MIAMI--(BUSINESS WIRE)--Fitch Ratings announced it has revised Banesco USA's Outlook to Positive while affirming its Rating at 'BB-'.
“We view this rating action as a validation of our strategy and our ability to execute. We’ve worked diligently to grow our business organically and through acquisitions and we keep gaining traction both domestically and internationally,” said Jorge Salas, President and CEO of Banesco USA, commenting on Fitch’s rating announcement.
Fitch views Banesco’s recent acquisition of Miami-based Brickell Bank as a reasonable opportunity to expand its South Florida franchise and gain greater scale in segments in which it already operates. A successful integration of the acquisition, including the bank keeping capital in-line with historical levels, would likely trigger additional positive rating action.
“At Banesco USA we are extremely proud of what we have accomplished. We continue to accelerate investments in products, new branches and cutting-edge technology. In just a couple of months we will be launching our new online and mobile platform that will elevate our customers’ digital experience to the next level,” CEO Salas mentioned.
After the capital injection of $12 million at the end of 2018, the bank is positioned to have another record-breaking year in terms of asset growth and profitability.
About Banesco USA
Founded in 2006 and based in Coral Gables, Banesco USA is an independent Florida state-chartered bank (https://banescousa.com/OFR-Cert-of-Good-Standing.pdf) with $1.4 billion in assets as of June 30, 2019. The bank has six branches in South Florida: Coral Gables, Doral, Hialeah, Weston, Aventura and Brickell (with the recent acquisition); 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.
