OFG gets regulatory approval to pick up Scotiabank’s USVI operations
December 17, 2019
OFG Bancorp announced it has received final regulatory approval and related licenses from the U.S. Virgin Islands Banking Board required for its subsidiary, Oriental Bank, to close the previously announced acquisition of Scotiabank’s USVI operations. The approval comes less than a week after the financial institution announced it had received the OK from the Board […]
chat_bubble0 Comment
visibility1627 Views
Banco Popular scouting for artificial intelligence experts
December 17, 2019
Banco Popular de Puerto Rico is looking for artificial intelligence (AI) experts to optimize the bank’s operations, services and products, using this technology as a guide to create innovative solutions, it announced. In recent years, this talent — which comes from on universities in Puerto Rico and the U.S. mainland such as: the University of […]
chat_bubble0 Comment
visibility2061 Views
OFG gets regulatory approvals to pick up Scotiabank’s assets in P.R./USVI
December 12, 2019
OFG Bancorp announced it has received the OK from the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation and the Puerto Rico Office of the Commissioner of Financial Institutions needed so that its banking subsidiary, Oriental Bank, may complete the acquisition of the local and U.S. Virgin Islands operations of Scotiabank. […]
chat_bubble0 Comment
visibility1553 Views
Shareholder says Popular Inc. is ‘undervalued,’ calls for $1B stock repurchase
December 11, 2019
Raging Capital Management, LLC, a long-term shareholder of Popular Inc. (BPOP) said in a letter delivered to the institution’s board of director that the bank is “significantly undervalued” ad urges adopting a $1 billion stock repurchase plan. In the letter signed by William C. Martin, chairman and chief investment officer of Raging Capital Management, LLC, […]
chat_bubble0 Comment
visibility1278 Views
Popular Inc. CEO: ‘The 3 local banks that will remain will compete fiercely’
October 24, 2019
If the two banking consolidations currently underway in Puerto Rico materialize, after the dust settles, the trio of big financial institutions that will be left will “compete fiercely” for the local market, Popular Inc. CEO Ignacio Álvarez said. While Oriental is moving forward on its acquisition of Scotiabank’s assets in a deal that should close […]
chat_bubble0 Comment
visibility1474 Views
First BanCorp. reports $46.3M in net income for 3Q19
October 23, 2019
First BanCorp., parent company of FirstBank Puerto Rico reported net income of $46.3 million, or $0.21 per diluted share, for the third quarter of 2019, compared to $41.3 million, or $0.19 per diluted share, for the second quarter of 2019, and $36.3 million, or $0.16 per diluted share, for the third quarter of 2018. “We […]
chat_bubble0 Comment
visibility1465 Views
First BanCorp. to buy Banco Santander Puerto Rico in $1.1B transaction
October 22, 2019
First BanCorp., parent of FirstBank Puerto Rico, announced the signing of a stock purchase agreement for FirstBank to acquire Spanish bank Banco Santander Puerto Rico in an all-cash transaction worth $1.1 billion. The transaction is subject to receipt of all necessary regulatory approvals and is expected to close in mid-2020. When broken down, the 100% […]
chat_bubble0 Comment
visibility2657 Views
Oriental CEO says P.R. economy ‘transitioning,’ as co. reports 3Q19 results
October 22, 2019
Oriental CEO José Rafael Fernández believes Puerto Rico has an economy that is “transitioning, from not only the aftermath of [Hurricane] María reconstruction, but also for the last 12, 13 years of economic contraction.” During a call with analysts to discuss its third quarter results, Fernández said while federal funds are trickling in, “there is […]
chat_bubble0 Comment
visibility1413 Views
Popular and Visa launch ‘contactless’ payment technology in P.R.
October 8, 2019
Banco Popular and Visa announced the debut in Puerto Rico of contactless payment technology for their Visa credit card portfolio. As of today, all Popular Visa credit cards, newly issued or replaced, will feature this new proximity payment technology, which meets all the same security standards as traditional chip cards, including that each transaction is […]
chat_bubble0 Comment
visibility1809 Views
MCS invests $1M+ to promote health, wellness islandwide
September 6, 2019
MCS is launching its “Tu Ruta al Bienestar” program with an investment of more than $1 million, expanding its role in community locations throughout the island to offer activities and experiences aimed at promoting health and wellness for the elderly. The initiative arises through an alliance with community-based organizations in Puerto Rico, including the YMCA, […]
chat_bubble0 Comment
visibility1543 Views
P.R’s banking regulator sees ‘no major obstacle’ to Oriental-Scotiabank merger
August 22, 2019
Puerto Rico’s Office of Financial Institutions Commissioner George Joyner said although the deal is pending regulatory approvals, he sees “no major obstacle” for Oriental’s acquisition of Scotiabank de Puerto Rico’s assets to happen. In an interview on the “En Una Hora” program that airs on 11Q 1140 AM, in which News is my Business participates, […]
chat_bubble0 Comment
visibility2367 Views
Oriental files applications to regulators for approval of proposed Scotiabank purchase
August 14, 2019
OFG Bancorp announced it has filed applications at four regulatory agencies for consent of its proposed acquisition of Scotiabank de Puerto Rico, according to public notices published Tuesday. The petitions to the Federal Reserve, the Federal Deposit Insurance Corp., the Puerto Rico Office of the Commissioner of Financial Institutions and the U.S. Virgin Islands Banking […]
chat_bubble0 Comment
visibility2312 Views
National, MBIA Insurance sue Wall Street banks for role in P.R.’s fiscal crisis
August 8, 2019
National Public Finance Guarantee Corporation and MBIA Insurance Corporation filed suit in the San Juan Superior Court against eight Wall Street banks to hold them accountable for “inequitable conduct in Puerto Rico’s municipal bond market that contributed to Puerto Rico’s economic collapse.” Plaintiffs are bond insurers that have been presented with more than $1 billion […]
chat_bubble0 Comment
visibility1573 Views
OFG Bancorp clears 1st hurdle in acquisition of Scotiabank’s USVI operations
July 26, 2019
OFG Bancorp, parent company of Oriental Bank, announced the Virgin Islands Banking Board approved the first regulatory step related to the acquisition of Scotiabank’s U.S. Virgin Island operations. The permit authorizes Oriental to organize a bank in the territory. To assume Scotiabank’s operations and start serving customers in the USVI, Oriental will also need a license and approval from […]
chat_bubble0 Comment
visibility1674 Views
Popular Inc. reports $171.1M in net income for 2Q19, vs. $167.9M for 1Q19
July 25, 2019
Popular Inc., parent company of Banco Popular de Puerto Rico, reported net income of $171.1 million for the quarter ended June 30, 2019, compared to net income of $167.9 million for the quarter ended March 31, 2019. But when compared quarter-to-quarter, the financial institution revealed a 39% drop this quarter when compared to the same […]
chat_bubble0 Comment
visibility2824 Views
A Dow Jones/Factiva content provider since 2014
Subscribe to our Dollars & Sense podcast!
NIMB ON SOCIAL MEDIA