Santander: to sell Puerto Rico retail and commercial bank
(CercleFinance.com) - Santander has agreed to sell its retail and commercial banking franchise in Puerto Rico to FirstBank for approximately 1.
1 billion dollars (1 billion euros), the Spanish banking giant said on Tuesday.
Banco Santander Puerto Rico is the fourth largest banking franchise on the island, with a deposit market share of about 8%. It has 27 branches, 1,000 employees and total assets of 6.2 billion dollars (5.6 billion euros).
The transaction - which is expected to close in the middle of 2020 - will increase the group's CET1 capital ratio by 5-6 basis points, with no material impact on profit.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
1 billion dollars (1 billion euros), the Spanish banking giant said on Tuesday.
Banco Santander Puerto Rico is the fourth largest banking franchise on the island, with a deposit market share of about 8%. It has 27 branches, 1,000 employees and total assets of 6.2 billion dollars (5.6 billion euros).
The transaction - which is expected to close in the middle of 2020 - will increase the group's CET1 capital ratio by 5-6 basis points, with no material impact on profit.
Copyright (c) 2019 CercleFinance.com. All rights reserved.