Banesco USA, a domestic financial institution operating in the state of Florida in the United States, opened its first office in San Juan, Puerto Rico. The announcement was made by Juan Carlos Escotet, president of Banesco Group, at the Governor’s Mansion “La Fortaleza” in San Juan. With him were Puerto Rico Governor Luis G. Fortuño and Rafael Saldaña, president of Banesco USA.
Mr. Escotet, a member of the Banesco USA board of directors, said the firm has invested up to US$ 16 million since 2010 to further strengthen the Florida operations and open its new branch in Puerto Rico. He also noted that in Puerto Rico, Banesco USA will follow the trend of its Florida banking activities and start lending heavily to small- and medium-size businesses through its new branch there.
Puerto Rico boasts more than 208.000 small- and medium-size businesses, according to its Department of Labor and Human Resources. These businesses –account for 837.000 jobs and generate annual billings of US$ 15.6 billion.
“Banesco USA is a financial institution incorporated as an independent community bank in Florida, operating under the federal and state banking regulations of the United States”, said Saldaña. “Our clients enjoy all the benefits of a U.S.-based bank, while their privacy is protected by the rule of law of the U.S. Constitution. Client deposits are also fully insured to the maximum provided by the Federal Deposit Insurance Corporation (FDIC).”
As of June 30, 2011, Banesco USA had total deposits of US$ 370.9 million – a 61% increase over the same period last year. At the half-year mark, it had US$ 429 million in assets, and a loan portfolio in excess of US$ 231.4 million – an increase of 31% over the similar period last year.
Banesco USA is part of the multinational, multiregional group known as Banesco, which has a presence in Venezuela, Panamá, and the Dominican Republic. Its financial entities operate independently under the banking laws of the respective countries. It has US$ 1,400 million in capital and assets of US$ 14,000 million.
Rafael Saldaña, President and CEO of Banesco USA, heighlighted the recent name change that transformed the former BBU Bank into Banesco USA. He said the change was approved by Florida’s Office of Financial Regulation (OFR) and the Department of State.
“Banesco USA is among the fastest growing, better capitalized, and cleanest banking concerns in the state of Florida,” according to Saldaña. He also praised the expertise of the Puerto Rican banking team under General Manager Carlos Rivera, noting that their banking expertise assures an excellent understanding of the island’s market.
Saldaña anticipated that the ties of Banesco USA to the corporate culture of Grupo Banesco, will result in the addition of “new elements of innovation” and “a new slate of products” tailored to each of the market segments to be served.
Banesco USA has its main offices at 150 Alhambra Circle, Suite 100, Coral Gables, Florida 33134. Its new website is: www.BanescoUSA.com