US Markets

Santander to sell Puerto Rico unit to FirstBank in $1.1 bln deal

Credit: REUTERS/© Marcelo del Pozo / Reuters

Banco Santander 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.

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;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Latest Markets Videos

    Reuters

    Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

    Learn More