Banesco USA received a $11.9 million capital injection from its shareholders to jump-start its growth and digital offerings in 2019, the bank announced on Monday.
The news follows a record-breaking year for the Coral Gables-based bank, which saw its assets reach $1.25 billion in 2018.
Banesco USA will use the $11.9 million to support its technology innovations, including financial tech partnerships, and website and mobile banking redesigns, said President and CEO Jorge Salas.
“The digital investments will help fuel growth,” Salas told the South Florida Business Journal. “But we’re still focused on reaching more small and medium-sized businesses and increasing our commercial and industrial loans.”
Established in 2006, Banesco USA has three branches in Miami-Dade, one in Broward and one in Puerto Rico.
Salas said the bank will open a new, signature branch in Aventura during the first quarter of 2019. The location, he said, will feature an open-space concept, with room for customer seating and no teller lines.