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Associated Press
23-05-2025
- Business
- Associated Press
Madison Insurance Group Expands Leadership Team with Key Appointments
Madison Insurance names Humberto Torres, Armondo Torres, and LeAnn Rivera to key roles. Humberto Torres replaces Ricardo Rivera, who served as CFO until 2024 'We're strengthening our executive infrastructure to match the scale and sophistication of our business.'— Mark Sims, President, Madison Insurance Group SAN JUAN, PUERTO RICO, May 23, 2025 / / -- Madison Insurance Group has appointed Humberto Torres as Corporate and Financial Controller and promoted Armando Torres to Chief Compliance Officer, strengthening its executive structure to support continued growth and regulatory integrity. The firm also named LeAnn Rivera as Chief Operating Officer, Puerto Rico. Humberto Torres replaces Ricardo Rivera, who served as Chief Financial Officer from 2022 until his departure in November 2024. This appointment reflects Madison's shift to a distributed financial leadership model focused on enhancing internal controls, compliance, and operational efficiency. Humberto Torres will oversee financial reporting and control functions across Madison's domestic and international operations, working closely with auditors, regulators, and senior management. After two years at Madison, Armando Torres will now lead the company's compliance program, ensuring adherence to KYC (Know Your Customer), AML (Anti-Money Laundering) requirements, and other regulatory frameworks. His expanded role sharpens Madison's focus on risk management and enterprise transparency. LeAnn Rivera, with a strong background in financial operations across global markets, will manage execution and strategic development for Madison's Puerto Rico-based entities. 'We're strengthening our executive infrastructure to match the scale and sophistication of our business,' said Mark Sims, President of Madison Insurance Group. 'Humberto brings deep expertise in corporate finance and governance, Armondo sharpens our compliance posture, and LeAnn drives operational clarity as we grow.' These appointments underscore Madison's commitment to responsible expansion and regulatory excellence. For more information, visit Ania Kubicki Angles Communications +1 480-277-9245 email us here Legal Disclaimer: EIN Presswire provides this news content 'as is' without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
Yahoo
21-05-2025
- Business
- Yahoo
Mounir Kabche Leads the Charge in Sustainable Innovation Across Latin America and the Caribbean
Mounir Kabche continues to make waves in Latin America and the Caribbean with groundbreaking initiatives. New York, NY , May 21, 2025 (GLOBE NEWSWIRE) -- Visionary investor, entrepreneur, and strategist Mounir Kabche continues to make waves in Latin America and the Caribbean with groundbreaking initiatives that blend financial acumen, clean energy, manufacturing innovation, and a deep commitment to sustainable development. With over 20 years of experience across four major sectors—finance, energy, manufacturing, and real estate—Kabche's leadership is reshaping the region's industrial and environmental landscape. Mounir Kabche Currently based in Puerto Rico under the Act 60 incentive regime, Kabche has become a prominent force in advancing energy self-sufficiency and revitalizing obsolete infrastructure. His work spans several high-impact companies and projects, all aimed at fostering economic growth, energy resilience, and regional transformation. Kabche is the Managing Partner of Conexsol PR, a company specializing in custom solar solutions for industrial, commercial, and residential markets. Conexsol's flagship project in Humacao is converting unused industrial spaces into a regional solar energy hub—paving the way for cleaner power and job creation in Puerto Rico. As Chairman of SolarGrid Dynamics, he focuses on the integration of advanced energy systems that promote automation, operational efficiency, and smart resource use. Additionally, as President of InnovateTech, a Puerto Rico-based manufacturer of agricultural technologies, Kabche leads efforts to modernize agriculture with next-generation inputs such as hydroponic equipment and eco-friendly growing media. This initiative supports sustainable farming while boosting productivity across the Caribbean. Kabche's strategic influence extends to the financial sector, where he has played a key role in the restructuring of Banco Caroní, implementing modernization strategies that have strengthened the institution's market position in Venezuela. 'Purposeful innovation is not just a business goal—it's a moral imperative,' says Kabche. 'In today's world, where environmental challenges and economic disparities often go hand in hand, we have a responsibility to create solutions that are both intelligent and inclusive. We are transforming outdated infrastructures into engines of opportunity, not only generating clean energy but also breathing new life into communities that have long been overlooked. By investing in renewable energy and sustainable industrial practices, we're catalyzing economic growth, job creation, and resilience in regions that need it most. This is about more than business—it's about building a future where innovation serves people, the planet, and progress equally. Through strategic partnerships and bold action, we are working to ensure that sustainable development becomes the foundation of long-term prosperity across Latin America and the Caribbean.' His future-forward agenda includes the expansion of solar capacity in Humacao, market entry into the Dominican Republic and Virgin Islands, and the development of vertical urban farming systems. Energy storage innovations integrated with solar systems are also on the horizon, targeting greater resilience in disaster-prone areas. For press inquiries, strategic alliances, or more information on projects, please contact Mounir Kabche through: Email: contact@ Website or through Our reach out directly through Social Media: About Mounir Kabche Mounir Kabche is a investor with a strategic presence in Latin America and the Caribbean. Through companies like Conexsol PR, SolarGrid Dynamics, and InnovateTech, he drives innovation in renewable energy, sustainable agriculture, and financial modernization. Kabche's work is guided by a commitment to long-term impact and regional growth. ### Media Contact Mounir Kabchecontact@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
