In-Brief

Oriental grants $3.5M to Puerto Rico winemaker

Michelle Kantrow-Vázquez June 13, 2013

On June 26, OFG Bancorp announced its subsidiary Oriental Bank would acquire Scotiabank’s Puerto Rico operation for $550 million and its USVI branch operation for $10 million.

Oriental Bank’s business loan portfolio totals $1.9 billion.

Oriental Bank’s business banking unit recently granted a $3.5 million loan to Bearco LLC (Bodegas Españolas Argentinas Corp.), one of the companies owned by CC1 Puerto Rico.

The company will use the financing to acquire and open a new plant in the municipality of Cidra to manufacture local wines, such as Capriccio and Hacienda Los Andes. The company will also offer packaging services to Fruteccia and Gallo brands. The company is aiming at tripling its sales this year.

“It is our responsibility to respond promptly and act as facilitators so that local companies can be successful in doing business”, said Elena Manrara, senior vice president and business banking director at Oriental.

Currently, Oriental Bank’s business loan portfolio totals $1.9 billion.

Author Details

Michelle Kantrow-Vázquez

Author Details

Business reporter with 30 years of experience writing for weekly and daily newspapers, as well as trade publications in Puerto Rico. My list of former employers includes Caribbean Business, The San Juan Star, and the Puerto Rico Daily Sun, among others. My areas of expertise include telecommunications, technology, retail, agriculture, tourism, banking and most other segments of Puerto Rico’s economy.

mkantrow@newsismybusiness.com