Below is a summary of the main initiatives in the area, as well as the highlights for the quarter:

• BBVA has reached an agreement with Oriental Financial Group for the sale of its business in Puerto Rico for USD 500m. The closing of the operation is subject to obtaining the necessary authorizations from the competent regulatory authorities. BBVA Puerto Rico accounts for just under 1% of the Group’s total assets. It has 36 branch offices and 912 employees according to data at close of June 2012. Its limited size (it is the seventh bank by deposits on the island, with a market share of under 6% according to the latest available information as of March) limits the possibility of implementing the BBVA model, which aims for large markets and requires a bigger market share. The deal will have a positive, if limited, effect on the Group’s capital.
• The deployment of the new core banking platform continues as planned. The commercial lending platform is now fully deployed, while the deposits module has been deployed with great success in over 180 branches in four states: Colorado, New Mexico, Arizona and California.
• BBVA Compass climbed two steps to third place in American Banker’s report on the reputation of the 30 leading banks in the U.S. In the three years that American Banker has conducted the survey, BBVA Compass has gone from sixteenth to third, reflecting the bank’s commitment to become a standard-bearer for outstanding corporate reputation.
• Brand recognition also continues to increase. The BBVA Compass Stadium in Houston opened in May, with over 22,000 soccer fans opening almost 1,000 credit card accounts. BBVA Compass also partners with the home team, the Houston Dynamo, in the “Building a Better Community” project. This includes rebuilding homes and revitalizing the green areas surrounding the stadium, as well as improving children’s education.
• The US bank was recognized for the third year in a row by the Financial Services Roundtable with the 2011 Community Service Leadership Award. This recognition has been possible thanks to the efforts made in community involvement, including financial literacy programs, children’s reading initiatives and projects to revitalize schools.
• BBVA Compass has also launched a campaign for new preferred money-market accounts, which led to the opening of 6,000 accounts with over USD 700m in balances.
• Finally, through the Everyday Hero program, customers who qualify, such as fire departments, police stations and hospitals, are offered build-to-order checking with no monthly service charge.