With the acquisition premium set at USD 63 million, FirstBank will pay this in cash on top of the value of Banco Santander’s shares, coming to USD 425 million in total.
Once the acquisition is approved by regulators and the deal is closed by the predicted deadline of mid-2020, FirstBank will own all 27 bank branches on the island and take on the arm’s total assets of USD 6.2 billion, putting FirstBank at a total of USD 17.6 billion in assets.
For more information about the initiative, you can read the full announcement here.
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