BPOP buys Puerto Rico Citi/AAdvantage $130M credit card portfolio
August 8, 2011
Banco Popular announced Monday it has entered into an agreement with American Airlines Inc. to become the exclusive issuer of AAdvantage co-branded credit cards in Puerto Rico and the U.S. Virgin Islands, and the acquisition of the Citi/AAdvantage co-branded credit card portfolio, which represents approximately $130 million in balances.
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Oriental’s commercial loan production jumps 126% year-over-year in 2Q
August 3, 2011
Oriental Bank and Trust’s new and expanded commercial banking structure is starting to show the results of the growth that came with last year’s acquisition of the defunct Eurobank, with commercial loan production reaching $46 million during the second quarter, an increase of about 126 percent year-over-year, bank officials said Tuesday.
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Doral reports $4.5M 2Q net income
July 29, 2011
Doral Financial, the holding company of Doral Bank and Doral Bank FSB, reported net income of $4.5 million for the quarter ended June 30, 2011, compared to $3.3 million for the quarter ended March 31, 2011.
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Oriental reports $25.3M in 2Q income
July 22, 2011
Oriental Financial Group Inc. released results for the second quarter ended June 30 that reflected income of $25.3 million, a significant increase from the $4.2 million loss reported for the same quarter in 2010 and a profit of $1.9 million for the first quarter that ended in March.
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Agreement with Treasury pumps Popular Inc.’s 2Q results
July 20, 2011
Popular Inc. reported net income of $110.7 million for the quarter ended June 30, 2011, buoyed by a tax benefit of $59.6 million granted through an agreement with the Treasury Department related to the timing of charge-offs for accounting and financial reporting purposes.
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First BanCorp amends agreement with investors, could raise up to $562.3M in new capital
July 19, 2011
FirstBank Puerto Rico’s parent company, First BanCorp, announced Monday it has amended the agreements struck with private equity firms Thomas H. Lee Partners, L.P., Oaktree Capital Management, L.P., and other investors to increase the amount of the proposed capital raise from $515 million to $525 million.
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2 major Spanish banks doing business in P.R. ace European ‘stress test’
July 19, 2011
Two major Spanish banks with long-standing presence in Puerto Rico passed the European Banking Authority’s 2011 stress test of institutions in 21 countries, to assess their resilience against the current economic scenario.
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Doral launches new online mortgage service
July 14, 2011
Looking to offer “better service and transparency” to its mortgage clients, Doral Bank unveiled Monday a new online service through which account holders can immediately access their history and information with the bank.
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Popular Inc. to buy Wells Fargo Advisors LLC Puerto Rico branch assets
July 13, 2011
Popular Inc. announced Wednesday the signing of a definitive agreement with Wells Fargo Advisors LLC Puerto Rico for the acquisition of the latter company’s assets. This agreement allows Popular to acquire 1,750 accounts and assets under management for approximately $500 million, which will be handled by Popular Securities.
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Scotiabank ready to expand local footprint
July 13, 2011
Scotiabank de Puerto Rico’s successful takeover of R-G Premier bank’s failed assets some 15 months ago was “the best decision” the institution could have made, as it has increased its customer base tenfold and opened the door to expanding its footprint, high-ranking officials said during a roundtable discussion with members of the local media.
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First Bancorp sells off another block of stock
June 28, 2011
First Bancorp announced Tuesday it has entered into a definitive agreement with Oaktree Capital management to sell 24.9 percent of its common stock, for $175.5 million. The transaction comes a month after FirstBank’s parent company entered into a similar agreement with private equity firm Thomas H. Lee Partners, L.P.
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Former GDB president García appointed chief of staff at Sovereign Bank
June 27, 2011
Boston-based Sovereign Bank, a wholly owned subsidiary of Banco Santander, has named former Government Development Bank President Carlos García to the position of chief of staff reporting directly to Jorge Morán, president and CEO of Sovereign Bank and country head of Santander businesses in the United States.
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Research firm: Popular Inc. “turning corner”
June 24, 2011
Los Angeles-based financial research firm B Riley gave Popular Inc. a cautious pat on the back this week, saying the banking institution has “solidified its capital base, and it appears to be turning the corner on asset quality,” following several years of substantial losses.
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Wright steps down as Scotiabank CEO, moves to Canada operations
June 10, 2011
Troy Wright, who steered Scotiabank de Puerto Rico through last year’s acquisition of R-G Premier Bank’s failing assets, is stepping down as CEO to join Scotiabank Group's operations in Canada as executive vice-president, retail distribution, Canadian banking, effective July 18.
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Doral stock wavers on housing stimulus extension buzz
June 10, 2011
Doral Financial Corp.’s stock has been on a rollercoaster ride on Wall Street this week, declining by 13.9 percent Wednesday, but climbing back 6.59 percent to $1.78 a share at the end of business Thursday.
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