Puerto Rico's Popular completes sale of US assets

Monday, September 15, 2014

Puerto Rican banking group Popular completed the sale of assets in the US market.

The group's US banking subsidiary Popular Community Bank closed the sale of its Central Florida regional operations to Harbor Community Bank, Popular said in a press release.

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The deal included nine bank branches, as well as loans and deposits worth US$104mn and US$217mn, respectively, at the end of August.

The sale forms part of Popular's previously announced strategic reorganization of its US operations, with the aim of focusing these on the New York and South Florida markets.

Popular completed the sale of its Illinois regional operations on August 8, and the sale of its regional operations in California is expected to close before the end of the year, the group said.