Javier D. Ferrer has been named the next president of the Government Development Bank for Puerto Rico, the commonwealth's financing arm, according to a spokesman for Governor-elect Alejandro Garcia Padilla.

Ferrer, a corporate lawyer at Pietrantoni Mendez & Alvarez LLC in San Juan, will help oversee the commonwealth's debt issuance. The Havana native graduated from Harvard University in 1983 and earned a law degree at Boston College in 1986, according to a bio on the website of his firm.

Jesus Manuel Ortiz, the spokesman for Garcia Padilla, confirmed the appointment in an interview. Ferrer will take over from Juan Carlos Batlle, who will leave the post when the new administration takes over Jan. 2.

Garcia Padilla, a member of the Popular Democratic Party, defeated Governor Luis Fortuno in last month's election.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.