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Santander to sell its Puerto Rican franchise to FirstBank for $1.1 bn

Scott Powell, CEO of Santander Holdings USA

Santander is all set to sell its Puerto Rico-based retail and commercial banking franchise, Santander Bancorp to FirstBank Puerto Rico for an approximate amount of $1.1 billion. The banking franchise is the holding company that includes Banco Santander Puerto Rico, the banking franchise with its 27 branches and total assets worth $6.2 billion.

Scott Powell, CEO of Santander Holdings USA, Inc. said, “We are pleased to reach this agreement with FirstBank Puerto Rico. FirstBank Puerto Rico shares our values and our commitment to customers, and the local communities. Once completed, the transaction will provide the Puerto Rican banks the ability to offer a broad array of retail and business banking products and services, with the scale to compete through an enhanced branch network to the benefit of both banks’ current and future customers.”

Following the closing of the sale by mid-2020, the bank will continue to maintain its presence on Puerto Rico’s island and continue to serve its customers through Santander Consumer USA and with a retained loan portfolio with a net valuation of $220 million.

Recently, Banco Santander announced the launch of JCB merchant acquiring services in Spain, which followed a license agreement with the card issuer’s subsidiary JCB International.

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