San Juan. First BanCorp, parent company of FirstBank Puerto Rico, announced this Tuesday through a statement that the process of acquiring the operations of the Banco Santander on the island.
The statement details that First BanCorp completed the previously announced acquisition of Santander BanCorp and its subsidiary Banco Santander Puerto Rico.
As of July 31, 2020, Banco Santander had approximately $ 5.5 billion in assets, $ 2.7 billion in loans and $ 4.2 billion in deposits.
Aurelio Alemán, president and CEO of First BanCorp, indicated that this Tuesday The acquisition of Banco Santander announced in October 2019 was completed.
“The completion of this transaction marks an important milestone in our journey. I want to acknowledge the hard work and dedication of both teams that have worked diligently in planning and executing the integration during the operational disruption caused by the pandemic, ”he stressed.
Alemán welcomed the employees and clients of Banco Santander, in addition to underlining that he hopes to exceed their expectations with a network of branches and expanded service channels and an improved technological offer.
“This transaction significantly improves our scale, talent strength and competitiveness in retail, commercial and corporate banking. Our current customers will also benefit from this expanded reach, ”he said.
In addition, he noted that significant investments have been made and will continue to be made in technological innovations and talent development to enhance the portfolio of product offerings and the ability to serve its customers.
In October of last year, both financial entities announced an agreement for the sale of the Spanish group’s retail banking subsidiary on the island, Santander Bancorp, to FirstBank Puerto Rico for approximately $ 1.1 billion.
Banco Santander Puerto Rico is the fourth largest bank on the island with a market share in deposits of around 8%, 27 branches and 1,000 employees.
As of June 30, 2020, at the close of the transaction, FirstBank anticipates having approximately 18.8 billion in assets, a loan portfolio of 12 billion, 15.4 billion in deposits and approximately 650,000 clients.