FACEBANK confirms its position as a strong international bank based in Puerto Rico | Business

FACEBANK International, the first international bank with a real-time connection to the Federal Reserve Bank of New York (FRBNY), has maintained its ranking with stable forecasts and is shaping up as a strong financial institution in 2022, informed Julio Carbonell, director. general.

Carbonell stressed the importance of the fact that, even in the midst of the protracted crisis caused by the COVID-19 pandemic, FACEBANK has managed to show steady progress in expanding its Latin American regions and maintain its rating. BB for the third consecutive time. year, according to the most recent report by rating agency DBRS Morningstar.

“This achievement demonstrates the resilience and financial soundness of FACEBANK, where, despite market conditions, the yield curve and the effects of the pandemic, we were able to consolidate our presence in the Latin American markets and improve our indexes. performance, ”said the bank’s managing director, who is currently attending the 55th. Annual meeting of the Latin American Banking Federation (FELABAN, for its Spanish acronym), held in South Florida.

“The launch of digital products this year has been instrumental in promoting banking services to the Latin American community in the United States,” said Carbonell.

In its latest report published on October 19, DBRS recognized FACEBANK’s online connection to FRBNY as a “key component” of FACEBANK’s rating “which allows it to effectively clear its clients’ deposits, saving both money and money. time and expense ”. DBRS said in a press release that, “[w]We see this as a competitive advantage for FACEBANK, as it is the only IBE with this connectivity.

The credit rating agency assigned a positive rating of FACEBANK to its sufficiently diversified portfolio of investment grade companies with 23% of its liquid assets available for sale, including US government bonds. In addition, its net interest margin (NIM) is above average, as well as the performance of its mortgage subsidiary, Florida Home Trust Mortgage, where its asset base is located. Real estate values ​​have soared in South Florida in the wake of the COVID-19 pandemic, while default rates have remained low, further strengthening the bank’s asset base.

“The financial solidity of FACEBANK despite the current market conditions is due, first of all, to a solid clientele who trusted our bank and to a sound administration which applies the best practices of the banking industry; this has allowed us to maintain excellent asset quality, as well as excellent relationships with regulators, ”explained Jairo Amaro, CFO of FACEBANK. “In addition, our innovation in banking services and digital banking, and the launch of the applications PipolPay (for money transfers) and Nueva Cuenta Dólar (for bank account openings), are an integral part of our strategic plan for the future, ”Amaro explained. .

15 years in Puerto Rico

Established in Puerto Rico since 2006, with a workforce of 56 (direct) employees, FACEBANK conducts its operations in compliance with all US and international laws and regulations. The bank’s asset base is in the South Florida real estate market, where the majority of its clients acquire properties through mortgages with minimum down payments of up to 30%. This lowers the loan to value ratio (LTV), greatly reducing the risk for these loans.

FACEBANK has also built an operational structure for international correspondence services with International Business Development Facilitators (IBDF), which facilitate the creation and management of US dollar deposit accounts in different countries. Each IBDF must adhere to strict anti-money laundering standards and be financially sound. In doing so, FACEBANK is able to facilitate access to the American financial system for foreign clients who wish to develop their activity internationally.

FACEBANK has a portfolio of more than 40,000 clients in countries of North, Central and South America. Its strict compliance with U.S. regulatory agencies since its inception 15 years ago, its status as the only international bank to maintain a real-time connection with the Federal Reserve Bank of New York, and its diverse business structure, are the foundation of the strategy of this banking institution. growth as it enters its second decade of operations.


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