Banco Santander (NYSE:SAN)
Historical Stock Chart
1 Month : From Oct 2019 to Nov 2019
By Pietro Lombardi
Banco Santander SA (SAN.MC) has agreed to sell its retail and commercial operations in Puerto Rico to FirstBank Puerto Rico for about $1.1 billion.
The transaction should add 5 or 6 basis points to Santander's core Tier 1 ratio--a measure of a bank's capital strength--and have no material impact on its net profit, it said late Monday.
The deal includes 27 bank branches and assets of $6.2 billion, the Spanish bank said.
Santander will keep operating on the island including through Santander Consumer USA.
The deal is expected to close by mid-2020.
Write to Pietro Lombardi at email@example.com
(END) Dow Jones Newswires
October 22, 2019 01:55 ET (05:55 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.