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US: Santander sells Puerto Rico unit to FirstBank for $1.1B

 |  October 22, 2019

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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