Banesco Aims to Expand In Puerto Rico

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Banesco’s CEO, assured that he is exploring opportunities for organic growth through acquisitions in Puerto Rico, and as long as, these incursions were compatible with the financial institution that already has been in existence for 26 years.

“We are here to ratify our commitment to the future with Puerto Rico” stated, Escotet, who was on the island for the executive’s meeting of Banesco USA in Puerto Rico; furthermore seeks to participate in an event with clients and representatives of the local private sector, this event was held on Thursday night at the Vanderbilt County Hotel.

There, Escotet pointed that, this financial institution continues in “its long-term vocation with this wonderful land” besides, he was optimistic with Puerto Rico’s recovery by virtue of praising the recovery capacity shown by the bank’s clients after Hurricane Maria.

“People had their obstacles, but they have honored their commitments, they continue to improve their installed capacity and continue to grow with enthusiasm; in simple terms, to us, as their bankers, this motivate us to support them and to continue betting on this country,” Escotet, expressed by saying that Puerto Rico has “a fantastic opportunity to amend the mistakes that could have been made in the past.”

Even though, Banesco maintained an International Banking Entity (IBE) in Puerto Rico for almost two decades, it was not until the autumn of 2011 when Banesco opened commercial banking operations on the island. This happened when acquiring BBU Bank in Florida State and merging that entity with the (IBE) in Puerto Rico by creating Banesco USA.

Presently, by having seven years since that incursion into Puerto Rico and Florida, as well as, surpassing the $ 1, 1 billion marks in assets; Escotet, said to the business “they will see us more active.” 

“We are exploring other segments of the market,” said Escotet by holding his cards close to his chest during business strategies that are glimpsed for Puerto Rico.

During a conversation with El Nuevo Día, Escotet left the door open to expand Banesco’s operations in the United States, where he assured that he is not satisfied with the physical footprint that the institution has at a continental level.

“I cannot advance a word, but as I said, we are the result of many acquisitions,” expressed Escotet. Of course, we are not happy with the scale that we have in the United States, we believe that there are opportunities of growth, but they must be always taken with the prudence that has characterized us.”

The banker recalled that Banesco’s footprint in America –and since five years in Spain­– is the result of 26 acquisitions. He added that this strategy will continue, as long as, it is about wise transactions and in accordance with the institution, which handles about $63,000 million in assets and, capital for more than $5,200 million.
Source: https://www.elnuevodia.com

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