Santander Group sold Puerto Rico subsidiary to FirstBank
The bank sold its subsidiary in Puerto Rico and total assets worth $ 6.2 billion
Banco Santander has reached an agreement to sell its retail banking subsidiary in Puerto Rico to FirstBank for 1,100 million dollars, almost 1,000 million euros. The sale includes the 27 branches of the bank and some assets worth 6,200 million dollars equivalent to 5,600 million euros.
The buyer, FirstBank, based in San Juan, Puerto Rico, is considered one of the strongest banks on the island and with the largest number of financial groups. The important purchase represents 1.1 times the book value of the entity and it is expected that the operation will close in mid-2020, subject to the corresponding regulatory approvals.
Despite the sale of this subsidiary, Santander will continue to provide its services to customers in Puerto Rico through its financial Santander Consumer USA and a credit portfolio with a net valuation of 220 million dollars.
For years, the financial institution has focused on ten key markets, among which are Spain, Brazil and the United. Thus, Santander intends to consolidate its position in the financial sector and the best way to achieve this is to expand Your services all over the world.
In a meeting with investors, the bank said it wants to invest capital in markets and profitable business areas with growth potential. Likewise, the CEO of Santander Holdings USA, Scott Powell, is delighted with the agreement reached with FirstBank Puerto Rico, which shares the values and commitment of Santander with customers and local communities.
K. Villarroel
Source: elmundo
