Santander BanCorp
Santander BanCorp has taken two crucial initiatives to improve shareholder return. First, it has maintained a sharp focus on profitability, achieved through an emphasis on client-derived business and the acquisition of Island Finance, a leading consumer finance company in Puerto Rico.
The acquisition was an asset purchase of $631m of loan receivables, with an attractive net interest margin of 17.2% as of June.
Second, there have been management changes, personnel training and a revamping of sales procedures in the retail and commercial banking areas to boost client-derived activity. The end result has been an increase in recurrent income.
“Santander BanCorp is a leading financial institution in Puerto Rico,” says CEO José R González. “Grupo Santander, one of the largest financial organisations in the world, has been fundamental to the advancement of our operations in Puerto Rico. In the past year, Santander BanCorp realigned its retail banking business, strengthened its mortgage banking offering and further diversified its business scope by acquiring a new consumer finance operation.
“These initiatives are clear evidence of our efforts to continue to build a full service institution dedicated to serving clients. The bank will continue to emphasise recurring customer business and will seek to ensure a significant presence in all important business segments in Puerto Rico.
“The selection of Santander BanCorp as a recipient of this prominent award acknowledges our commitment to clients and shareholders, and validates our efforts in consolidating Santander as a premier financial entity in Puerto Rico.”
