Scotiabank sells Puerto Rico and Virgin Islands operations after record losses

Pedro Gonçalves
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Scotiabank sells Puerto Rico and Virgin Islands operations after record losses

Bank of Nova Scotia, Canada's third biggest lender, has reached a deal to sell its operations in Puerto Rico and the US Virgin Islands to Oriental Bank, a subsidiary of OFG Bancorp. OFG Bancorp is acquiring the Toronto-based bank's Puerto Rico operation for $550m in cash, and Scotiabank's US Virgin Island branch operation for a $10m deposit premium. The deal is expected to be about 40% accretive to Oriental Bank parent OFG Bancorp's earnings per share in 2020, and the lender will have a...

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