MIAMI, Sept. 19 – FitchRatings has upgraded Banesco USA’s long-term rating to BB- from B+ with stable outlook.
“We are glad that Fitch recognizes the sustained improvement in the financial performance of the bank” said Jorge Salas, President and CEO of Banesco USA.
Banesco USA said it will keep expanding its branch network footprint in South Florida, with new branches opening in Hialeah later this year and in Aventura early in 2018.
The bank has revamped its Small and Medium Business value proposition including, specialized lending and cash management products, and streamlined processes. It also expanded its Digital Banking platform, offering domestic customers the convenience of opening additional accounts online.
“The whole bank, from our chairman down, has been committed to serve our increasing number of satisfied clients for over a decade”, Salas said. Banesco USA, established in 2006, operates in Miami Dade, Broward and Puerto Rico. At June 30, 2017, the bank assets were $1.02billion, including a diversified portfolio of loans; real estate construction and development, and commercial and industrial loans to local businesses.