EXHIBIT 99.2


                        REPORT OF INDEPENDENT ACCOUNTANTS


To the Board of Directors and Stockholders of
Oriental Financial Group Inc.

In our opinion, the consolidated statement of financial condition as of June 30,
2001 and the related consolidated statements of income, of changes in
stockholders' equity, of comprehensive income, and of cash flows for each of the
two years in the period ended June 30, 2001 present fairly, in all material
respects, the financial position, results of operations and cash flows of
Oriental Financial Group Inc. and its subsidiaries (the "Group") at June 30,
2001 and for each of the two years in the period ended June 30, 2001, in
conformity with accounting principles generally accepted in the United States of
America. These financial statements are the responsibility of the Group's
management; our responsibility is to express an opinion on these financial
statements based on our audits. We conducted our audits of these statements in
accordance with auditing standards generally accepted in the United States of
America, which require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.

As discussed in Note 1 to the accompanying consolidated financial statements, in
fiscal year 2001, the Group adopted the Statement of Financial Accounting
Standards No. 133, "Accounting for Certain Derivative Instruments and Certain
Hedging Activities," as amended, which effect was accounted for as a cumulative
effect of a change in accounting principle.


/s/ PRICEWATERHOUSECOOPERS LLP
San Juan, Puerto Rico
August 17, 2001