Santander to Sell Puerto Rico Unit to FirstBank in $1.1 Billion Deal

Posted on the 21 October 2019 by Merks50

(Reuters) - Banco Santander (MC:SAN) 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 billion.

The deal includes Santander's 27 bank branches on the island and total assets of .2 billion, the companies said.

First BanCorp (N:FBP), 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.

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