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Popular Securities To Open Offices In New York And Other U.S. Cities
Already has co-managed $2.5 billion in NYC bond issues
BY LIDA ESTELA RUAÑO
September 12, 2002
Popular Securities will expand operations next year to the U.S., opening offices in New York. It had already become part of the bank syndicate in the Big Apple when it served as co-manager of two bonds issues totaling $2.5 billion earlier this year.
Popular Securities President Kenneth McGrath recounted that he and his team responded to New York Citys request for proposal for its bond issue and met with city officials. They participated in the first bond issue, totaling $1.5 billion, in late May and in a second, $1 billion issue in July. There may be a third before years end.
"This is the first step in our plan to expand into the U.S. market," McGrath said. "We are working through Invest, a U.S. company in a relationship similar to the one we had in Puerto Rico with Marketing One, which provided brokerage services for our clients."
Though Popular Securities will initially work through Invest, Popular intends to establish its own New York offices, probably in Banco Popular branches, added McGrath. Puerto Ricos largest bank has 40 branches in New York, where it has been established for close to 50 years.
Popular Securities will be hiring, through Invest, nine people to serve the New York area. The plan also calls for offices to be opened in Chicago, Los Angeles, and Florida, starting early next year. The investment firm will hire two or three people per branch. The U.S. operations will replicate those in Puerto Rico, covering the retail and institutional markets.
Popular Securities has been lead or co-manager for $7.5 billion in bond issues, including those in New York and in Puerto Rico. The firm has three institutional salesmen and two traders who buy and sell securities for customers, both individuals and institutions.
McGrath said the brokerage firms balance sheet has more than $1 billion in assets, primarily local market securities such as AFICA bonds and various funds. He added that this year proved to be excellent for the institutional and fixed-income markets.
This Caribbean Business article appears courtesy of Casiano Communications.