Banking - Puerto Rico

BBV Puerto Rico Buys TCM

BBV Puerto Rico Buys TCM

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Banco Bilbao Vizcaya de Puerto Rico (BBV Puerto Rico) has purchased 100% of stockbrokerage The Capital Markets Corp. (TCM) for an undisclosed amount, the bank announced yesterday. The new division will operate under the name BBV Capital Markets de Puerto Rico. The acquisition of TCM will allow BBV Puerto Rico to enter the securities and bond, investment banking and financial advisory markets, BBV Puerto Rico president Jose A. Colomer said. Puerto Rican banker Ramon Cantero Frau, who founded TCM in 1995, will remain as head of BBV Capital Markets. TCM has 500 clients, the majority of which have significant financial resources, according to Cantero. BBV Puerto Rico had considered creating its own stockbrokerage or entering a strategic alliance with an existing brokerage, but instead decided to buy TCM because it would give the bank an immediate return on its investment, Colomer said. Meanwhile, BBV Puerto Rico has plans to enter the Hispanic market in the United States in 2001 through an operations expansion or the purchase of an existing bank, Colomber added.