New York Fed announces participants for Investment Connection program in P.R.
January 10, 2020
The Federal Reserve Bank of New York announced the 30 participants for the Investment Connection program in Puerto Rico, a program that seeks to enhance investments in community development financing by matching local organizations whose needs qualify for credit under the Community Reinvestment Act (CRA) with banks and other investors. Launched in September 2019, the […]
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Popular plans to repurchase $500M of its own stock, increase value
January 10, 2020
Popular Inc. announced it will carry out common stock repurchases of up to $500 million and an increase in its quarterly common stock dividend from $0.30 per share to $0.40 per share, starting in the second quarter of 2020. “We are pleased to announce our proposed capital actions for 2020 which are in line with […]
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FedeCoop invests $3.7M in new headquarters
December 19, 2019
The Puerto Rico Teachers Federation Credit Union (FedeCoop, for its initials in Spanish) recently inaugurated its new headquarters in Río Piedras, for which it invested $3.7 million. During the past 10 years, the institution has had growth that has led it to hire more staff and expand its facilities. The new facilities have a drive-thru […]
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OFG gets regulatory approval to pick up Scotiabank’s USVI operations
December 17, 2019
OFG Bancorp announced it has received final regulatory approval and related licenses from the U.S. Virgin Islands Banking Board required for its subsidiary, Oriental Bank, to close the previously announced acquisition of Scotiabank’s USVI operations. The approval comes less than a week after the financial institution announced it had received the OK from the Board […]
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Banco Popular scouting for artificial intelligence experts
December 17, 2019
Banco Popular de Puerto Rico is looking for artificial intelligence (AI) experts to optimize the bank’s operations, services and products, using this technology as a guide to create innovative solutions, it announced. In recent years, this talent — which comes from on universities in Puerto Rico and the U.S. mainland such as: the University of […]
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OFG gets regulatory approvals to pick up Scotiabank’s assets in P.R./USVI
December 12, 2019
OFG Bancorp announced it has received the OK from the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation and the Puerto Rico Office of the Commissioner of Financial Institutions needed so that its banking subsidiary, Oriental Bank, may complete the acquisition of the local and U.S. Virgin Islands operations of Scotiabank. […]
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Shareholder says Popular Inc. is ‘undervalued,’ calls for $1B stock repurchase
December 11, 2019
Raging Capital Management, LLC, a long-term shareholder of Popular Inc. (BPOP) said in a letter delivered to the institution’s board of director that the bank is “significantly undervalued” ad urges adopting a $1 billion stock repurchase plan. In the letter signed by William C. Martin, chairman and chief investment officer of Raging Capital Management, LLC, […]
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Popular Inc. CEO: ‘The 3 local banks that will remain will compete fiercely’
October 24, 2019
If the two banking consolidations currently underway in Puerto Rico materialize, after the dust settles, the trio of big financial institutions that will be left will “compete fiercely” for the local market, Popular Inc. CEO Ignacio Álvarez said. While Oriental is moving forward on its acquisition of Scotiabank’s assets in a deal that should close […]
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First BanCorp. reports $46.3M in net income for 3Q19
October 23, 2019
First BanCorp., parent company of FirstBank Puerto Rico reported net income of $46.3 million, or $0.21 per diluted share, for the third quarter of 2019, compared to $41.3 million, or $0.19 per diluted share, for the second quarter of 2019, and $36.3 million, or $0.16 per diluted share, for the third quarter of 2018. “We […]
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First BanCorp. to buy Banco Santander Puerto Rico in $1.1B transaction
October 22, 2019
First BanCorp., parent of FirstBank Puerto Rico, announced the signing of a stock purchase agreement for FirstBank to acquire Spanish bank Banco Santander Puerto Rico in an all-cash transaction worth $1.1 billion. The transaction is subject to receipt of all necessary regulatory approvals and is expected to close in mid-2020. When broken down, the 100% […]
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Oriental CEO says P.R. economy ‘transitioning,’ as co. reports 3Q19 results
October 22, 2019
Oriental CEO José Rafael Fernández believes Puerto Rico has an economy that is “transitioning, from not only the aftermath of [Hurricane] María reconstruction, but also for the last 12, 13 years of economic contraction.” During a call with analysts to discuss its third quarter results, Fernández said while federal funds are trickling in, “there is […]
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Popular and Visa launch ‘contactless’ payment technology in P.R.
October 8, 2019
Banco Popular and Visa announced the debut in Puerto Rico of contactless payment technology for their Visa credit card portfolio. As of today, all Popular Visa credit cards, newly issued or replaced, will feature this new proximity payment technology, which meets all the same security standards as traditional chip cards, including that each transaction is […]
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P.R’s banking regulator sees ‘no major obstacle’ to Oriental-Scotiabank merger
August 22, 2019
Puerto Rico’s Office of Financial Institutions Commissioner George Joyner said although the deal is pending regulatory approvals, he sees “no major obstacle” for Oriental’s acquisition of Scotiabank de Puerto Rico’s assets to happen. In an interview on the “En Una Hora” program that airs on 11Q 1140 AM, in which News is my Business participates, […]
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Oriental files applications to regulators for approval of proposed Scotiabank purchase
August 14, 2019
OFG Bancorp announced it has filed applications at four regulatory agencies for consent of its proposed acquisition of Scotiabank de Puerto Rico, according to public notices published Tuesday. The petitions to the Federal Reserve, the Federal Deposit Insurance Corp., the Puerto Rico Office of the Commissioner of Financial Institutions and the U.S. Virgin Islands Banking […]
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National, MBIA Insurance sue Wall Street banks for role in P.R.’s fiscal crisis
August 8, 2019
National Public Finance Guarantee Corporation and MBIA Insurance Corporation filed suit in the San Juan Superior Court against eight Wall Street banks to hold them accountable for “inequitable conduct in Puerto Rico’s municipal bond market that contributed to Puerto Rico’s economic collapse.” Plaintiffs are bond insurers that have been presented with more than $1 billion […]
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