FITCH: Banesco USA’s Outlook Remains Stable
May. 16, 2018
MIAMI--(BUSINESS WIRE)--May 16, 2018--Fitch Ratings has affirmed Banesco USA’s long-term rating with Stable Outlook despite Venezuelan government's 90-day intervention to Banesco Banco Universal.
“Fitch views Banesco USA structure as an independent entity with no direct linkage to the Venezuelan bank as a rating positive and that more tangible risks to the bank's capital and equity are mitigated by ring fencing by banking regulators in the U.S.” ( www.fitchratings.com/site/pr/10030333 )
“We are glad that FITCH recognizes that Banesco USA is not affected by worsening economic conditions in Venezuela and that they see core profitability to continue on a positive trajectory. Our management team has been committed for more than a decade to providing exceptional service to our growing number of satisfied customers and will keep doing so,” said Banesco USA’s President and CEO Jorge Salas.
Founded 12 years ago and based in Coral Gables, Banesco USA is an independent Florida state-chartered bank ( https://banescousa.com/OFR-Cert-of-Good-Standing.pdf ) with $1.071 billion in assets as of March 31, 2018. Banesco USA is completely independent of Banesco in other countries and its deposits are insured by the FDIC. The bank has four branches in South Florida: Coral Gables, Doral, Hialeah and Weston; and one in San Juan, Puerto Rico. Banesco USA has a 5-star rating from the Bauer Financial rating service. Visit www.BanescoUSA.com for information about the bank and client testimonials.
View source version on businesswire.com:https://www.businesswire.com/news/home/20180516005932/en/
CONTACT: For Banesco
Melissa Lichtenheld, 305-372-1234
Wragg & Casas
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SOURCE: Banesco USA
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PUB: 05/16/2018 10:35 AM/DISC: 05/16/2018 10:35 AM