Banco Popular de Puerto Rico announced Tuesday that it lost an appeal before a review board deciding over a dispute with the Federal Deposit Insurance Corp., representing a $55 million hit for the bank.
OFG Bancorp announced Tuesday that its subsidiary Oriental Bank’s outstanding participation in a line of credit to the Puerto Rico Electric Power Authority (PREPA) has been sold, thereby significantly reducing its direct exposure to Puerto Rico government related credits.
Puerto Rico’s banking sector, which has been weathering the island’s economic storm for the better part of the last decade, could benefit from the arrival of the Fiscal Control Board, and the trust it could instill on future investors, Financial Institutions Commissioner Rafael Blanco said.
Multinational Life Insurance Company announced Monday that A.M. Best, the international rating firm for the insurance industry, has affirmed the insurer’s B++ rating and revised the company’s “Long Term Issuer” credit rating from stable to positive.
Three of Puerto Rico’s main banks — Banco Santander Puerto Rico, Popular Inc. and FirstBank Puerto Rico — banks can absorb further asset quality stress resulting from Puerto Rico’s recession for at least two more years, Moody’s Investors Service said in a report released Thursday.
Popular Community Bank, a subsidiary of Popular Inc. announced Thursday the opening of a new retail branch in Aventura, Florida, the first high-tech branch unveiled in the area, bank officials said.
The Puerto Rico Bankers Association will be submitting a set of recommendations to the Congressional Task Force on Economic Growth addressing key areas in federal banking regulations that could be eased to benefit the Commonwealth’s economy, Executive Director Zoimé Álvarez-Rubio confirmed Wednesday.
First BanCorp, the bank holding company for FirstBank Puerto Rico, on Tuesday reported net income of $22 million for the second quarter of 2016, or $0.10 per diluted share, compared to $23.3 million, or $0.11 per diluted share, for the first quarter of 2016 and a net loss of $34.1 million, or $0.16 per diluted share, for the second quarter of 2015.
Popular Inc., parent company of Banco Popular, on Tuesday reported net income of $89 million for the quarter ended June 30, 2016, compared to net income of $85 million for the quarter ended March 31, 2016.
Following the Commonwealth of Puerto Rico's default, ratings for the island's two main banks, Popular (BPOP) and First BanCorp (FBP), will not be immediately affected, according to Fitch Ratings.
The Puerto Rico Bankers Association is urging local citizens to help prevent fraud and financial exploitation in people who may be vulnerable, including the handicapped and the elderly.
Two bond insurance subsidiaries of Assured Guaranty Ltd. have made some $205 million in debt service payments to holders of insured General Obligation and other bonds on which Puerto Rico and certain of its entities defaulted on July 1, the company announced Thursday.
Due to the possibility of a government default on some $2 billion in debt service due July 1, Puerto Rico credit unions confirmed they have enough financial capacity to face the situation, with $486 million in reserves to face possible investment losses.
Twenty eight proposals from local entrepreneurs were chosen the winners of the first edition of Popular Inc.’s “StartUp Popular” initiative, which seeks to promote entrepreneurship and the economic development of Puerto Rico, bank officials said Wednesday.
Following the success achieved with auto accident insurance firm Point Guard, the founding trio of entrepreneurs are now launching Puerto Rico Home Insurance, offering the only local home insurance policy that reimburses consumers 20 percent of their annual premium if they have no claims during the coverage year.
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