Living in a brand new country (or ifb banking making an investment your cash there) can experience overwhelming. International Finance Bank in Miami, Fla., is a monetary group that objectives to assist its clients experience at home. “We need to be as important and critical in [these people`s] lives as an attorney, accountant or doctor,” says Jose Cueto, president and CEO of International Finance Bank. “We try and upload cost anyplace possible.” That would possibly imply making residence calls via way of means of touring to a number of the Latin American nations wherein customers would possibly stay. “Our [value] proposition is a service-primarily based totally model,” Cueto adds.
For 25 years, International Finance Bank ( ifb banking ) has served the banking desires of each Latin American and U.S. resident. The $475 million-asset financial institution, an ICBA member, is a part of Grupo IF, a six-financial institution conglomerate that consists of Banco Exterior in Venezuela, Banco International in Ecuador, Inter Banco in Guatemala, Bani in Peru and Ebner Bank N.V. in Curaçao. “Those banks had been herbal feeders of global enterprise for Latin American customers trying to set up banking relationships within side the States,” Cueto says.
The percent of International Finance Bank ( ifb banking ) clients who’re from Latin America
The financial institution`s global customers—on the character and enterprise level—encompass each individuals who nonetheless stay of their respective nations and people who’ve moved to America. Some have come to America with a excessive internet worth, and others have needed to begin over after leaving their nations because of political turmoil or unrest.
“We have a few overseas agencies that do enterprise with the financial institution, and we`ve were given a few U.S. agencies that have been installation via way of means of foreigners right here within side the United States,” Cueto adds. “It`s a quite well-diverse global portfolio.”
Today, Cueto estimates the financial institution has a 50/50 blend of global and home purchasers; simply 3 years ago, its global purchasers became the extra of the —seventy five or eighty percent, he says.
“As Latin America has skilled numerous special crises over the past decades, whilst flight capital has left any of the nations wherein we had a sister financial institution operating, we have been commonly the beneficiary of that capital outflow into America as Latin American customers sought safety via way of means of having their cash in a more secure jurisdiction,” Cueto says. “It`s in reality the global banking tale that Miami form of has continually been.”
Most recently, because the financial state of affairs in Venezuela has deteriorated, many distinguished entrepreneurial Venezuelan households have left and relocated their corporations withinside the United States.
A boutique International Finance Bank ( ifb banking )
According to Cueto, International Finance Bank is a boutique financial institution that offers its home and global customers with specialised banking answers and a excessive degree of consumer service. For its global customers, he cites the nonresident alien residential lending program, that’s geared to customers who need to shop for a 2d domestic or industrial actual property asset withinside the United States.
“We do have a gap on this market, wherein we’ve an amazing expertise of what it’s far for a nonresident alien seeking to spend money on actual property withinside the United States and our cappotential on the way to offer financing for them,” he says.
Before coming to International Finance Bank, Cueto had roles at Brazilian, Spanish and Puerto Rican banks. He says his expert revel in with distinctive cultures isn’t always that uncommon in Miami: “A lot of the bankers right here have had publicity to overseas customers for an extended [period of] time. It`s only a count of locating people who suit properly with what you are attempting to do as an organization. Everything is pushed right here at this financial institution through presenting an super degree of consumer service.”
Is IFC a legit company?
The World Bank Group is cautioning business visionaries and entrepreneurs of an internet based trick offering advances from the International Finance Corporation (ifb banking). The IFC doesn’t loan straightforwardly to people.