Mushegh Tovmasyan, founder of Puerto Rico-based Zenus Bank, lays out its growth plans amid a changing fintech landscape.

Hurricane Maria devastated Puerto Rico, which was already suffering from high debt levels, creaking infrastructure and a dwindling workforce. Now there is a risk the US territory’s woes will become entrenched, and that the banks present on the islands will decide to cut their losses. Jane Monahan reports.

Growth in Puerto Rico's economy is sluggish, and its banks have been struggling to find profitable areas. However, a round of mergers and acquisitions – some of them enforced – and opportunities overseas mean that the island's lenders are finding some ways to expand.

Puerto Rico's dependence on the US meant that the subprime crisis hit its banking sector particularly hard. A period of consolidation is now expected, but who the winners will be - the big domestic players or foreign-owned entities - remains to be seen. Writer Jane Monahan in Puerto Rico