On May 23, 1887, Maria Christina of Austria and Victor Balaguer, Spain's Overseas Minister, signed a royal decree proposing the creation of a royal bank in Puerto Rico. A waiting period of three months was imposed to those interested in pursuing the project, who had to present a business proposal as dictated by the order. Two proposals were formally presented and taken under consideration. One of these, was presented by the "Sociedad Anónima de Crédito Mercantil de Puerto Rico" (lit. "Puerto Rico Mercantile Credit Company"), which was represented by Manuel Vicente Rodríguez, Enrique Vijande, Guillermo Mullenhoff, Pablo Ubarri Capetillo and José Caldas, with all of them serving as the group's directors. The other one was presented by a coalition of French and Spanish bankers. The proposal which bore the signature of Francisco Lastres and Eulogio Despujols, who acted as their representatives, was ultimately accepted.