SAN JUAN, Puerto Rico--(BUSINESS WIRE)--FACEBANK International, the first international bank with real-time connection to the Federal Reserve Bank of New York (FRBNY), retained its ranking with a stable forecast and is shaping up as a stronger financial institution, informed Julio Carbonell, General Manager.
Carbonell highlighted that, even in the midst of the prolonged crisis caused by the COVID-19 pandemic, FACEBANK managed to show a steady progress in the expansion of their Latin American regions and maintained its BB rating for the third consecutive year, according to the most recent report from credit rating agency DBRS Morningstar.
“This demonstrates FACEBANK’s resilience and financial strength, where—despite the market conditions, the yield curve, and the effects of the pandemic—we have been able to solidify our presence in Latin American markets, including the Hispanic community in the United States, and improve our performance indexes,” stated the General Manager.
In their latest report DBRS acknowledged FACEBANK’s online connection to the FRBNY as a “key component” to FACEBANK’s rating “which allows it to efficiently clear deposits for its customers, saving time and expense.” “[W]e view this as a competitive advantage for FACEBANK, as it is the only IBE with this connectivity,” added DBRS.
DBRS attributed FACEBANK’s positive evaluation to its adequately diversified investment grade corporate portfolio with 23% of its liquid assets, including U.S. Government bonds. Furthermore, its NIM is above average, as well as the performance of its subsidiary Florida Home Trust Mortgage, where its asset base is located.
“FACEBANK’s financial strength is due to a solid customer base, a sound administration that applies the best practices of the industry allowing us to maintain an excellent asset quality, as well as excellent relations with the regulatory entities,” explained Jairo Amaro, FACEBANK’s CFO. “Our innovation in banking services, and the launching of the PipolPay (money transfers) and Nueva Cuenta Dólar (account openings) applications, are an integral part of our strategic plan,” explained Amaro.
Established in Puerto Rico, USA since 2006, FACEBANK has a portfolio of over 40,000 customers in countries within the Americas.
Its operational structure with IBDF who must comply with strict anti-money laundering standards, facilitates the creation and management of U.S. dollar deposit accounts in different countries.
