The saga between Doral Financial Corp. and the Puerto Rico Treasury Department that began earlier this summer took another turn recently, when a local court ordered the parties to sit down and negotiate an agreement that would grant the bank a $229 million tax refund.
Popular Inc. announced Monday that Popular Community Bank, its U.S. banking subsidiary, completed the previously announced sale of its Illinois regional operations to First Midwest Bank, the wholly owned subsidiary of First Midwest Bancorp Inc.
Less than a year after launching, Oriental’s check-image deposit service, “FotoDepósito” has generated more than $1 million in transactions from customers using their smartphones to interact with the bank, officials said Wednesday.
Doral Financial Corp. announced Monday it had entered into an agreement to sell some $824.4 million in non-performing loans to Abbey Finance Holdings PR, LLC, for a discounted amount of $369 million.
International financial magazine “Euromoney” has named Santander the “Best Bank in Western Europe, Spain, Mexico and Argentina in its 2014 annual awards.
Puerto Rico’s commercial banks will be observing the July 4th Independence Day celebration holiday with special hours Friday, scheduled as follows:
Popular Inc. announced Thursday it has agreed to sell $450 million of its senior notes, due in 2019, to pay off its Troubled Asset Relief Program debt with the U.S. Treasury.
Nearly six years after receiving $935 million from the U.S. Treasury through its Troubled Asset Relief Program, Popular Inc. announced Wednesday it has received the go-ahead from regulators to repay the amount.
The Office of the Commissioner of Financial Institutions, Puerto Rico’s banking watchdog, was left out of the talks leading to the agreement through which the Treasury Department approved a $229 million tax refund to Doral Financial Corp., the regulator said Tuesday during a House public hearing.
Doral Financial Corp. filed a lawsuit at the San Juan Superior Court and a Writ for Certification in the Puerto Rico Supreme Court, alleging that the government illegally nullified its agreement to refund the bank nearly $230 million in tax overpayments.
Doral Financial Corp. announced Monday it has entered into an agreement to sell $242.1 million in loans to FirstBank Puerto Rico through a transaction that closed May 30.
Economist and former Clinton administration official Robert Shapiro said Tuesday the Treasury Department’s decision to nullify an agreement that would have granted Doral Financial Corp. a $230 million tax refund has “serious implications” on the potential to attract future investments, as well as on the island’s economic growth.
Doral Financial Corp. has hired a couple of Washington, D.C-based firms to back up its fight against the Puerto Rico government’s decision to rescind on an agreement signed in 2012 granting the bank a $230 million tax refund.
Following a “deep analysis,” the Puerto Rico Treasury Department denied Doral Financial Corp.’s request for a refund of $230 million it claims to have overpaid in taxes, voiding an agreement struck in March 2012.
Financially troubled Doral Financial Corp. fired off a letter to the Puerto Rico Treasury Department late last week asking the agency to comply with the terms of a closing agreement reached in 2012 obligating the government to refund the bank for tax over-payments estimated at about $232 million.
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