Santander to sell Puerto Rico arm to FirstBank in USD 1.1 bln deal

Wednesday 23 October 2019 10:21 CET | News

FirstBank Puerto Rico’s holding company First BanCorp has given FirstBank the green light to buy Banco Santander Puerto Rico (BSPR) in a deal valued at USD 1.1 billion, according to Ruby Hinchliffe from FinTech Futures

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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Keywords: banking, B2B, corporate & commercial banking, Mergers & Acquisitions, M&A, partnership, Banco Santander, Puerto Rico, First BanCorp, FirstBank Puerto Rico, Santander
Categories: Banking & Fintech
Countries: Puerto Rico
This article is part of category

Banking & Fintech