23-04-2025
- Business
- Yahoo
Popular: Q1 Earnings Snapshot
HATO REY, Puerto Rico (AP) — HATO REY, Puerto Rico (AP) — Popular Inc. (BPOP) on Wednesday reported first-quarter profit of $177.1 million. The Hato Rey, Puerto Rico-based bank said it had earnings of $2.56 per share. The company that runs Banco Popular and other banks in Puerto Rico and the U.S. posted revenue of $1.07 billion in the period. Its revenue net of interest expense was $757.7 million, exceeding Street forecasts. Popular shares have decreased roughly 5% since the beginning of the year. The stock has climbed 5% in the last 12 months. _____ This story was generated by Automated Insights ( using data from Zacks Investment Research. Access a Zacks stock report on BPOP at
CBS News
19-04-2025
- Entertainment
- CBS News
New mural in Philadelphia celebrates Norris Square's Caribbean history
At the corner of Front and Susquehanna, a vibrant new mural project aims to honor the cultural significance of Philly's Norris Square. The mural entitled Nunca Olvides de Dónde Vienes (Never Forget Where You Come From) is part of a CAICU — a public art series through Mural Arts Philadelphia that highlights the Puerto-Rican themed gardens of Norris Square that were born out of the work of community organizers in the 1980s. Unveiled in a ribbon-cutting ceremony and block party on Saturday, the mural was a project between CAICU curator Marangeli Mejia-Rabell, Puerto Rico-based artist Celso Gonzalez and muralist Angurria. "What you see is a beautiful celebration of Caribbean life and unity, celebrating history, present and the potential of the future," Mejia-Rabell said. Five artists, including three local artists who had temporary murals, were part of the work. Mejia-Rabell said it was all a result of meaningful dialogue with the community. The mural dedication was followed by a block party with food and music and performances by dance troupe Grupo Alegria. For Councilmember Quetcy Lozada, Saturday's ribbon cutting was a way to celebrate the neighborhood's roots as well as her own. "The mural speaks to the history and culture of the community — the Norris Square community — on a block that I grew up at. My uncle raised all of his family on this block. So the fact that this is here and I am able to join in — to me — is an amazing day." Student tour guides of Norris Square launched by Mural Arts are set to continue throughout the year. "I want to welcome all of the community of Norris Square to our piece that we just finished," said artist Celso Gonzalez. "We are very excited to be sharing with all of the community our work that reflects the nostalgic look back at our community in the Caribbean." To learn more about the tours, visit Mural Arts Philadelphia .
Yahoo
04-04-2025
- Business
- Yahoo
Citigroup's Transformation: What Investors Need to Know
The five reportable segments of Citi are - Services (Treasury Trade Solutions and Securities Services), Markets (Fixed Income and Equity Markets), Banking (Investment Banking and Corporate Lending), Wealth (Private Bank, Wealth at Work and Citigold) and U.S. Personal Banking (Branded Cards, Retail Services and Retail Banking). And the All-Other segment comprises Legacy Franchises and Corporate/Other units. In December 2024, Citigroup completed its separation from the institutional banking business in Mexico from its consumer, small and middle market businesses. With this, Citigroup will now operate two separate financial groups in Mexico: Grupo Financiero Citi Mexico and Grupo Financiero Banamex. In June 2024, Citigroup sold its China-based onshore consumer wealth portfolio to HSBC China a wholly-owned subsidiary of HSBC Holdings plc. In 2023, Citigroup completed the sale and migration of its Taiwan consumer business to DBS as well as closed the sale of its consumer banking franchises in India and Vietnam. In 2022, the company sold its consumer banking businesses in Malaysia, Thailand, Bahrain, Australia and the Philippines. It also sold its Puerto Rico-based broker-dealer, Citi International Financial Services, LLC, and investment advisory firm, Citi Asesores de Inversion Uruguay S.A., to Insigneo. As of Dec. 31, 2024, Citigroup had $2.36 trillion in assets, $694.5 billion in loans, $1.28 trillion in deposits and $208.6 billion in common shareholders' equity. Warning! GuruFocus has detected 3 Warning Sign with C. Citigroup announced an organizational realignment to simplify its governance structure by eliminating various management layers. Pursuant to this, the company made changes to its operating model in the fourth quarter of 2023. The new organizational structure replaced the existing reportable segment with five new reportable operating segments. Also, the leaders of each of Citigroup's five main businesses will report directly to the CEO. These new segments operate across two regions, consisting of North America and an international group. The restructuring resulted in a streamlined and straightforward management structure aligned with and supporting the bank's strategy. The reorganization trimmed management layers and now operates under eight layers rather than 13. With fewer layers, increased spans of control and significantly reduced bureaucracy and unnecessary complexity, the company will now be able to operate more efficiently. In January 2024, the bank announced plans to cut 20,000 jobs, approximately 8% of its global staff by 2026. By the end of 2024, the bank had already made significant progress, reducing its