EDB launches ‘Because you can’ financing program
September 7, 2011
Looking to promote entrepreneurship among the island's neediest populations, including recent college graduates, inmates about to complete their sentence and medical professionals participating in the government's health reform program, Governor Luis Fortuño announced Tuesday the start of the new "Because you can" financing program.
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Popular, American Airlines formalize alliance
August 31, 2011
Earlier this month, Banco Popular announced it had 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. On Tuesday, both companies formalized the new partnership, offering details of the benefits now available to cardholders.
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‘Golden Mile’ showing luster for 1st time since ’07
August 27, 2011
Puerto Rico’s financial sector, one of the island’s key economic components, seems to be rebounding for the first time in four years, reporting $171 billion in combined assets during the second quarter of 2011.
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BPOP marks 3 decades of service in USVI/BVI market
August 17, 2011
Banco Popular is launching today a yearlong celebration of its 30th anniversary of operations in the U.S. Virgin Islands, where it began doing business in 1981 through the acquisition of the assets of the Royal Bank of Canada.
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Doral spreads its wings in Manhattan, doubles office space
August 16, 2011
Doral Financial Corp. is moving on up in Manhattan, with the recent renewal of its eight-year lease for office space on Fifth Avenue, and the addition of an additional 14,500 square feet in the same building at 623 Fifth Ave., between East 50th and East 51st streets, Crain’s reported Tuesday.
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Fitch affirms ratings on UBS, BPOP managed funds
August 16, 2011
Credit rating agency Fitch Ratings on Thursday reviewed and affirmed the ratings assigned to $691.8 million in notes and stock issued by 12 Puerto Rico Investors Tax-Free closed-end funds advised by UBS Asset Managers of Puerto Rico.
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Evertec Inc. reports 11% 2Q revenue jump
August 13, 2011
Evertec Inc. reported Thursday that its total revenue increased by $7.4 million during the second quarter ended June 30, or 11 percent to $76.2 million, when compared to the same period in 2010, an improvement the company attributed in part to last year’s banking consolidation and certain improvements in the island’s economic activity.
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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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