The BBVA sold its business in Puerto Rico for $ 500 million
BBVA has reached an agreement to sell its business in Puerto Rico for signature Oriental Financial Group for 500 million dollars, said today the state.
Bank sources told that the assets sold, which include among others the BBVA and BBVA Puerto Rico Inc-Insurance are not “strategic” because it gives them a market share of 5.9%.
BBVA Puerto Rico is the seventh of the eight entities operating in Puerto Rico, with about 950 employees and 37 offices. With the sale, BBVA will focus on expanding in the U.S., which operates mainly in southern states through BBVA Compass.
The package will be sold in Puerto Rico, Oriental Financial Group includes one hundred percent stake in BBVA PR Holding Corporation, and BBVA Securities of Puerto Rico.
The first signature is the owner, in turn, one hundred percent of the share capital of BBVA Argentaria, BBVA Puerto Rico and Insurance.
These businesses had to close the first quarter with total assets of approximately 5,200 million (less than 1% of total group assets) and deposits of approximately 3,300 million.
The closing, says BBVA, is subject to obtaining the approvals of the competent authorities.
This is not the only operation that could make the divestment group chaired by Francisco Gonzalez in Latin America.
A few weeks ago the press in the region echoed the intention of BBVA to sell assets of the four managers of pension funds has in the area, Provida, Bancomer, Horizon Horizon Colombia and Peru – and why you might raise about 3,700 million dollars.
Category: Investing
