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Stock impact report

Popular Has Agreed to Acquire Wells Fargo’s Auto Finance Business in Puerto Rico

Popular, Inc. (BPOP) 
Last popular, inc. earnings: 4/30 08:00 am Check Earnings Report
US:NASDAQ Investor Relations: popular.com/en/investor-relations
Company Research Source: Business Wire
SAN JUAN, Puerto Rico--(BUSINESS WIRE)-- Popular, Inc. (NASDAQ:BPOP) announced today that Banco Popular de Puerto Rico (“Banco Popular”), its Puerto Rico banking subsidiary, has agreed to acquire and assume from Reliable Financial Services, Inc. and Reliable Finance Holding Company, subsidiaries of Wells Fargo & Company (“Wells Fargo”), certain assets and liabilities related to Wells Fargo’s auto finance business in Puerto Rico (“Reliable”). As part of the transaction, Banco Popular will acquire approximately $1.5 billion in retail auto loans and $340 million in commercial loans. The acquired auto loan portfolio has credit characteristics that are similar to Banco Popular’s existing self-originated portfolio. Banco Popular will also acquire certain other assets and assume certain liabilities of Reliable. The purchase price for the all-cash transaction is expected to be approximately $1.7 billion, Show less Read more
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