A look back at ’13’s economic ups and downs
January 2, 2014
Puerto Rico's economy continued to be a hot button issue as growth continued to stall.
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Puerto Rico banking regulator sees tough year ahead
December 26, 2013
Following a year during which Puerto Rico’s banking sector has been mindful of its operating costs and some have specialized in areas where they believe to be most competitive, 2014 is expected to continue posing “serious challenges,” especially since the island’s economy is facing challenges of its own, Office of the Financial Institutions Commissioner Rafael Blanco predicted during a recent interview.
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Santander launches retail banking brand in the U.S.
October 18, 2013
The Santander retail banking brand was launched in the United States Thursday to 1.7 million retail, commercial and small business customers across the Northeast, with the rebranding of Sovereign Bank, company officials announced.
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Oriental looks to add 25K new accounts, boost deposits
September 12, 2013
Oriental Bank is looking to add 25,000 new customers and boost deposits by 3 percent in the next 12 months by offering to reimburse them for the bank fees they pay for using a competitor’s automated teller machine.
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Moneyhouse after ‘underserved’ U.S. Hispanic population
July 22, 2013
Moneyhouse, a Puerto Rico-based private equity lender and frontrunner in reverse mortgage closings, is awaiting approval for licenses to operate in California and Illinois to continue its stateside expansion, company officials said.
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Banking, Insurance commissioners defend budget requests
May 21, 2013
The Puerto Rico Financial Institutions and Insurance commissioners defended their respective budgets during a hearing before the Senate Finance Committee Monday, when they requested $15.2 million and $10.8 million, to run their respective agencies.
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FirstBank to sell $532M in non-performing loans
April 1, 2013
FirstBank Puerto Rico has entered into three separate agreements to sell a total of $532 million bad commercial loans with a book value of $315 million, for $201 million, or 38 percent of the unpaid principal balance.
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Santander Puerto Rico President: ‘We’re here to grow’
February 15, 2013
Saying the bank is “here to grow,” Santander Puerto Rico President Román Blanco-Reinosa outlined the financial institution’s strategy through 2015 — a plan that calls for achieving a net profit of $100 million in three years by focusing on five core business areas. When that vision is translated into numbers, it adds up to 100x35.
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Doral seeks to branch out insurance business
February 7, 2013
Doral Bank is looking to expand its participation in Puerto Rico’s insurance market by adding new coverage options via its Doral Insurance division, said Jesús Méndez, recently appointed executive vice president of operations.
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VIG Mortgage pumps $200K into Puerto Rico, U.S. expansion
January 23, 2013
VIG Mortgage will expand its business footprint on and beyond the Puerto Rican territory this year, investing some $200,000 to open a branch in Orlando and two more on the island, company officials said Tuesday.
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Oriental maps out integration with BBVA Puerto Rico
January 10, 2013
Oriental Financial Group Inc. announced Wednesday plans for the integration of Banco Bilbao Vizcaya Argentaria Puerto Rico, which Oriental acquired in late December, and the combined companies’ branding and business strategy.
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In Review: Puerto Rico banking, insurance sectors had busy year
December 25, 2012
Puerto Rico’s banking sector began seeing black this year, as the institutions began to slowly turn their finances around. A consolidation took place between Oriental and BBVA, while Doral struggled to remain above water.
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Ex Puerto Rico Treasury Sec. Méndez to head Doral’s retail, mortgage banking
December 6, 2012
Doral Bank President Glen Wakeman today announced the appointment of Jesús Méndez as executive vice president of operations of the bank’s retail and mortgage banking operations in Puerto Rico.
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Kaufman: ‘Investing in Puerto Rico creates jobs, moves the economy’
November 29, 2012
Keeping local capital well invested, protected and solid is crucial to Puerto Rico, as it is the only way to create jobs and move the economy, said Gregory Kaufman, newly appointed president of Popular Securities during his first meeting with members of the media Wednesday.
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OFG looking to raise some $45.7M through stock sale
October 26, 2012
Oriental Financial Group Inc. announced Thursday it is looking to raise some $45.7 million from the sale of 4,390,243 shares of its common stock at a price of $11.10 per share.
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