FACEBANK strengthens its position as an international bank in the United States and facilitates services in Latin America
SAN JUAN, Puerto Rico, November 08, 2021– (COMMERCIAL THREAD) – 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 emerging as a stronger financial institution, Julio Carbonell informed , General manager .
Carbonell pointed out 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 maintained its BB rating for the third year. consecutive, according to the most recent report from a credit rating agency DBRS Morningstar.
“This demonstrates the resilience and financial strength of FACEBANK, where, despite the market conditions, the yield curve and the effects of the pandemic, we have been able to consolidate our presence in Latin American markets, including the Hispanic community. in the United States, and improve our performance indices, ”said the Managing Director.
In its latest report, DBRS recognized FACEBANK’s online connection to FRBNY as a “key component” of FACEBANK’s rating “which enables it to effectively clear its clients’ deposits, saving time and expense”. “[W]We see this as a competitive advantage for FACEBANK, as it is the only IBE with this connectivity, ”added DBRS.
DBRS attributed the positive rating of FACEBANK to its adequately diversified portfolio of quality companies with 23% of its assets liquid, including US government bonds. In addition, its NIM is above average, as well as the performance of its subsidiary Florida Home Trust Mortgage, where its asset base is located.
“The financial strength of FACEBANK is due to a strong customer base, a sound administration which applies the best practices of the industry allowing us to maintain an excellent quality of assets, as well as excellent relations with the regulators” , explained Jairo Amaro, CFO of FACEBANK. “Our innovation in banking services and the launch of the PipolPay (money transfers) and Nueva Cuenta Dólar (account openings) are an integral part of our strategic plan ”, explained Amaro.
Established in Puerto Rico, United States since 2006, FACEBANK has a portfolio of more than 40,000 customers in the countries of the Americas.
Its operational structure with the IBDF, which must comply with strict anti-money laundering standards, facilitates the creation and management of deposit accounts in US dollars in different countries.
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Maricelis Rivera Santos, MA, MRP, Lic. R-1031