Mr. Ulloa graduated from the University of Pennsylvania (cum laude, Phi Beta Kappa) with a B.A. in political science in 1967. He began his career by covering South America as an International Banking Officer for the Philadelphia National Bank (Philadelphia, Pennsylvania), which ranked among the top banks in the international marketplace. Mr. Ulloa added five countries to the bank’s correspondent relationships and more than doubled their loan portfolio.
In 1972, Mr. Ulloa served as Vice President of The Deltec Banking Corporation Limited (Nassau, Bahamas), a merchant and development bank. He coordinated the bank’s lending and investment activities in Latin America, helping it become a prime force throughout the region. The scope of his responsibilities included, among other things, supervision of the bank’s many representative offices and the presentation of high dollar value loans and investments to the appropriate credit committees and to the Bank’s Board of Directors. Mr. Ulloa also assisted Deltec Securities’ (New York), on the placement of loans and investments with unrelated banks and financial institutions domiciled in the United States, Canada and Europe as well as with Deltec Trust’s own clients. Throughout the 1970’s, he performed innovative underwriting of emerging market debt and investment instruments including projects such as the Banco Centro Simón Bolívar. Under his leadership, more than $400 M (in 1972 U.S. dollars) were underwritten by Deltec and placed with Canadian and European banks.
Mr. Ulloa arranged the acquisition of a small international bank in Panama, converted it to a commercial bank, and became its president. Banque Anval S.A. (Panama City, Panama), organized as a wholly owned subsidiary of the Deltec Banking Corporation Limited. During his tenure as President Mr. Ulloa carried dual responsibilities also continuing with his supervision of Deltec’s loan and investment activities throughout Latin America including assisting with the placement of the loans and investments underwritten by Deltec. Through these dual responsibilities, Mr. Ulloa added Central America to Deltec’s active market. Mr. Ulloa’s tenure with Deltec Bank was 10 years.
During Mr. Ulloa's career, he served as transaction advisor to the Board of Power Engineering, Inc. in its purchase of EMELEC from Boise Cascade. At the time of the transaction, EMELEC was the largest electric power company in Ecuador. His role in the transaction was to arrange purchase financing and to advise on transaction structure. After the transaction closed Mr. Ulloa was retained for a period of ten years as Consultant and Advisor to the Board of Directors of the buyer. Years later, Mr. Ulloa was instrumental in the sale of EMELEC in 1982 to the Government of Ecuador earning a substantial profit for its shareholders.
Backed by a group of investors, Mr. Ulloa then led the founding of Pacific National Bank (Miami, Florida), He was a Principal Investor, Vice Chairman, and Director of the bank, which he helped to grow from its inception to $100 to what was considered the threshold for such banks’ sustainability. Within a short period, the bank also achieved profitability and it became known for maximum investor satisfaction. In 1987, Mr. Ulloa profitably sold his interest in the Bank.
Mr. Ulloa has also served as an independent director on several additional Boards of Directors.
As an individual or through various consulting entities owned by him, Mr. Ulloa continued his involvement in financial markets. His consulting activities also resulted in substantial travel in Europe and South America. He provided advice to major international projects including but not limited to infrastructure construction in Latin America and the structuring of asset protection programs as well as the creation and placement of investment vehicles for high net worth non-U.S. persons.
With two partners, Mr. Ulloa bought Dimension Capital Services, Inc. (management consultants founded in 2001) and formed the DCS-I Group Inc. and until January 2010 was its Chairman. DCS-I provided global financial advice to international financial institutions, created structures for high net worth individuals, and helped in the creation and placement of several offshore funds.