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.
The deal includes Santander’s 27 bank branches on the island and total assets of $6.2 billion, the companies said.
First BanCorp, 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.
Source: Reuters.com