BBVA To Sell Puerto Rico Unit to Oriental Financial for $500 Million

Date : 06/28/2012 @ 8:02AM
Source : Dow Jones News
Stock : Ofg Bancorp (OFG)
Quote : 11.55  0.5 (4.52%) @ 5:54PM

BBVA To Sell Puerto Rico Unit to Oriental Financial for $500 Million

Banco Bilbao Vizcaya Argentaria S.A. (NYSE:BBVA)
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MADRID--Spain's Banco Bilbao Vizcaya Argentaria SA (BBVA) said Thursday it has reached an agreement to sell its business in Puerto Rico to Oriental Financial Group Inc. (OFG) for $500 million.

The sold business is the seventh biggest in Puerto Rico by deposits, with $5.2 billion in assets and $3.3 billion in deposits, BBVA said in a regulatory filing.

San Juan-based Oriental is the fourth-largest bank in Puerto Rico.

Write to Christopher Bjork at christopher.bjork@dowjones.com




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