Este informe no está disponible en español.
Oriental Financial Group Expands To U.S. Mainland
Acquires pension administration company in Florida
By KEN OLIVER-MENDEZ
January 30, 2003
Oriental Financial Group has acquired Caribbean Pension Consultants (CPC), a third-party administrator of pension plans in the U.S., Puerto Rico, and several other Caribbean markets, announced Jose Enrique Fernandez, Orientals chairman, president & CEO.
"The acquisition represents Orientals first venture on the U.S. mainland and provides tremendous synergies for the growth of our trust business," said Fernandez. As of Dec. 31, 2002, Oriental had nearly $1.4 billion of trust assets under management.
Caribbean Pension Consultants President Willis Hummer said the Boca Raton, Fla.-based firm has been in the business of administering pension plans for 25 years and currently has over $400 million in private-sector pension assets administered by various investment managers throughout the country.
"A large share of those assets are administered for private pension plans in Puerto Rico, and we at CPC are excited by the prospect of growing our business," said Hummer. "Orientals demonstrated marketing and fiduciary capabilities will enhance all of our services for our clients."
CPC is the 11th largest pension plan administrator in Florida. In addition to its Puerto Rico and stateside business, it serves clients in Aruba, the Bahamas, Curaçao, and the U.S. Virgin Islands.
Under the agreement, Oriental acquired 100% of CPCs stock for an undisclosed amount. Fernandez said CPC will operate under the same name and from its current location as an Oriental subsidiary.
"Mr. Hummer will continue as president and Patti Frankel Conway will remain senior vice president, along with their 32-member staff," said Jose Rafael Fernandez, president of Orientals Financial Services Division, which includes trust, investment brokerage, and insurance operations. He was responsible for putting the deal together, along with CPA Carlos J. Nieves, who acted as a consultant to Oriental on the transaction.
"This foothold in the U.S. mainland market will enable Oriental to serve its existing clients more efficiently and to take advantage of new business opportunities, both in the States and in Puerto Rico," said Jose Enrique Fernandez. "We expect the new subsidiary will contribute positively to expanding the fee income for the group. It also fits our corporate strategy for business development through new and improved product and service lines that are geared to meeting the total financial requirements of clients."
This Caribbean Business article appears courtesy of Casiano Communications.