Banco Santander announced on Monday, October 21, 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 US$1.1 billion.
The deal includes Santander’s 27 bank branches on the island and total assets of US$6.2 billion, the companies announced.
First BanCorp, the bank holding company of FirstBank Puerto Rico, stated its 2020 consensus earnings of 81 cents per share are now expected to get a boost by 35%.
Full Content: Reuters
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