Popular to buy Wells Fargo's Puerto Rico auto finance business for $1.7 billionStaff Writer | February 15, 2018
Popular said its banking unit, Banco Popular de Puerto Rico, will buy certain assets and debt related to Wells Fargo & Co's auto finance business in Puerto Rico for about $1.7 billion.
Acquisition Banco Popular will fund the all-cash deal
As part of the deal, Banco Popular will acquire about $1.5 billion in retail auto loans and $340 million in commercial loans. The bank will also acquire certain other assets and assume some liabilities of Reliable.
Banco Popular will fund the all-cash deal, which is expected to close in the second quarter of 2018, with existing liquidity. ■