operations, it will be changing its name to Banesco USA, the banking institution’s CEO Rafael “Rafo” Saldaña said.
BBU Bank has branches in South Florida and San Juan. The merger completed September 2010 gave BBU Bank an additional $16 million capital infusion and a new branch in Puerto Rico.
Saldaña, who will continue in the same executive capacity together with the same executive team, said the Banesco name will allow the institution “to take full advantage of the excellent hemispheric reputation of Banesco…The name change will further allow our customers to leverage on this powerful brand name.”
Among other things, Saldaña noted that the acquisition and the new name “have strengthened our position to foster trade business,” while paving the way for Banesco’s continued expansion in South Florida.
In keeping with its local community bank orientation, Banesco is expected to accelerate the pace of its reinvestment in the communities where it does business. “This will be done by providing much-needed lending to the small business sectors in South Florida and Puerto Rico,” added Saldaña.
BBU Bank had $429 million in assets as of June 30 2011 — just before the new name went into effect — up from $285 million on the same day a year ago. Both its loans and deposits grew double digits during the first half of 2011. In 2010 BBU Bank was one of the most profitable banks in South Florida and continues its profitability trend in 2011.
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