Popular Completes Clearance to Acquire Wells Fargo’s Auto Business in Puerto Rico
SAN JUAN – Popular Inc., a Puerto Rico-based financial institution, announced Thursday that the regulatory clearance process for its agreement to acquire certain assets and liabilities related to Wells Fargo’s auto finance business in Puerto Rico has been completed.
The applicable waiting period relating to the review of the transaction by the Board of Governors of the Federal Reserve System expired July 4. The parties have agreed to close the transaction on Aug. 1, subject to the satisfaction or waiver of customary closing conditions.
Popular’s principal subsidiary, Banco Popular de Puerto Rico, provides retail, mortgage and commercial banking services in Puerto Rico and the U.S. Virgin Islands. It also offers auto and equipment leasing and financing, investment banking, broker-dealer and insurance services through specialized subsidiaries in Puerto Rico.
In the mainland United States, Popular provides retail, mortgage and commercial banking services through its New York-chartered banking subsidiary, Popular Bank, which has branches in New York, New Jersey and Florida.