headcount by 10,000 employees. Such optimization of management layers and reduction in functional roles, along with the bank's consumer banking divesture efforts, will further drive $2-2.5 billion of annualized run rate savings by 2026. Citigroup has been emphasizing growth in core businesses through streamlining operations internationally. In line with this, in April 2021 Citigroup announced plan to exit consumer banking operations in 14 markets across Asia and the EMEA. Citigroup has successfully withdrawn from consumer banking businesses in nine countries. The wind-down of the company's consumer banking businesses in Korea and overall presence in Russia are in progress. In December 2024, Citigroup completed its separation from the institutional banking business in Mexico from its consumer, small and middle market businesses. With this, Citigroup will now operate two separate financial groups in Mexico, Grupo Financiero Citi Mexico and Grupo Financiero Banamex. Citigroup is preparing for a planned IPO of its consumer, small business, and middle market banking operations in Mexico and has restarted the sales process for the consumer banking business in Poland. In the third quarter 2024, JTC announced an agreement to acquire Citigroup's global fiduciary and trust administration services business, Citi exits will free up capital and help the company pursue investments in wealth management operations in Singapore, Hong Kong, the UAE and London to stoke fee income growth. In June 2024, Citigroup sold its China-based onshore consumer wealth portfolio to HSBC China - a wholly owned subsidiary of HSBC Holdings plc. The bank winded down its UK retail banking business and expanded personal banking and wealth management businesses in the region. A rise in NII has been supporting Citigroup's top-line growth over the years. The metric witnessed a CAGR of 8.4% from 2021 to 2024. NII is expected to improve further following the Federal Reserve's 2024 rate cut, which stabilized funding costs. Anticipated additional rate cuts in 2025 are likely to further bolster the metric's growth in the near-term. As of Dec. 31, 2024, the company's liquidity resources were $933 billion, while its total debt (short-term and long-term borrowing) was $335.8 billion. Moreover, the company's senior debt enjoyed investment-grade credit ratings of BBB+, A and A3 from Standard & Poor's, Fitch and Moody's, respectively. This will likely enable it to access the debt market at favorable rates. Hence, given the strong liquidity position, its debt seems manageable. Citigroup's focus on maintaining a strong capital base will support its capital distribution activities. As of Dec. 31, 2024, the common equity tier (CET) 1 capital ratio was 13.6%. In July 2024, the company hiked its quarterly dividend by 6% to 56 cents per share. In the fourth quarter of 2024, the company repurchased $1 billion of its common stock. On Jan. 13, 2025, Citigroup's board of directors approved a $20 billion common stock repurchase program with no expiration date. The bank aims to repurchase $1.5 billion of its common stock in the first quarter of 2025. Supported by a strong capital and liquidity position, capital distribution activities seem sustainable. Such moves will likely enhance shareholders' value and stoke investors' confidence in the stock. Citigroup is accelerating its digital transformation to enhance efficiency and client services. In December 2024, it launched the Citi Integrated Digital Assets Platform (CIDAP), utilizing blockchain to develop secure digital asset solutions. The bank also introduced AI tools like Citi Assist and Citi Stylus for 140,000 employees, streamlining internal processes. Citigroup is collaborating with Google Cloud to modernize its infrastructure and improve customer experiences. Additionally, in November 2024, it made a minority investment in Pylon to automate mortgage origination and provide interim funding. These initiatives reflect Citigroup's commitment to digital innovation and strategic partnerships. Owing to transformation expenses and business-led investments, operating expenses recorded a five-year (ended 2024) CAGR of 4.4%. Although Citigroup is focused on lowering expenses through organizational simplification, cost reductions, and productivity savings, the bank's increased investments in business transformation efforts, technological advancements and higher volume-related expenses are likely to keep the expense base elevated in the near term. Citigroup's challenge in improving fee income is a concern. Non-interest income witnessed a negative CAGR of 3.4% from 2020 to 2024. Any volatility in global investment banking activity, along with lower market valuations on assets under custody and administration, is likely to negatively impact its fee income. Citigroup's trailing 12-month return on equity (ROE) undercuts its growth potential. The company's ROE of 6.62% compares unfavorably with 16.99% of the S&P 500. This reflects that the company is less efficient in using shareholders' funds. The sudden huge sell of Citigroup's shares by Gurus past quarter goes in tandem with Citi's underwhelming 2024 Q4 performance, where the bank saw its revenue fall by 4.8% from the prior quarter. It seems like Gurus have put an end to their patience on Citi's stock after the company's revenue declined by 1.36% CAGR from 2021 to 2024 and want to swap Citi's position with other formidable banking stocks like Morgan Stanley and JP Morgan. Shares of Citigroup have outperformed the industry over the past six months. The Wall Street Consensus Estimate for 2025 has been revised upward over the past 60 days. Thus, given the strong fundamentals and positive estimate revisions, the company has decent upside potential in the near term. Citigroup's stock closed on 17th March 2025 at $69.94 and hinging on the fundamentals of the bank, I see a narrow upside of $3 and hence a target price of $73. This article first appeared on GuruFocus. Sign in to access your portfolio
