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Home > About GDB > Gallery of Presidents

Gallery of Past Presidents


Ramón Cantero Frau (1989-1991)

Ramón Cantero Frau served as President of the Government Development Bank beginning in January 1989. He was born in Santurce, Puerto Rico, in 1950. He pursued a Bachelor of Arts in Economics and Finance and graduated with honors from the Catholic University of Puerto Rico in 1970. He obtained a master's degree with honors from the Graduate School of the New School for Social Research in New York. He also completed a doctorate in that same institution while teaching at Fordham University and later at the University of Puerto Rico.

In 1984, Cantero Frau joined Chase Manhattan Capital Markets Corporation in New York as Vice President. At the time of his appointment to the GDB, he was President of that institution and General Director of Chase Securities, Inc. in New York.

In 1990, under Cantero Frau's leadership, the GDB sought to have its bonds rated for the first time in history. Standard and Poor’s gave a rating of A1+ to its short-term obligations and A+ to its long-term obligations. Thompson Bankwatch gave the GDB an A rating, an honor shared only with nine other institutions in the entire financial universe. In addition, a detailed analysis of the tangible and financial assets within the public sector was conducted to monetize the most appropriate ones in order to create the Permanent Education Development Fund and the Infrastructure Development Fund. On the basis of that analysis, the GDB promoted legislation authorizing the sale of the Puerto Rico Telecommunications Systemthe first privatization attempt since the 1950s.

In 1991, he went back to his private practice until 2001 when he returned to public service as Secretary of Economic Development and member of the Board of Directors of the GDB.

In the public service, Cantero has also worked in several capacities in social and economic research, planning, and as economic advisor for agencies of the governments of Puerto Rico, the City of New York and Washington, D.C.

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