First Bancorp has completed its acquisition of Banco Santander Puerto Rico, merging it with subsidiary FirstBank Puerto Rico. The deal gives FirstBank a network of 73 branches throughout Puerto Rico Bancorp paid $394.8 million for 117.5% of Banco Santander’s common equity plus $882.8 million for excess capital. Banco Santander has around $5.5 billion in assets, $2.7 billion in total loans and $4.2 billion in deposits. The completed deal provides FirstBank with a network of 73 branches throughout Puerto Rico, The holding bank says the merger process will minimise the impact on FirstBank and Banco Santander customers. The merger is set…
First Bancorp completes .1bn acquisition of Santander Puerto Rico
First Bancorp completes $1.1bn acquisition of Santander Puerto Rico
