Santander to sell Puerto Rico unit to FirstBank in $1.1 billion deal
Reuters
Published Oct 21, 2019 06:24PM ET
Santander to sell Puerto Rico unit to FirstBank in $1.1 billion deal
(Reuters) - Banco Santander (MC:SAN) said on Monday it had agreed to sell Santander Bancorp, the Spanish lender's retail and commercial banking franchise in Puerto Rico, to FirstBank Puerto Rico in a deal valued at $1.1 billion.
The deal includes Santander's 27 bank branches on the island and total assets of $6.2 billion, the companies said.
First BanCorp (N:FBP), the bank holding company of FirstBank Puerto Rico, said its 2020 consensus earnings of 81 cents per share are now expected to get a boost by 35%.
The deal is expected to close in mid-2020, subject to regulatory approvals.
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Written By: Reuters
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