OCIF Chief Alfredo Padilla offers details on new Institute, as education division director Velia Cardona looks on. Financial Institutions Commissioner Alfredo Padilla announced Monday the creation of the Financial Education Institute, whose main goal is to offer financial education to island residents. The Institute will operate two areas: a Research and Analysis Center, equipped with […]
Nearly a year after Puerto Rico’s banking sector experienced a meltdown of historic proportions with the closing of three financial institutions, Financial Institutions Commissioner Alfredo Padilla said Friday that 2011 should be a “turnaround year” for the industry.
Puerto Rico’s main banks had more than $75.6 billion in combined assets at the end of 2010, reflecting a year-over-year drop of 15.6 percent, according to a report released by the Office of the Commissioner of Financial Institutions.
Just two months after announcing its intent, First BanCorp on Wednesday confirmed it has entered into a definitive agreement to sell a loan portfolio with an unpaid principal balance of $516.7 million to a newly created joint venture between Goldman, Sachs & Co. and Caribbean Property Group.
Attention Puerto Rico bank customers: Starting Feb. 14 individuals will not be allowed to wear sunglasses or hats while conducting a transaction at a local bank branch. Mobile telephone use will also be limited.
UBS Financial Services Inc. of Puerto Rico is facing a possible lawsuit by the U.S. Securities and Exchange Commission, which recently issued a Wells notice regarding the sale of mutual funds that bought $1.5 billion in bonds that the Swiss-based bank had underwritten on the island, Bloomberg reported Friday.
Oriental Financial Group on Thursday released its fourth quarter report, showing strong performance in core banking operations, just several months after settling into its expanded footprint resulting from its acquisition of the former EuroBank.
Popular Inc. continues taking steps toward improving its balance sheet with an announcement Monday that it has signed a non-binding letter of intent to sell approximately $500 million of construction and commercial real estate loans. Some 75 percent of the loans, which will be sold at book value, are non-performing.
First BanCorp announced Thursday — at the request of the New York Stock Exchange — that it is not aware of any developments that would account for the market activity in the corporation's common stock today.
First BanCorp, parent company of First Bank, announced Wednesday that, effective Jan. 7, it will implement a 1-for-15 reverse stock split of all outstanding shares of its common stock as it pulls at its options to remain listed on the New York Stock Exchange.
Digital financial media company TheStreet.com this week included two local banks in its list of “Bank Stock Awards” winners, recognizing their respective performance improvements in 2010.
First BanCorp, parent company of First Bank, is getting ready to to price a $500 million secondary common stock offering next week, as an effort to shore up its finances.
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