Banco Santander sells Puerto Rico unit to FirstBank for €1bn

Eugenia Jiménez
clock • 1 min read

Santander has sold Santander Bancorp, the bank's retail and commercial banking franchise in Puerto Rico, to FirstBank Puerto Rico in a deal valued at around €1bn. The operation includes Santander's 27 branches and 1,000 employees on the island, with total assets of €5.6bn. The transaction is expected to close in the middle of 2020, subject to regulatory approvals. Its consummation will lead to an increase in the Group's CET1 capital of 5-6 basis points and immaterial impact on Santander...

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Eugenia Jiménez
Author spotlight

Eugenia Jiménez

Eugenia Jiménez speaks Spanish and is Iberia Correspondent for Investment Europe covering Spain & Portugal, as well as Italy.

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