Puerto Rico’s banks reported improved financials for 2018, with Common Equity Tier 1 rations exceeding the Federal Deposit Insurance Corporation’s bank average of almost 14 percent as of the end of the fourth quarter of 2018.
“It was very disheartening to watch my sales team work diligently to book business and make major commitments only to let bureaucrats twiddle their thumbs, wondering if the island needs that business. It certainly created a lot of challenges over the past year, and I can’t say we’ve lost business just yet because it’s early in the day. But it’s a terrible precedent for our industry.”