Santander Sells Puerto Rico Business for $1.1 Billion

Date : 10/22/2019 @ 6:10AM
Source : Dow Jones News
Stock : Banco Santander SA (SAN)
Quote : 4.12  0.0 (0.00%) @ 10:51PM
After Hours
Last Trade
Last $ 4.13 ▲ 0.01 (0.24%)

Santander Sells Puerto Rico Business for $1.1 Billion

Banco Santander (NYSE:SAN)
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   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 pietro.lombardi@dowjones.com

 

(END) Dow Jones Newswires

October 22, 2019 01:55 ET (05:55 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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