Furthering Financial Outlook

“We are the bank with the longest hours, largest array of products. Not the largest, but the best.”

Bridging the gap between Latin and North America, Puerto Rico’s financial industry has long been recognized as one of the fastest-growing sectors in the community. Westernbank and parental holding company, W Holding Company, Inc. is chartering a leading role in Puerto Rico’s economy through market penetration and an unbroken string of 45 years of profitability and growth.

With much room for expansion, Westernbank is the pioneering bank in 90% of its branch regions, a large majority of which are located in the southwest of Puerto Rico. Efforts have been primarily concentrated on entering the eastern coast, and launching branches in Humacao, Fajardo and Caguas.

Established in 1958, the bank has increased its array of services and, within the past ten years, has experienced a 30% increase in profits – objectives for 2003 are targeted around the $10 billion mark.

Chairman of the Board, President and CEO, Mr. Frank Stipes, adds: “Western-bank is not a bank for the masses, but for those who want to improve the quality of their daily life.”

Using service as the main driving force, Westernbank’s product line has over -ridden competition in Puerto Rico’s finance sector. The first biometric and digitalized bank, Westernbank has eliminated the use of traditional identification to access accounts and complete transactions, and for the past four years, has used electronic fingerprint identification.

The caller enquiry system is now tailor-made. Customers wishing to consult the bank via telephone are greeted personally through the use of a caller ID, positioning the bank in a client-driven, not product-driven stance.
The recent and most successful launch of the new ‘Expresso of Westernbank’, directed toward the smaller loan and consumer market, is expected to derive in an added $10-15 net income.

Westernbank’s search for new niches has been continuous. Two years ago, it opened a door in insurance, Individual Retirement Account (IRA), which dominated the market, offering great benefits for both the customer and bank.

Boasting one of the most successful banking histories, Westernbank has measured the success of the company,
not by the yearly results, but by its final objectives. Interesting investment opportunities in Puerto Rico’s banking industry open up a number of advantages for overseas participants. Mr. Stipes believes that Puerto Rico is prepared to enter the larger U.S. market, and has the labor force to support it. “Puerto Rico has a tremendous amount of well-prepared people, and when multinationals come to operate in Puerto Rico, they do not need to import talent management, least of all labor.”