Banco Popular de Puerto Rico announced Monday it completed the previously announced sale of a portfolio of non-performing commercial and construction loans, and commercial and single-family real estate owned, with a combined unpaid principal balance on loans and appraised value of other real estate owned of approximately $995 million and book value of approximately $540 million to an entity majority owned by a joint venture between Caribbean Property Group LLC and certain affiliates of Perella Weinberg Partners’ Asset Based Value Strategy.
FirstBank Puerto Rico announced Wednesday it has formalized a seven-year strategic alliance with FIS, a global provider of banking and payment technologies, to provide state-of-the-art products and services to its clients.
The Federal Reserve Bank of New York announced Friday that Popular Inc. President Richard Carrión has been elected a Class A director for a three-year term representing Group 1 which consists of banks with capital and surplus of more than $1 billion.
EVERTEC Group, LLC reported Thursday consolidated results for the fourth quarter and year ended December 31, 2012, reporting $91 million and $341.7 million for each respective period. Both results were up 6 percent year-over-year, company executives said.
Popular Mortgage closed 10,000 new mortgages and refinancing loans in Puerto Rico last year, representing about $1.5 billion for the bank that as a result locked down a market share of about 30 percent for 2012, financial institution officials said Thursday.
UBS Puerto Rico executives announced Wednesday the creation of the U.S. Municipal & Income Fund Inc., an additional investment alternative to its existing portfolio of funds.
Saying the bank is “here to grow,” Santander Puerto Rico President Román Blanco-Reinosa outlined the financial institution’s strategy through 2015 — a plan that calls for achieving a net profit of $100 million in three years by focusing on five core business areas. When that vision is translated into numbers, it adds up to 100x35.
Oriental Financial Group Inc. reported Thursday net income of $14.6 million for 2012, equal to $0.35 per common share results, and is predicting a strong 2013 attributed to its acquisition of BBVA Puerto Rico, which “has created a larger, diversified and growth oriented banking platform.”
Doral Bank is looking to expand its participation in Puerto Rico’s insurance market by adding new coverage options via its Doral Insurance division, said Jesús Méndez, recently appointed executive vice president of operations.
First BanCorp., parent company for FirstBank Puerto Rico reported net income of $29.8 million for the year ended Dec. 31, 2012, a significant improvement compared to the net loss of $82.2 million for the same period in 2011.
Popular Inc. reported net income of $83.9 million for the quarter ended Dec. 31, 2012, nearly twice the $47.2 million in net income reported for the prior quarter ended Sept. 30, 2012.
VIG Mortgage will expand its business footprint on and beyond the Puerto Rican territory this year, investing some $200,000 to open a branch in Orlando and two more on the island, company officials said Tuesday.
Fitch Ratings announced Thursday it had completed its review of four rated Puerto Rican Banks — Doral Financial Corp., First BanCorp, Popular Inc. and Santander Bancorp — adjusting and affirming its ratings and outlook for each financial institution.
Oriental Financial Group Inc. announced Wednesday plans for the integration of Banco Bilbao Vizcaya Argentaria Puerto Rico, which Oriental acquired in late December, and the combined companies’ branding and business strategy.
Fitch Ratings expects Puerto Rican banks to face continuing operating challenges in 2013, despite recent efforts by those institutions to build capital and de-risk their balance sheets, the agency said in a statement issued Wednesday.
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