 |
March 19, 2008 |
|
|
|
 |
DORAL FIN'L: Says Bear Stearns Sale to JPMorgan Has No Impact Doral Financial Corporation said that the sale of The Bear Stearns Companies Inc. to JPMorgan Chase & Co. does not have an impact on Doral's operations. Bear Stearns Merchant Banking, a standalone affiliate of Bear Stearns, is one of Doral's many shareholders, including DE Shaw & Co., Perry Capital, Tennenbaum Capital Partners LLC, Marathon Asset Management LLC, Goldman Sachs, Eton Park Capital Management, and GE Asset Management, among others. These shareholders formed a banking entity, Doral Holdings Delaware LLC, which, in turn, invested US$610 million in Doral Financial in July 2007. "Doral's capital strength is independent from its shareholders. None of the Holdings investors have a controlling interest in Doral. We paid our bondholders and are moving forward with our business and growth plans," said Glen R. Wakeman, CEO and President of Doral Financial Corp. Based in New York City, Doral Financial Corp. (NYSE: DRL) -- http://www.doralfinancial.com/ -- is a diversified financial services company engaged in mortgage banking, banking, investment banking activities, institutional securities and insurance agency operations. Its activities are principally conducted in Puerto Rico and in the New York City metropolitan area. Doral is the parent company of Doral Bank, a Puerto Rico based commercial bank; Doral Securities, a Puerto Rico based investment banking and institutional brokerage firm; Doral Insurance Agency Inc. and Doral Bank FSB, a federal savings bank based in New York City. * * * As reported in the Troubled Company Reporter-Latin America on Dec. 28, 2007, Standard & Poor's Ratings Services said that its 'B' long-term counterparty credit rating on Doral Financial Corp. remains on CreditWatch Positive, where it was placed July 20, 2007. |
|
|
||
|
Today's Top Stories have been selected from the Troubled Company Reporter - Latin America. To receive the Full TCR-LA please CLICK HERE.
