VIG Mortgage pumps $200K into Puerto Rico, U.S. expansion
January 23, 2013
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.
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Fitch completes review of 4 banks, predicts tough road ahead
January 18, 2013
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.
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Oriental maps out integration with BBVA Puerto Rico
January 10, 2013
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.
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Fitch: Puerto Rican banks to face ‘continuing’ challenges
January 10, 2013
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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Humacao medical complex gets $14M in financing
December 18, 2012
Banco Popular recently awarded $14 million in financing to float the future “Salud Eterna” project in Humacao, a complex that will house several medical offices as well as an assisted living facility for the elderly.
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S&P cuts Doral Financial rating, gives negative outlook
December 17, 2012
Citing Doral Financial Corp.’s “weakened capital position and very high nonperforming assets,” Standard & Poor's Ratings Services lowered its issuer credit rating to 'CCC-' from 'CCC+,' with a negative outlook.
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Pontifical Catholic students win financial video contest
December 17, 2012
The Puerto Rico Bankers Association and the New York Federal Reserve Bank recently announced the winners of the 2012 “Puerto Rico Financial Awareness Video Contest,” which drew participation from 122 students from 19 universities. The competitors submitted 19 videos aimed at encouraging financial skills and responsibility among our youth.
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Bankers Association, Visa offer holiday budget tips
December 11, 2012
With just two weeks to go before Christmas, many consumers are looking for safer and more efficient ways to shop. At this time of the year, it is particularly important to practice financial responsibility and to take precautions to ensure secure transactions
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BBVA Microfinance Foundation gets U.N. award
December 10, 2012
The Principles for Social Investment Secretariat and United Nations Global Compact have distinguished BBVA with the “Social Investment Pioneers Award” in the category of Social Business, for its contribution to the communities in which it operates through the BBVA Microfinance Foundation project.
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Ex Puerto Rico Treasury Sec. Méndez to head Doral’s retail, mortgage banking
December 6, 2012
Doral Bank President Glen Wakeman today announced the appointment of Jesús Méndez as executive vice president of operations of the bank’s retail and mortgage banking operations in Puerto Rico.
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Visa: Latin American commercial spending at $7.8T in ’11
December 5, 2012
Visa Inc. released its annual global Commercial Consumption Expenditure index, which estimates that commercial spending — including small, medium, large and governments — in Latin America and the Caribbean reached $7.8 trillion dollars in 2011.
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Banking regulators OK Oriental’s BBVA Puerto Rico buyout
December 3, 2012
Oriental Financial Group Inc. announced today it has received all regulatory approvals necessary to close its previously announced $500 million acquisition of Banco Bilbao Vizcaya Argentaria, S.A.’s Puerto Rico operations.
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Kaufman: ‘Investing in Puerto Rico creates jobs, moves the economy’
November 29, 2012
Keeping local capital well invested, protected and solid is crucial to Puerto Rico, as it is the only way to create jobs and move the economy, said Gregory Kaufman, newly appointed president of Popular Securities during his first meeting with members of the media Wednesday.
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Bankers, FDIC explain new federal regulatory framework
November 28, 2012
The Puerto Rico Bankers Association and the Federal Deposit Insurance Corporation will sponsor the sixth edition of the Minority Depository Institution Training Seminar Nov 29-30, to provide participants with an overview of last year’s challenges within the world of regulatory compliance.
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Doral stock plunges 19%, faces delisting
November 13, 2012
Doral Financial Corp.’s stock plunged 19 percent Monday, closing at .57 cents per share. The significant drop comes in the wake of $32.5 million in third-quarter losses and a warning from the New York Stock Exchange of a possible delisting, as its stock has been trading for less than $1 over the past 30 days.
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