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.
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.
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.
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.
Popular Inc. announced Wednesday the signing of a definitive agreement with Wells Fargo Advisors LLC Puerto Rico for the acquisition of the latter company’s assets. This agreement allows Popular to acquire 1,750 accounts and assets under management for approximately $500 million, which will be handled by Popular Securities.
Scotiabank de Puerto Rico’s successful takeover of R-G Premier bank’s failed assets some 15 months ago was “the best decision” the institution could have made, as it has increased its customer base tenfold and opened the door to expanding its footprint, high-ranking officials said during a roundtable discussion with members of the local media.
San Juan-based Syndicate Holding Corp. is buying HSBC Holdings PLC’s United Kingdom motor vehicle insurance division for $110 million in cash, the latter company announced Monday.
MCS-HMO, the private company that for the past nine months managed MI Salud health benefits throughout most of the island, presented documentation Monday confirming it is owed $242.6 million in payments and premiums by the Health Services Administration, known as ASES in Spanish.
Nine months after being selected to participate in the government’s public healthcare program, insurance provider MCS has reportedly walked away in a move that could affect more than 800,000 beneficiaries.
First Bancorp announced Tuesday it has entered into a definitive agreement with Oaktree Capital management to sell 24.9 percent of its common stock, for $175.5 million. The transaction comes a month after FirstBank’s parent company entered into a similar agreement with private equity firm Thomas H. Lee Partners, L.P.
Boston-based Sovereign Bank, a wholly owned subsidiary of Banco Santander, has named former Government Development Bank President Carlos García to the position of chief of staff reporting directly to Jorge Morán, president and CEO of Sovereign Bank and country head of Santander businesses in the United States.
Los Angeles-based financial research firm B Riley gave Popular Inc. a cautious pat on the back this week, saying the banking institution has “solidified its capital base, and it appears to be turning the corner on asset quality,” following several years of substantial losses.
Troy Wright, who steered Scotiabank de Puerto Rico through last year’s acquisition of R-G Premier Bank’s failing assets, is stepping down as CEO to join Scotiabank Group's operations in Canada as executive vice-president, retail distribution, Canadian banking, effective July 18.
Doral Financial Corp.’s stock has been on a rollercoaster ride on Wall Street this week, declining by 13.9 percent Wednesday, but climbing back 6.59 percent to $1.78 a share at the end of business Thursday.
After many months of talk that it would sell its operation off partially or entirely to offset its financial problems, First BanCorp on Tuesday announced it has entered into a definitive investment agreement with private equity firm Thomas H. Lee Partners, L.P. under which THL would purchase about $180 million of the bank’s common stock.
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