NEW YORK - Carlos Garcia will resign in the next few days as president of the Government Development Bank for Puerto Rico, according to a government source with direct knowledge of the departure.
Rumors of Garcia’s resignation have been circulating for months. Before taking office in January 2009, Gov. Luis Fortuño selected Garcia to head the GDB. The understanding at that time was that Garcia, a former president of Banco Santander of Puerto Rico, would stay for two years, sources said.
Garcia was unable to immediately respond for comment.
The GDB accesses the capital markets for the commonwealth and serves as its fiscal adviser. The bank’s president tends to have the ear of the governor, providing key economic, budget and fiscal advice.
Under Garcia, the GDB has helped the administration maintain Puerto Rico’s investment-grade ratings.
It is unclear who will succeed Garcia. One official said the administration is looking towards the banking sector rather than promoting from within the GDB.
