name: Puerto Rico Oriental Financial Group
Puerto Rico Oriental Financial Group (Oriental Financial Group), commonly known as Puerto Rico Oriental Finance or Puerto Rico Oriental Bank, is a financial holding company located in San Juan, Puerto Rico. The company provides a series of financial services in Puerto Rico and Florida through its four wholly-owned subsidiaries: Puerto Rico Oriental Bank (Bank), Puerto Rico Oriental Financial Services Company, Puerto Rico Oriental Insurance Co., Ltd. and Caribbean Pension Consultants.
In 2010, Puerto Rico Oriental Financial Group acquired rival European Bank. In 2012, it announced the acquisition of the Puerto Rico division of the Spanish Bank of Bilbao Vizcaya for US$500 million in cash. The transaction is expected to pass regulatory approval by the end of 2012.
Puerto Rico Oriental Financial Group was established in Umacao, Puerto Rico in 1964. The company’s symbol on the New York Stock Exchange is OFG, the president and chief executive officer is Rafael Fernandez, and the chairman is Julian S. Inkland. In 2005, the company’s revenue was US$234.5 million, net income was US$37.61 million, and it had 520 employees.
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