Santander Sells Puerto Rico Business for $1.1 Billion
October 22 2019 - 2:10AM
Dow Jones News
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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