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Oct. 22, 2019, 2:05 a.m. EDT

Santander sells Puerto Rico business for $1.1 billion

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By Pietro Lombardi

Banco Santander SA has agreed to sell its retail and commercial operations in Puerto Rico to FirstBank Puerto Rico for about $1.1 billion.

The transaction should add 5 or 6 basis points to Santander’s /zigman2/quotes/202859081/composite SAN +0.51%   /zigman2/quotes/205677933/delayed ES:SAN +0.73%  core Tier 1 ratio--a measure of a bank’s capital strength--and have no material impact on its net profit, it said late Monday.

The deal includes 27 bank branches and assets of $6.2 billion, the Spanish bank said.

Santander will keep operating on the island including through Santander Consumer USA.

The deal is expected to close by mid-2020.

/zigman2/quotes/202859081/composite
US : U.S.: NYSE
$ 3.92
+0.02 +0.51%
Volume: 6.24M
Nov. 15, 2019 6:30p
P/E Ratio
8.33
Dividend Yield
6.46%
Market Cap
$64.76 billion
Rev. per Employee
$442,125
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/zigman2/quotes/205677933/delayed
ES : Spain: Madrid
3.57
+0.03 +0.73%
Volume: 68.12M
Nov. 15, 2019 5:38p
P/E Ratio
8.67
Dividend Yield
5.21%
Market Cap
€59.35 billion
Rev. per Employee
€374,762
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