Santander to sell Puerto Rico unit to FirstBank in $1.1 bln deal
Oct 21 (Reuters) - Banco Santander SAN.MC 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 FBP.N, 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.
(Reporting by C Nivedita in Bengaluru; Editing by Maju Samuel)
((C.Nivedita@thomsonreuters.com; within the U.S. +1 646 223 8780, outside the U.S. +91 80 6749 9246;))
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