OFG Bancorp to buy ScotiaBank's Operations in the U.S. Virgin Islands and Puerto Rico
TORONTO — The Bank of Nova Scotia is unloading its operations in the U.S. Virgin Islands and Puerto Rico at a loss as the bank continues to shrink its sprawling global footprint.
OFG Bancorp says it is acquiring the Toronto-based bank’s Puerto Rico operation for $550 million in cash, and Scotiabank’s U.S. Virgin Islands branch operation for a $10 million deposit premium.
Scotiabank says that as a result of the transaction, as per accounting standards, the lender will record a loss of approximately $400 million after-tax in its financial third quarter of 2019.
Under the deal, which is subject to approval, Scotiabank’s operations in each market will be merged into the Puerto-Rico based bank and its related businesses.
Read more: http://vifreepress.com/2019/06/ofg-bancorp-to-buy-scotiabanks-operations-in-the-u-s-virgin-islands-and-puerto-rico/