Banking
The parent company of FirstBank, which has two branches in the Virgin Islands, announced last week that it will raise $339.5 million in new capital by entering into agreements with two United States firms. First BanCorp’s sale of 24.9 percent of its common stock to Oaktree Capital Management combined with previous commitments of investment mean that FirstBank will raise more than $515 million in capital, the firm stated in a press release. Aurelio Aleman, First BanCorp’s president and chief executive officer, was quoted in the release as saying the capital raised will “reinforce” the company’s position as the second largest banking franchise in Puerto Rico and “substantially strengthen” the firm’s capital ratios.
Business awards
The entry deadline for companies to apply for the first annual Caribbean Business Awards will be July 31, a regional organisation said. The Caribbean Association of Industry & Commerce will give out 10 awards this year to recognise excellence and best practice among the region’s companies, according to a press release. More information is available at the organisation’s website, www.caribbeanbusinessawards.com.
FSC warning
The Financial Services Commission is advising the public to “exercise extreme caution” when dealing with the firm Ultimarkets Trading Solutions Ltd. According to the FSC, Ultimarkets is offering investors financial services and foreign exchange investment opportunities while falsely claiming to be incorporated, licensed and registered in the VI.