Oriental Financial Group Inc. has entered into an definitive agreement to buy Banco Bilbao Vizcaya Argentaria, S.A.’s Puerto Rico operations for $500 million in cash, the companies announced this morning.
Eight months after entering the Puerto Rico market, Multinational Insurance Company has received a favorable review from prestigious credit ratings agency A.M. Best Co.
Puerto Rico’s banking sector is not generating enough deposit activity to fund loan demand, which makes it very competitive and leads to higher deposit costs when compared to the mainland U.S.
Focusing on three pillars — support, discipline and passion — Banco Popular launched Tuesday the second phase of its “Echar pa’lante” (“Moving Forward”) institutional campaign centered on the image of Puerto Rico track and field overachiever Javier Culson.
Saying that consumers can protect themselves the best when it comes to warding off identity theft and banking fraud, the Puerto Rico Bankers Association launched Tuesday a permanent educational initiative to teach people how to protect themselves against attacks to their personal finances.
First BanCorp, the parent company for FirstBank Puerto Rico, announced it completed Thursday its purchase of a $402 million FirstBank-branded consumer credit card portfolio from FIA Card Services, N.A. and an affiliate.
After 51 years in New York, Banco Popular, a division of Popular Inc., will become Popular Community Bank on June 4 with signage and related rebranding changes at 32 branches in New York City and seven in New Jersey.
Oriental Financial Group’s staff is literally lacing up its sneakers to keep up the pace with the goal the company has placed at the finish line: growing its commercial banking division at a brisk rate and closing $500 million in new loans this year.
Cooperativa de Seguros de Vida de Puerto Rico is being closely watched by A.M. Best Co., which on Friday confirmed it has downgraded the operation’s financial strength rating to C++ (Marginal) from B- (Fair) and issuer credit rating to “b” from “bb-.”
Entrepreneurial college students are the kind of people Banco Santander wants to support not only in Puerto Rico, but wherever it does business worldwide.
Doral Financial Corp. reported net income of $2.6 million for the quarter ended Mar. 31, which reflected a 21.2 percent drop in comparison to the $3.3 million reported for the same year-ago quarter.
First BanCorp, the bank holding company for FirstBank Puerto Rico reported Monday a net loss of $13.2 million for the first quarter of 2012, which included a non-cash charge of $6.2 million related to equity in losses of unconsolidated entities.
FirstMortgage, FirstBank’s mortgage division, is following the strategic plan it laid out for itself last year to improve its market standing by focusing on three areas: customer service, streamlining procedures and improving efficiency in the loan origination and closing process.
The Securities and Exchange Commission on Tuesday charged UBS Financial Services Inc. of Puerto Rico and two executives with making misleading statements to investors, concealing a liquidity crisis, and masking its control of the secondary market for 23 proprietary closed-end mutual funds.
Popular Inc. announced Monday that its stockholders approved a proposed 1-for-10 reverse split of its common stock, which is expected to become effective May 29.
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